NFT expansion in Music Industry
OneArt: how the company (we) considered NFT integration into the music industry
The NFT market has been changing global business models beyond the art industry. It’s like a huge wave capable of sweeping everything around it and covering all the creative industries: Collectibles, Art, Gaming, Metaverse, Sports, Music.
But unlike a tsunami — the effect of the NFT boom can have a much more positive impact on the world.
Music NFTs in numbers
NFT culture nowadays is the modernization of the existing digital art and music industry.
The NFT has the potential to create a furor in the world of artists and turn into a new revenue stream for them.
In 2021, the music industry started to take NFT seriously. As a result, several artists launched NFT projects that drew a lot of attention from fans and raised millions of dollars.
- Kings of Leon released an album as an NFT on March 21, which generated $2 million.
- Grimes’ NFT project WarNymphs raised around $7 million.
- DJ Justin Blau (3LAU) released a blockchain-based album Ultraviolet in early 2021, earning him $11.6 million.
NFT market in 2021
Back in 2021, the NFT market was in its early but successful stage…
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