How Music NFTs Are Revolutionizing Ownership in the Industry

Shifting Paradigms in the Music Industry

The music industry, often thought of as a land of glitz and glam, is currently experiencing a seismic shift. No, this isn’t just another celebrity breakup; it’s a reevaluation of how artists manage their intellectual property—thanks to the rise of nonfungible tokens, or NFTs. Artists are starting to become aware that owning their work rather than surrendering it to record labels may not only be wise but essential for financial and creative freedom.

Ashanti’s Trailblazing Journey

Multi-platinum singer Ashanti recently shared her breakthrough insights at a meetup hosted by Cotton Candy Records in New York. Alongside Janice Taylor, CEO of EQ Exchange, Ashanti emphasized the importance of ownership for creators. Reflecting on her past contractual experiences, she boldly stated, “Who wants to wake up and pour their heart, blood, sweat and tears into a project and have someone else reap all the benefits?” In case you were wondering, nobody, that’s who!

The Struggle for Fair Compensation

Ashanti depicted the grim reality faced by artists before NFTs took the stage. While creating an album, artists could expect to see a meager 38 cents out of the $15 album price. Talk about getting the short end of the stick! But the good news? With NFT technology, artists can sell their music directly to fans, keeping a larger chunk of their earnings.

Engagement and Benefits for Fans

The beauty of Ashanti’s NFT collection is its approach to fan engagement. Not only do fans gain exclusive early access to her music, but they’re also awarded a slice of royalties. Think of it as a VIP membership where fans enjoy more than just the sweet sounds of their favorite artist.

Creating Opportunities for Women in Web3

Highlighting the gender imbalance in the Web3 space, Ashanti expressed her desire to inspire other women and women of color to enter this new frontier. As she said, “I hope to do more of these to continue to inspire other female creators.” With only 16% of creators in Web3 identifying as women, Ashanti’s message is as timely as it is important—let’s get more women in music tech!

A Call to Action: Jump into Web3!

As the Web3 world emerges, experts like Sandy Carter of Unstoppable Domains urge women not to hesitate. “We are in a dial-up phase of Web3—now is the time to start making your mark!” So, grab that digital wallet and dive into this exciting new era!