Blockchain is fast becoming the innovation force that industry insiders have been promising for years. The number of projects and artists offering their works using it as a basic technology could change the current economic model in which most musicians operate.
Non-fungible tokens, or NFTs, allow independent artists to earn income and engage with their fan base without always relying on a label or streaming service like Spotify (NYSE :). In March, 3LAU, a electronic dance music producer, has sold more than $ 11 million worth of tokens redeemable for real-world goods – including music – in addition to a $ 3 million holder who made an offer for the right to collaborate with the artist. Paul Oakenfold, another well-known EDM DJ, announced in September that he would be launch a tokenized album on the blockchain.
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