The value of an NFT beyond it’s price tag in the Music Industry

There’s alot of big value being exchanged through digital wallets with the sudden explosion and popularity for buying and trading NFT’s. 

Naturally there’s alot of interest from the music industry and artists who want to find a way to take advantage of this technology and new revenue stream.

The true value for these assets seems to be in finding creative ways to integrate the NFT as a utility in addition to it’s value as a collectible item.

This function can be so much more than just offering a percentage of streaming royalties from a song or album. It just requires imagination and serious investment into the development of such a project.

When purchased the NFT can unlock extra benefits or access within a real world or digital community, platform or event. NFT Creators are only limited by their imagination in this space. 

For example, the NFT can act as a new form of crowd fundraising to launch a project and not only provide partial ownership or rewards from asset but provide special VIP access to online virtual experiences, play to earn games, or even at real world events like festivals and conferences.

The next generation of digital investors aren’t just content on owning an NFT, they want to collaborate and create within the ecosystem that NFT provides, or integrate the brand or artwork as their own online personality and have real impact on the development and evolution of that artwork. 

For the music industry this is important to remember when considering the success of an NFT release whether that be in the form of new music, merch or a tour. Especially for existing record labels who risk being made redundant if they don’t find ways for fans to participate and feel ownership or responsibility in building an artist's career.

At Eyeaye, we are busy creating our genesis series of NFTs @eyelynft to begin introducing artists and fans to new realities within the Metaverse for music and NFT’s.