Non-fungible tokens (NFTs) are hot in the music industry right now! Let’s see what this NFT expert has to say about them and some interesting facts that you probably didn’t know about it.
XONE is a mobile Augmented Reality social network developed by CEO & Co-Founder James Shannon, that allows users to build and share 3D worlds. XONE’s vision is to become the web3 version of TikTok, focusing on user-friendly interfaces, discovery, and music to onboard the next 100 million users into web3.
“When NFTs first boomed last year many of us were scratching our heads asking why the hell people are spending millions of dollars on a jpeg. Now that the market has cooled off we’re starting to really look at the underlying technology and where it can truly help people. Music is a clear example where the underlying NFT technology can make a difference. I believe NFTs will benefit the music industry in two ways,” says James Shannon, CEO & Co-Founder.
Shannon sees NFTs benefiting the music industry in two main ways: by being a gateway into the next generation of immersive entertainment, and by being a tool to help independent artists and creators monetize their work.
Here are 5 interesting music related uses of NFTs and how they’re currently being used in the industry:
- Tickets or Live events
- Digital Merch Drops
- Digitizing fandom
- Fanclubs and benefits
- Royalty sharing and crowd-funding
And this is only the beginning, the new uses and functions of NFTs are continuing to be discovered everyday. In the next few years, we could see the implementation of them into major areas of our lives.
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