84. NFTs: Possibility and Potential for Musicians’ Careers

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84. NFTs: Possibility and Potential for Musicians' Careers

2024 will see development of Web 3. We’re already seeing marketplaces for non-fungible tokens, and the on-going creation of blockchain technology. Music NFT’s are available to creators and buyers. Though these seem expensive, the novelty is what sells, and the notion that we can be our own entrepreneurs is what drives the innovation. Blockchains are a peer-to-peer entity. For musicians this means we have a new way to sell our art, bypassing the middleman. Record Labels and Social Media Platforms aren’t taking a cut. Today your song on Spotify gets you. $.0004 per stream. A music NFT on a site like OpenSea typically sells for .03 ETH. Thats about $69. The huge gap in profit is enticing musicians to look into the possibilities Web 3 trade can offer. So what’s holding people back? Web 3 uses cryptocurrency. Like other currencies it goes up and down in value every day. It might take 50 years (or longer) for the notion of peer-to-peer currency to take hold in our world.

More in the show notes at https://accelerandocast.com/show_notes/