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:
- NFT Sales — $13.2B (Q1-Q3 2021)
- Unique buyers — +500,000 (October 2021)
- Average NFT Price — <$200
- Yearly Grow — 〜10X
But looking at the activation of various industries lately, an even greater boom of the NFT market in 2022 is more than possible.
The evident integration of music and NFTs is already pointless to deny, but the powerful tech infrastructure can make this integration much more seamless. The problem is — there is no robust and well-designed infrastructure yet.
OneArt has embarked on the development of an innovatively different infrastructure base and considered the integration of music-based platforms and social networks like YouTube with NFTs through the OneArt Wallet app — an ultimate solution for artists & consumers.
OneArt Wallet in detail:
- Store your NFTs in one place
- Create and manage your own NFTs collections
- Display, share, and mint collectibles.
- Play the art like you play music on your phone.
- AirPlay it on any device.
- View AR and VR content via the app.
And try more features the solution is rich in.
Music and video-based platforms can become significant players in the NFT market allowing artists to make money from NFTs and profit from their sales. It’s a simple business.
The NFT market could reach $200B in sales in 2022, and the secondary market could reach trillions.
The bottom line
OneArt hasn’t stopped at one solution. Today it is not just a provider of basic infrastructure, but an ecosystem of NFT and Metaverse products, bringing together artists, gamers, and NFT enthusiasts worldwide — all to achieve the adoption of NFT to the mainstream.
By the way, “YouTube is considering the usage of NFTs within its platform”, said YouTube CEO Susan Wojcicki in the letter published yesterday. It may help YouTube creators make money.