How NFT music platforms can give Spotify & YT a run for money

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How NFT music platforms can give Spotify & YT a run for money

How NFT music platforms can give Spotify & YT a run for money

[Music]can nft music platforms give spotify andyoutube a run for their money i’m racheljones and you’re watching calkin media[Music]now non-fungible tokens are digitalassets where users can use them tocollect digital collectables that areunique today we’re in a world where nftshave made a significant impact on thecrypto world and they’re opening up newavenues for artists not only to selltheir art but also to earn in theprocessnft music platforms have been disruptingthe music industry before nfts investingin music publishing rights was difficultnfts give the artists freedom from goingthrough the traditional norms and cansimply create digital labels and sellthem as nftsthis gives the artists direct access totheir fans and they can earn royaltiestooexperts believe this could have a bigimpact on players such as spotify orapple musicthe likes of spotify and apple musictraditionally have been the leaders inthe music industry in 2020 spotifygenerated7.95 billion euros but in 2021 itsfigures substantially increased with thetotal amount of monthly users surging 19year-on-year to381 million in the third quarter of 2021with revenues hitting 2.5 billion eurosin the third quarter of 2021. incontrast according to a saxo bank reportmusic artists today will stand tobenefit from nft based streamingplatforms rather than the traditionalones spotify or youtube or apple musicdo have a particular genre or style ofaudiencebut with nfts the audience is notrestricted it offers a wide variety ofchoice in terms of music or videos atdifferent prices with a varied engagingexperiencethe artists have freedom to sell theircollections to different audiencesincreasing their chance to earnnfts and other blockchain technologiesdon’t involve middlemen thereby cuttingoff unnecessary layersthese middlemen often act as barriers tosell their labels or records but withnfts the owner is the manager and cancontrol the selling price and marginso at present it is safe to say with thegrowth of nfts more and more artistscould turn to the blockchain basedsystems to sell their labels nfts aresignificantly gaining prominence and itwon’t be a surprise to see the marketfor nft music go up significantly in2022 and beyondnow if you like the information in thisvideo please like the video you can alsoshare it you can press the bell icon toget notifications for our latest videosand don’t forget to subscribe to ouryoutube channel i’m rachel signing offfor now

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