Corporate Construct Rebooted
Tags: Nftartist, Nft Marketplace, Nft Collectibles, Nftart, Nft

Introduction

The music industry has existed from the beginning of people gathering for the purpose of entertainment. Now after thousands of years of development it’s a good time to reflect on how technology has impacted music. Technology has continued to evolve alongside music offering new sounds, more accessibility, and more effective ways to earn money for artists. To name a few notable inventions that furthered the music industry, paper allowed music to be written down which allowed for storage & portability, the radio offered further distribution of songs, and streaming allowed anyone to access whichever song they wanted to at any time.

That being said a major concern in the music industry today is the fact that there is very little opportunity for artists and they are often exploited by the record labels. In a traditional recording agreement royalties for artists ranging from 10% to 25%. However, the artist is often left with much less than these figures given expenses would be factored in later. An unignorable upgrade to collective technology this past decade has been blockchain technology, many industries are attempting to harness the overall benefit of decentralization.

Here at Musifi, we’re utilizing blockchain technology to offer NFTs for the music and art created by the artists to provide a better connection to the business aspect of their music, allowing better access to funding for independent artists, and allowing artists to maintain the copyrights of their music. We are also allowing fans to be better connected to their favorite artists while gaining access to investment opportunities. Additionally, fans will be allowed to stream music from our platform. This will build a stronger sense of community around the artists.

Creative Control

Musifi will have a fully functional launchpad and will provide an efficient method for artists to mint their NFTs. Artists will be able to manage the creative process of their own art NFTs as well as the ability to mint their songs as NFTs. They can contract out artists of their choosing to create the art that will be placed on the blockchain, and have it styled to their preferences. Prior to this record labels pressure artists into certain genres or styles they believe will be more profitable. This can dilute the artists' raw creative expression. This will provide the artist with more independence which is often a reason many fans lose interest in their favorite artists.

Financial barriers

The NFT marketing has globally exploded in 2021 generating $10 billion of revenue in the third quarter. It’s believed to be only the beginning of what NFTs are capable of. Many industries will find use cases for digital ownership. Musicians have typically needed the support of record labels for recording, touring, and distribution. Now with our NFT launchpad artists will be able to directly connect with their fans for launching NFTs to fund their music business. They will also receive nearly 97% of their total earnings from our platform. An additional unique benefit is that artists will earn residual earnings every time their NFTs are sold after the initial sale. It will be a smaller percentage of the total sale but it can be a significant inflow of capital depending on the frequency and total sale. For the fans, they will have a stronger connection to the artist given the fact they are financially connected to the artists' success. We are fully committed to benefitting the community of the artists. In the long run, we believe a more supported Musician will develop better music in this method.

Copyrights

Given the minimal cost to create art and mint NFTs more artists will be privately funded or at least have a higher percentage of their income from revenue streams they control. This will allow artists to be less reliant on external third parties for investment. The NFT intervention of the music industry is only just beginning and this shift in the music business will take time for global adoption. Many artists are left without an income stream and many artists experience poverty after glimpses of success. We will also be creating a trust fund for artists to help with their transition out of the limelight. We believe the maintained connection between the artists and their music will allow the artist to be better connected with their community long term.

In conclusion

The music industry is one of the difficult to achieve financial stability. Currently, artists are subjected to the exploitation of a third-party bureaucratic system. Artists are already embracing NFTs as a source of secondary income. Once ownership of songs stored on the blockchain becomes normalized we will see a dramatic uptick in NFT sales volume around the globe. Artists will be better supported allowing them to be more deeply connected to their fans creating a nourishing community. The music industry will radically meld with the highest form of technology of the times just as it always has. Fans and artists will benefit from NFTs and decentralization regardless of whether or not they can explain blockchain technology.