I really don’t want to be involved in NFTs but everytime I see something about them I want to join especially now that NFTs are taking the Music Industry by storm

Artists and musicians have been independently making millions of dollars by selling digital versions of their art, music, video clips, photos and pretty much any other kind of digital media they can think to throw up on the blockchain. The amount of cash being made and spent in the crypto space can’t be ignored.

DJ and music producer 3LAU made $11.6 million selling music NFTs in only 24 hours. Just a few days later, Canadian musician Grimes made $5.8 million in 20 minutes. DJ Steve Aoki made $4.2 million in the first week of March, while Post Malone auctioned off an NFT to play beer pong against him. Those types of paydays might've normally taken the artists years to collect, but NFTs have created a new model for artists to reach consumers by avoiding middlemen in distribution. I read this article and I think this will bring more participation of NFTs to the Music industry. It was mentioned that Centaurify is a platform that is creating a ticketing solution on blockchain where the NFTs are representing tickets and these NFTs have smart contracts implemented in them in order to control the secondary market. They are using blockchain because it is fully transparent and impossible to fake. NFT as tickets adds a second layer of security but also the artist and the fans interaction will be on a different level. With the smart contracts the artist and organizers can set a maximum and minimum and also have royalties percentage wise implemented in them giving back to the artist on every single transaction on the secular market basically tapping into a 15 billion dollar market that hasn’t been tapped into before so empowering the artist. Centaurify is making sure that the artist gets their fair amount of pay and the artist can continue making their music instead of having middlemen eating up all the money that the artist really should get exactly. They are aiming to achieve seamless NFT event adoption through the use of multiple blockchains like Ethereum, Solana, and Cardano.

It also led me to this video where they announced that aside from the NFT ticketing platform they will also launch an NFT Marketplace which is going to be focused on Music related content. And they recently teamed up with Luna PR- one of the biggest players in the media circuit of blockchain.This is evidently the start of cryptocurrency and the concept of blockchain technology being utilized in the creative space.With these we can already say that NFTs have a huge effect on the Music industry.