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It’s not news that record labels are exploring how to capitalise on the NFT boom. Not just that, they have incredible catalogues that fans cannot wait to get their hands on.
In this post, we explore how labels can benefit from new technology, and why signed artists have an opportunity to earn from NFTs
We’ve seen plenty of content directed to music creators and the benefits of using NFTs as a different avenue to fund their projects.
We cannot forget, however, about the large amount of artists that are bound to a record contract and that could also benefit from the flexibility and speed of earnings that NFTs have to offer.
From a label’s point of view, they have more to gain from a new source of income. Labels have the ability to elevate their artists’ earnings by using the new landscape offered by the blockchain.
“Aren’t NFTs a way of getting rid of labels?” you may ask.
NFTs are here to expand the earnings for everybody. Not to replace anything or anyone.
This is easier than many think. If you’re looking to move existing music to the blockchain, you might need to go through some paperwork before getting approval from all parties.
However, creating new & unreleased music as NFTs is a great way to get started. It’s simple and inexpensive and the best part is that the money generated from these NFTs is paid directly to each stakeholder.
Forget about complex invoicing and accounting ; as long as the metadata is set correctly and all rights holders have been included before uploading the songs to the blockchain, everyone will get paid their fair share without having to wait for your PRO to distribute the payouts.
If you’re an artist and are worried about not being able to create NFTs out of your songs, fear not: NFTs offer a huge amount of flexibility.
If you cannot move your songs to the blockchain, you can get started with concert tickets, digital merch, the original script of the lyrics of your first track, an exclusive music video, and on, and on, and on.
As a creator, you make more than just music, and crypto technology allows both the creator and the labels to take advantage of those benefits.
The crypto space moves fast. There’s a new wave of artists that are gaining influence in the NFT world and sooner rather than later, we’ll see more labels wanting to join them.