NFT Opportunities: A Revolutionary Change In The Music Industry

At the beginning of this year, we have witnessed a huge graph of both increasing and decreasing of non-fungible tokens or which are commonly known as NFTs, in the mainstream popular culture and media. We have all heard about that hype, but was that real? Let us look at the NFT opportunities that can be employed by those who are interested in the use of cryptocurrencies.Without or with buzz, one of the most robust and overlooked NFT opportunities is in the music industry. NFTs can alter the game for all the independent music artists by creating a new way to earn, and such changes have been overdue for a long time.There are many dimensions of NFTs that make them highly favorable for musicians. The first among them is financial: NFTs are always sold at a very high price. Superstar musicians like Steve Aoki and Kings of Leon have sold their NFTs for millions of dollars. This is not the case with only the superstar artists, even lesser-known artists like Zack Fox and Vérité have made tens of thousands of dollars from just NFTs.These values are incredible, especially when compared with the rates of payout of the streaming channels. For musicians, one of the main sources of revenue was the streaming channels in the digital era, and it expanded during the pandemic outbreak in 2020 when the revenues from the live shows dried up. However, the rate of payouts offered by these platforms is still not so high and has been a hot topic since they were created. The payout of Spotify is approximately $0.003 to $0.005 for every stream. That is equal to nearly $3,000 to $5,000 for 1 million streams, but attaining 1 million followers is a huge number for any independent artist.In the previous year, there were just…