Blockchain is rapidly becoming the innovative force industry insiders have been promising for years. The number of projects and artists offering their works using it as a core technology may be shifting the current economic model under which most musicians operate.
Non-fungible tokens, or NFTs, allow independent artists to earn income and engage with their fan base without always relying on a label or streaming service like Spotify (NYSE:). In March, 3LAU, an electronic dance music producer, sold more than $11 million worth of tokens redeemable for real-world goods — including music — in addition to a $3 million token holder who bid for the right to collaborate with the artist. Paul Oakenfold, another well-known EDM DJ, announced in September he would be launching a tokenized album on the blockchain.
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