Technology / 11.28.23
How Are NFTs Changing the Music Industry?
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.
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Tags: Technology , NFTs