By Jet Encila – August 3, 2021
Through NFTs, they will finally have the chance to earn bigger and have a wider reach with their fans.
NFTs’ blockchain technology, which eliminates any middle entities and central control, will certainly provide a big opportunity for independent artists and musicians.
These things were certainly challenging to do for independent creatives years ago, but thanks to the tech and system that power NFTs, all these benefits are now possible.
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Bigger earnings
One of the most, if not the most appealing thing about NFTs, is the revenue that independent artists and musicians can get from them. It’s not a projection nor a wild guess as numerous artists have already benefited from the advent of NFTs.
These artists include Kings of Leon and Steve Aoki, who were able to sell NFTs worth millions of dollars. And through NFTs, even a small following wouldn’t be a hindrance to earn big revenues.
The artist Young and Sick had only 27,000 followers on Instagram (which is considered small) but was able to sell an NFT worth $865,000.
NFTs vs Streaming
Streaming platforms have become one of the main revenue sources of independent artists in this digital age.
And while these platforms provide convenience since it allows artists to reach a lot of people seamlessly, their payout rates are still low compared to what artists can get from NFTs.
Spotify, for example, pays an average of around $0.003 to $0.005 per stream. And through this rate, artists can earn around $3,000 to $5,000 for 1 million streams, which is certainly too large for independent artists to achieve.
That is why calling NFTs a “game-changer” for these creatives is definitely an understatement because these new forms of digital assets can certainly catapult their earnings and career into new heights.
That is why NFTs would certainly be an ideal platform for creatives in the near future.
Source: micky.com.au
