Here to change the way that artists and fans interact forever, cryptocurrencies and blockchain technologies are on tour in the music industry – from digital ticketing to distribution, NFTs are taking over. Let’s take a close look at the top four NFT platforms fronting the way: Centaurify, MusicArt, and Meteora.
Centaurify is a music NFT universe that helps music lovers connect with their favorite musicians on a new level, through NFT ticketing, live events, and official merchandise. Centaurify aims to revolutionize the music industry by taking control from scalpers, while giving it back to artists through the power of blockchain technology.
Today, scalped tickets go for massively inflated prices, with very little of their original sale going to performers. With the live event market expected to 10x by 2025, a massive amount of resources are being stolen from those who really deserve them. Centaurify is fighting back with tokenized tickets that are specially developed to prevent scalping by providing full transparency, thus empowering artists.
Another hugely important element is the official merchandise musicians produce, an essential component of artist-fan relationship building. While fans are able to collect cool mementos of concerts they attended or artists they support, musicians gain another revenue stream that allows them to continue producing their art. As a fan, it is important to wear the logo or symbol of their favorite band proudly, adding to the feel of belonging and knowing other individuals feel the same way. Centaurify will provide musicians the chance to sell their merchandise directly through their platform, removing any additional middleman costs. Simultaneously, fans can purchase merchandise confidently knowing that it will be original and will support the artist directly.
Although their platform is still in development, it has an impressive list of partnerships and backers from music and crypto, including the likes of Cardano, Ethereum, Solana, and Polkadot.
Aptly-named MusicArt is a planet-friendly NFT marketplace focused on music artwork. Introducing fans to artwork first the songs second, MusicArt gives music lovers a new way to discover music. Also, this focus on artwork re-establishes the importance of album art, and gives artists another way to earn by selling their visual outputs as NFTs.
All MusicArt NFTs are hosted on-chain, and are part of a fully open market – NFTs can be transferred out to external wallets or resold. Both auctions and fixed-price listings are supported, giving artists and resellers the flexibility to sell whichever works best for their products.
Meteora is the NFT-based internet of music platform that brings together listeners, artists, and professionals into one metaverse. Its Lunaris.core industrial-grade layer-2 blockchain and protocol allows for instant and secure transactions across several blockchains, keeping the network scalable and the music going.
In addition to the freedom to own, sell, and trade music NFTs, Meteora offers listeners several unique benefits tuned to maximize their listening experience – to name a few: high-quality streaming, a state-of-the-art app, and an AI module that provides excellent listening suggestions.
With full publishing control, artists enjoy a feature set that truly empowers them and gives them the opportunity to maximally benefit from their creative work. Artists have the ability to choose between copy-based, streaming, master sale, and subscription models while setting their own pricing. After making sales, artists can either take payouts immediately or let their profits grow in their account in the form of Meteora’s $MRA token.
Lastly, Meteora also caters to professionals, creating a shared ecosystem for everyone involved in the creation and enjoyment of music. Meteora offers all of the tools necessary to create labels, manage rights and royalties, sell production services, manage events, administer licenses, and more – everything that professionals need to run their projects.