How Are NFTs Changing the Music Industry?

Technology / 11.28.23

Access Staff

Techopedia (11/22/23) Mavrou, Iliana

The non-fungible token (NFT) space ranks among the biggest subcategories in the blockchain industry, projected to top $1.6 billion by the end of December. The music industry in recent years has witnessed a transformative shift with the integration of NFTs. Justin Kim, head of Korea at Ava Labs, a software developer of the Avalanche blockchain, remarks, "Artists in the music industry are using NFTs to create innovative digital art forms and engage fans in new ways. NFTs have emerged as a revolutionary technology and an eloquent solution that is transforming how musicians can create, distribute, and monetize their work and how they interact with fans." Examples include artists releasing original content solely on blockchain or organizing concerts and events using NFT ticketing or digital collectibles that fans can treasure long after they attend a show.

Read the full story from Techopedia.

Tags: Technology , NFTs

Theme picker

Leadership / 04.25.24
My First Job in Ticketing — Part 3
Christine Payne

Leadership / 04.24.24
My First Job in Ticketing — Part 2
Christine Payne

Revenue / 04.22.24
Spotify’s Music-Audiobook Bundle Means a Lower Royalty Rate for U.S. Songwriters, but Company Promises Record Payouts
Access Staff