Navigating Web3 as a Musician

There hasn't always been a warm welcome to new technology in the music industry, but the booming NFT market - estimated to generate $20 billion last year - proves that Web3 has significant potential to disrupt current industry models.

Simply put, Music NFTs are serving as a new medium for artists. In the era of streaming services, money-making opportunities for musicians have significantly decreased. Now, a new and more equitable model of releasing music is growing in popularity, and it’s called Web3 music.

With emerging Web3 music platforms like Sound and Catalog, the number of artists and agencies minting their music as NFTs is on the rise in 2022. A music NFT, which stands for a non-fungible token, is a unique digital asset that lives on the blockchain and can be bought and sold. Although this method of distribution is seen as non-traditional by some in the music industry, we’ve begun to see artists such as Shawn Mendes, Snoop Dogg, and Muse utilizing the world of Web3 music.

So why would an artist turn towards digital collectibles (NFTs) as a way to release their work? For starters, it’s a great way for artists to connect with their fans and share their work in a way that’s never been done before. When a musician sells their music as an NFT, they now have the possibility to see who exactly their song collectors are, and now have the ability to give them access to exclusive experiences.

Web3 music tech, especially music NFTs, could revolutionize the creative economy in the coming years and change the way the music industry works. As more established artists make their way into NFTs, we will undoubtedly see growth on an exponential scale within the music NFT ecosystem.

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