Record label CEO explains how music NFTs are set to revolutionize the industry
Music-based nonfungible tokens are an emerging frontier in the crypto and NFT space, but the first questions that come to mind are: What are they? And what are their utility?
Music NFTs are relatively new to the scene and cannot be pinned down by one definition. At the most basic level, however, they are verifiable digital collectibles, with a core component being the integration of a song.
One of the first collections was “Audioglyphs,” which cemented itself as revolutionizing the way users consume music, synthesizing an infinite stream of audio for each NFT. Creators and investors began to discover the novelty of music NFTs, as they lessened the barriers of access to artists and consumers.
Electronic DJ and NFT collector 3LAU made history selling his record-breaking album Ultraviolet for $11.7 million. He also created the royalty sharing platform Royal, which has raised at least $71 million so far. Recently, John Legend announced the launch of his own music NFT platform, suggesting there are more artists interested in the technology.
While the price and popularity of music NFTs have not surged quite like visual art NFTs, some platforms have emerged to provide a more universal user experience while giving creators methods to monetize.
In an effort to gain more perspective on the matter, Cointelegraph spoke with Mike Darlington, CEO of Monstercat, about the future of music NFTs, their impact and the use cases for Monstercat’s sold-out nonfungible token collection “Relics.”
Cointelegraph: How do you define music NFTs?
Mike Darlington: Music NFTs are verifiably owned collectibles that incorporate music as a major focus element of the token itself, allowing for the musician’s work to play as important a role as the visual
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