Non fungibles tokens (NFTs) are digital assets that are unique and cannot be exchanged for other tokens or assets on a one-to-one basis. They can be used to represent ownership of a wide range of digital and physical items, including music and other audio content. In addition, all artwork and associated collateral included within the music product can be protected through a NFT.
There are several ways in which NFTs can potentially benefit the music industry:
Overall, NFTs have the potential to provide new opportunities for artists and creators to monetize their work and engage with their audience in innovative ways, while also helping to protect their intellectual property and ensure that they are properly compensated for their creations.