In one of the bigger signs that NFT music could be widely adopted in the future, Sony Music has filed for a trademark application to use NFT-authenticated songs. While the NFT and crypto industries have been mired in a bear market, the music NFT market has continued to build. This signals that NFTs have some true utility when it comes to trademarking music and providing artists with direct income for their work.
Other platforms that have incorporated NFTs include streaming giant Spotify (NYSE:SPOT), GameStop (NYSE:GME), and Coinbase (NASDAQ:COIN). Clickstream Corp (OTC:CLIS) is another company to keep an eye on here as it recently re-launched its Nifter NFT music marketplace in some key areas like Asia, Africa, and the Caribbean. Nifter had a successful beta launch earlier this year and has partnered with globally known brands like Jay-Z’s Roc Nation and the estate of Stan Lee.
So what does this mean for the music industry moving forward? More artists are likely going to be exploring NFTs, particularly those who do not want to be tied into a contract with a record label. Independent artists have already been active on blockchain sites like Audius to directly distribute their content to fans. This seems to be the first iteration of what the music industry will look like in Web3.
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