This is the first part of a series on Web3 / NFTs for music artists. In this introductory blog, I explain why so many think that NFTs are a scam and cover the very basics of NFTs and the blockchain.
My hope is musicians will rethink this narrative and keep an open mind because there is a lot of good potential for the music industry as this Web3 space continues to develop. As someone new to this space, I share my experiences with buying into some NFT projects to see if they really are scams.
Within the past 3 years or so, there has been a lot of chatter around NFTs in headlines and various social spaces. On top of that, you also had the buzz words “metaverse” and “web3” constantly being tossed around.
With headlines of record breaking sales, NFTs gained a lot of attention in the music community. In 2021 alone, musician-related NFT projects generated over 86 million dollars in revenue according to research from Water & Music. About two-thirds (64%) of those NFT project sales came from independent artists while one-third (36%) came from major label artists.
Then you have artists like Snoop Dogg, Eminem and even Madonna making headlines for buying NFTs by the Bored Ape Yacht Club (BAYC), spending hundreds of thousands of dollars in the secondary market for what many confused outsiders perceive as “expensive JPEGs.” What is up with all this NFT hype? Read More