Music NFTs (MFTs) - The New Way Of Supporting Up-And-Coming Musicians
Not only is crypto disrupting the financial sector, but it has been revolutionizing the arts industry as well.
We have seen game developers raising funds by selling their avatars, weapons, and land as NFTs. We have also seen artists selling their artwork as NFTs on marketplaces like Ethereum's OpenSea and HIVE's NFT showroom. But what about musicians?
There are several crypto endeavors that have been attempting to disrupt the music industry too.
We have projects like Emanate on EOS, which are trying to eliminate intermediaries and direct more revenue to musicians. We also have the streaming service Audius, a competitor to Spotify, which began on Ethereum and then branched off to Soalana.
But what about when it comes to artists tokenizing and selling the rights to their songs, and the investors actually owning those rights?
There's an interesting project that launched on the Algorand blockchain called Opulous, and they have this new type of NFT called MFTs (Music NFTs). An MFT tokenizes the royalties to a song and are then sold to interested investors.
This would be a great way for crypto investors to support up-and-coming artists, by directly financing their music careers. Musicians would no longer need to be discovered in real life, or on YouTube, and then get signed by a record label. Rather, they could post their music in an NFT market, and wait to be discovered and financed.
Moreover, musicians would no longer need to deal with bank accounts or middle-men who take a hefty slice of their revenue. Rather, they'd be able to sell the rights to their songs directly to investors who see potential in them. The artist would then have the funds necessary to advance their careers and produce more music.
The investor would be entitled to a percentage of any revenue that came from streaming the song on a service like Spotify or Audius. They would also be able to re-sell the rights to the artist's music on secondary NFT markets.
As per Opulous' Twitter account, they've already managed to sign up a few well-known artists to participate in the program:
https://twitter.com/opulousapp/status/1626297472124440577
Currently, OPUL tokens can be staked in a staking pool on Algorand. For every 10 OPUL tokens you stake, a raffle ticket is produced daily, which can be used to participate in the first MFT drops.
OPUL tokens can be purchased via the Tinyman exchange on Algorand or Pancakeswap on Binance Smart Chain.
We'll see whether or not this project really takes off, but I think it's definitely worth taking a look at. What other sector of the arts industry do you think could be disrupted by public blockchains?
Image source: 1
Source YouTube video (MFT ecosystem):
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