Business

How NFTs are empowering recording artists and helping them escape centralized platforms By Cointelegraph




Blockchain is quickly turning into the revolutionary drive business insiders have been promising for years. The variety of initiatives and artists providing their works utilizing it as a core know-how could also be shifting the present financial mannequin below which most musicians function.

Non-fungible tokens, or NFTs, enable impartial artists to earn earnings and have interaction with their fan base with out all the time counting on a label or streaming service like Spotify (NYSE:). In March, 3LAU, an digital dance music producer, bought greater than $11 million price of tokens redeemable for real-world items — together with music — along with a $3 million token holder who bid for the appropriate to collaborate with the artist. Paul Oakenfold, one other well-known EDM DJ, introduced in September he can be launching a tokenized album on the blockchain.