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NFTs in entertainment industry have been used to signify ownership of distinctive digital assets connected to films, TV shows, music, and other kinds of entertainment. These assets could include digital artefacts that feature characters or scenes from movies and TV shows, virtual tickets to performances or movie screenings, or other forms of entertainment-related content. NFTs are widely used in the entertainment sector since they are easily confirmed as unique and valid and are maintained with the help of Blockchain development. A blockchain development company should be teaming up with an nft marketplace development firm to create a new platform for buying and selling digital collectibles for fans of the entertainment industry.
One of the thriving sectors of the entertainment sector is the music industry. The worldwide music industry generated close to $62 billion in sales last year, according to Statista.
Music has always changed as man has throughout history. In the 1990s, people used gramophones to play music, in contrast to now when individuals stream and download music.
Following this pattern, when musicians started making music NFTs last year, the music business underwent a revolutionary change. American rock group Kings of Leon may have been the first to release an album as an NFT.
Kings of Leon made nearly $2 million on their new album after putting the NFT up for sale. Since then, NFTs have been issued by a number of well-known musicians, including 3LAU and Justin Bieber.
While music NFTs may be becoming more common, they pose a threat to the music industry's established hierarchical structure.
The disruptive nature of music NFTs raises a crucial issue: "Will music NFTs displace streaming services and record labels?"
There are several components that make up a musical production, including the beat, the album cover, the song, the lyrics, the video, the sound recordings, and the IP rights. All of these various components can be manufactured or minted and purchased as NFTs.
Simply put, music NFT is a collection of audio files. There is actually no complete list of NFTs that a musician can earn.
Popular Toronto artist Jacques Greene sold the publication rights to one of his brand-new songs, "Promise," in an early-year auction for close to $12,000.
The whole music industry is seeing new opportunities emerge thanks to the rapid development of music NFT. The current use cases are as follows:
Source : Water & Music
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