You have probably heard about cryptocurrencies and how one can trade them, swap them, or even lend them to make money. You may have similar knowledge to what the average person knows about the usefulness of crypto tokens; they are inventions used to make money.
Have you considered crypto utility tokens performing another real-life purpose other than being traded in the crypto market? Well, the music industry remains a pioneer in testing crypto use cases in more real-life situations as applicable to the blockchain.
With the integration of non-fungible tokens, cryptocurrencies, and the blockchain, the music crypto world is about to witness another impressive turnaround. Thankfully, many music crypto coins are also being issued as fan tokens. Continue reading this article to get full details about this great use case.
One of the biggest roadblocks that musicians and other entertainers face in their careers is piracy. In a language you will understand better, piracy is when someone makes illegal copies of your work and uses them without your permission.
In the music industry, some people make illegal copies of newly released music and listen to them without making the required payment. To use Spotify, you need to make a payment, right?
However, many people try to refrain from making payments for the music they listen to and make illegal downloads of the song. This causes the music owner to lose a lot of money.
Tokenization in the crypto space seeks to reduce this terrible occurrence. Remember that the blockchain is immutable and can’t be manipulated, so any music file released within the blockchain has almost zero chances of being pirated. Doing this will give entertainers peace of mind and help them make more money.
Discovery of New Audience
Almost everyone likes some music; combine those numbers with those interested in the crypto industry. That’s some big numbers over there. Combining music crypto can help artists discover a whole new audience.
One good advantage of this music crypto combination of an audience is that it will protect your already established audience. It will only help to increase the numbers.
For instance, as an artist, you already have a lot of people listening to you on streaming platforms such as YouTube Music and Spotify, or Boomplay. Adding the numbers of monthly listeners in all these music streaming platforms and the audience you would have with tokenization will be incredible.
It also reduces dependency by entertainers on one particular entertainment platform. For instance, if artists are not doing well in Spotify or YouTube music, they can easily switch to their audience within crypto enthusiasts.
More Hype and Bond Among Fans
You know crypto has ardent believers. To give you a hint, imagine how an entertainer’s career will be if they are supported as people support Bitcoin daily. Even during the worst bear market of 2022, millions still root for Bitcoin.
The same applies to tokenizing music or creating a fan base within the crypto industry. So long as entertainment creates good music, they will always have someone using utility tokens or other cryptocurrencies to support them.
There is another perceptive to this. You should know that entertainers rely on hype and popularity to sell themselves. Have you seen another industry that creates as much hype as the crypto industry?
With an entertainer tokenizing their music, they would get thrice as much hype as they got when they haven’t done that.