User:Joshn49/Non-fungible token

Revisions to Music
Blockchain and the technology enabling the network have given the opportunity for musicians to tokenize and publish their work as non-fungible tokens. This has extended the list of options for musicians and artists alike to monetize and profit from their music as well as other content surrounding the themes of the music and the artists public image. Additionally, NFTs have provided the opportunity for artists and touring musicians to recuperate lost income to due to the 2020 Covid-19 Pandemic which resulted in music industry revenues to fall nearly 85%. Similar to limited edition merchandise or a physical copy of an artists work, NFTs allow more avenues for fans to connect with and support their favorite bands or artists.

NFTs were extremely influential to the music industry within 2021 where many artists across all genres explored the usage of NFTs in their streams of revenue. In February of 2021 alone, NFTs reportedly generated around $25 million within the music industry.

On March 3, 2021, rock band Kings of Leon became one of the first to announce an NFT album release for their project When You See Yourself. The NFT went on to generate a reported $2 million in sales in which more than quarter of the revenue was donated to charity benefiting live entertainment workers. Later the same month, American rapper Lil Pump partnered with the NFT platform Sweet to release a special NFT collection. .

Early of May 2021, the estate of rapper XXXTentacion announced that it would release five songs and previously never before seen footage from his 2017 tour as an NFT collection.

. The upcoming release will mark the songwriter as the first artist to have their music posthumously released as an NFT. The artists estate has revealed that companyYellowHeart,who also played a role in the Kings of Leon release.

Record producer and frequent music industry collaborator Mike Dean whose best known for his work with artists such as Travis Scott and Kanye West united with artist Shepard Fariey to release their NFT collection "OBEY 4:22" on April 23 2021. The release was the follow up to Dean's 2020 instrumental album "4:20". The NFT collection was only available during a 15 minute window in which all of the music of "4:22" was performed and improvised through a series of live streams through Twitch and Instagram live.