A music NFT is any music track, album or music video that is minted and sold as an NFT.
Music NFTs have a number of advantages over typical digital music:
- Royalties. Artists can gain perpetual royalties from secondary market sales of their music. This can be seen as fairer than standard industry royalties.
- Funding. Smaller artists may struggle with raising the funds for studio time and production costs. By creating NFTs for their music, fans can assist artists in helping to make more music be produced and released.
- Speculation. NFT music, especially when released by well-known artists, typically commands higher prices, as the scarcity and speculated utility can be highly-desirable.
Popular artists that have released NFT music include Rihanna, BABYMETAL, and Kings of Leon.