Can NFTs save the music industry?
RAC, also known as André Anjos, is not only a Grammy-award winning musician and producer but also an early adopter of cryptocurrency. Presently, he’s made around $1 million from NFTs, but is looking to do much, much more.
After a major paradigm shift to music streaming, earnings potential for artists has dissipated, with artists receiving less than a cent a play from streaming sites and around 75% of their income coming from touring. However, since the pandemic began, touring has been out of bounds and now many artists say the industry has reached crisis point.
With a large proportion of the revenue controlled from the top-down by labels such as Sony, Universal Music Group and Warner Music Group, Anjos is championing NFTs as a way to dramatically change how the music industry operates, cutting out the middlemen and redistributing power to the artists.
Big names to have already made big money minting their work include Deadmau5, Grimes and 3LAU, the latter of whom generated over $11.6 million from NFTs in under 24 hours. This kind of earnings potential will allow artists to regain the creative freedom they so desperately crave.
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