NFTs are becoming popular in entertainment, with many celebrities interested in making money from them. The music industry has not been left behind in this trend, as big-time acts like Snoop Dogg, Kings Of Leon, 3LAU, deadmau5, and Tory Lanez, all from the West, are making huge effects on their careers by releasing works in NFT format, from singles to albums and arts.

The best part is that not only the Western artists have decided to harness the versatile opportunities created by NFT technology but even our African artists are also tapping in.

We have the likes of Nigerian artists Bnxn fka Buju and Falz launching their collections, with the latter his “Ice Cream” collection and “Heads by Bnxn” by the former. Also, we have DJ Sbu of South Africa, in collaboration with King Debs, launching “DJ Sbu Enters The Metaverse”.

Although this indicates that Africa is keeping up, the number of people who are experimenting with music NFTs is very small compared to those who are not yet doing so or who do not yet understand what NFTs are and how they are changing the music industry.

For the non-initiates, there has to be massive education on what NFTs are, how they’re affecting the music industry, and how artists could implement them to both benefit them and their fans. Letting them in on the numerous possibilities presented by the technology in tackling various challenges faced by artists and the industry at large.

NFTs in music can come in handy in the following ways:

1. Copyright and Intellectual property.

One of the major issues faced by African musicians is the problem of piracy. This has led to many of them not being properly compensated for their work. By using blockchain to store music as NFTs, artists can keep track of how their work is used and request payment from those who use it commercially, thanks to the metadata in the NFTs.

2. Fewer Middlemen.

Music NFTs can greatly reduce the involvement of middlemen in many aspects of their careers, which in turn would increase how much profit they make from their work by simply making direct sales to buyers.

3. Secondary Income Revenue.

With music NFTs, artists can earn revenue from secondary markets when their fans resell the NFTs for a profit. The artist could receive direct royalties from these resales.

4. Fan Engagement and Activity.

NFTs can help artists create a direct connection with their fans, forming a more loyal community that would support the advancement of their careers. NFTs also provide fans with versatile experiences, such as earning money, for supporting their favorite musicians, either through revenue sharing by holding the NFTs or by selling the NFTs later for a profit. Fans can also access exclusive merchandise, private communities, future NFT drops, one-on-one calls, meet and greets, secret parties, and more by holding these NFTs.

5. Empowerment for Independent and Upcoming Artists.

Music NFTs may aid in the fundraising efforts of independent or upcoming artists who do not have enough capital to launch their careers properly, allowing them to receive support from fans or investors who believe in their abilities and potential. These artists can offer their NFTs with catches like a percentage of their stream’s revenue to holders.

Though NFTs and the rise of cryptocurrencies can act as revolutionary tools for the music industry, there are still some concerns that might limit their rapid adoption. One of such is the issue of high volatility with cryptocurrencies. This might deter artists from fully embracing NFTs due to the fear of a sudden decline in asset value that might leave them having less money than they initially sold for. But this can be addressed through proper education.

No matter what, at this point we’re still early in the development of NFTs and it’s going to take a while before we realize their full potential and web2 music platforms begin offering them as part of their services. Till this happens sensitization and education for positioning by the artists is a necessity.