There has been growing recognition for the potential of NFTs in music streaming. Some artists have started to jump on the wave. For example, an American DJ called DJ 3LAU recently sold his album as an NFT. The process was simple: he transformed the album into tokens and divided it into fractions. The fractions represented songs on the album. Afterward, he sold the tokenized fractions. The purchasers got ownership benefits and were able to gain money from the album’s royalties.
In the future, it is expected that more musicians will explore this area. Albums will be divided into fractions, and musical investment will become easier. When fans are informed that NFTs will be minted alongside single or album releases, they can purchase the NFTs in the hopes that the musical projects will be well received in the market. Where this happens, the NFT purchasers will be able to earn money off the NFT itself and even proceed to sell the NFT at a later date.
A start-up called Royal is championing this movement. It has announced plans to support a marketplace where songs are minted as NFTs, and these NFTs are co-owned by both the artists and their fans.