Last year, I attended a conference on NFTs. Representatives from the startup OneOf and from the music industry were speaking on a panel about music NFTs and how they will help musicians.
As I sat and listened intently, I wondered, Why do musicians need to sign with a big music label if they can raise capital, potentially millions of dollars, just by selling NFTs? Some artists like 3Lau has already raised millions selling NFTs to his music. And he’s developed a platform called Royalto enable other musicians to do so.
OneOfis another big platform for musicians, and there are others.
It’s still early, but what I saw back in 2021 made me pause. When the streaming royalties for musicians is notoriously paltry, why wouldn’t musicians just go independent and raise money by selling NFTs.
Well, that idea must have crossed the minds of music industry executives. Warner Music just announced a partnership with OneOf to develop NFTs for Warner’s musicians. As the saying goes, if you can beat ’em, join ’em.
OneOf, billed as an environmentally friendly Web3 company, signed a partnership with Warner Music Group that will see OneOf creating exclusive NFTs for artists across WMG’s catalog.https://t.co/zH3NkPQwJf
My guess is that all of the major labels besides Warner are feverishly working on their NFT strategies and how to compete–or partner–with the independent NFT platforms for musicians.
And, if the music labels don’t have an NFT strategy, they run the risk of losing musicians–and money.
