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Music NFTs will alter the industry, says Record label CEO

To remain relevant in 2022, NFTs must evolve beyond PFPs and the Metaverse, and Monstercat CEO Mike Darlington explains that music may be next.

Nonfungible tokens based on music are a new frontier in the crypto and NFT space, but the first question that arises is: What are they? And what use do they serve?

Music NFTs are a relatively new phenomenon and defy easy categorization. At its most fundamental level, however, they are verifiable digital collectibles with a song as a central component.

One of the first collections was “Audioglyphs,” which established itself as a game changer in terms of user experience by synthesising an unlimited stream of sounds for each NFT. Creators and investors began to recognise the uniqueness of music NFTs due to its ability to lower barriers to entry for artists and consumers.

3LAU, an electronic DJ and NFT collector, made history when he sold his platinum-selling album Ultraviolet for $11.7 million. Additionally, he founded Royal, a royalty sharing platform that has raised at least $71 million to date. John Legend recently announced the establishment of his own music NFT platform, indicating that more artists are taking an interest in the technology.

While the price and popularity of music NFTs have not increased as dramatically as that of visual art NFTs, various platforms have emerged to provide a more general user experience while also providing creators with revenue-generating opportunities.

Mike Darlington, CEO of Monstercat, about the future of music nonfungible tokens, their influence, and the use cases for Monstercat’s sold-out nonfungible token collection “Relics.”

How do you define music NFTs?

Mike Darlington: Musical compositions NFTs are verifiably owned collectibles that feature music as a primary component of the token, allowing the musician’s work to be just as significant as the visual artist’s.

Can you walk us through Relics and its potential impact in the Metaverse?

MD: Relics is Monstercat’s first digital collectibles platform – the first of its type inside a record label. Each musical item, also known as a Relic, possesses the capacity to effortlessly and verifiably integrate music into the Metaverse. Once you possess a Relic, it can serve as your theme tune as you travel between worlds, games, and play-to-earn ecosystems, bringing a whole new community of music aficionados to Web3.

In what ways can music NFTs shape and change the music industry?

MD: One of the early benefits we’ve noticed is that artists now have a greater opportunity to communicate directly with their superfans. Whether through prizes, exclusive access, or ownership, music NFTs are rapidly growing in popularity as a means of community development and involvement. Additionally, they enable a new type of permanent royalties to be shared with visual artists. There is no longer a requirement for artists to reach hundreds of thousands of admirers in order to sustain a career – with a small group of dedicated collectors, artists of all sizes may earn a living from their work.

In what ways can investors or collectors benefit from music NFTs?

MD: Anything from immersive experiences to personal communications with the artist. With Relics, in particular, as the song’s performance grows in real time, its rarity increases as well – a win-win situation for both fan and artist. Additionally, the platform provides collectors with musical access to the Metaverse and play-to-earn ecosystems, which we can accomplish easily as a label in an otherwise complicated setting without the required rights and license.

What exactly is “dynamic rarity,” and what is its implication for NFTs in general and music NFTs specifically?

MD: Dynamic rarity is a developing characteristic that varies in response to the performance of the Relic’s original song in the traditional music ecology. As a song does successfully on traditional platforms, the gemstone rarity on its corresponding Relic will grow as well. This innovation establishes a fresh and healthy connection between Web2 and Web3, without diminishing the relevance of either. It elevates fans to tastemakers by highlighting the song’s history.

Music NFTs will continue to arise and change as the underlying infrastructure is expanded to support other use cases, such as in-game integrations or royalty sharing. Just as NFTs revolutionized the way users interact with and consume visual art, music NFTs are gaining popularity and poised to disrupt the way users create, listen to, and use them.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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