Spotify Who? Musician’s Earnings Go From $300 to $60,000 in Web3
For smaller acts, NFTs offer financial gains once elusive in a music business dominated by streaming — at least for now.
Singer-songwriter Iman Europe has made 22.2 Ether selling five singles and a music video as NFTs since November.
Photographer: Tracy Nguyen/Bloomberg
A savvy cadre of recording artists has been using the new, blockchain-based digital frontier sometimes known as web3 to do what they’ve always dreamed of: Making money by making music.
The revenue they’re earning from selling their songs and music as nonfungible tokens, or NFTs, is significantly larger than the pennies they pull in from streaming services such as Spotify. At the same time, they are providing a tangible use case for elements of web3, the preferred nomenclature of venture capitalists who invest in online services built using blockchain technology, where control isn’t concentrated in a single business entity.