Musicians have used NFT to create new business opportunities and fan experiences over the past few years. The first album to reach number one in the UK using NFT technology was Muse’s Will of the People. Snoop Dogg also showed interest in digital currency by starting several crypto businesses.
From selling collections to digital music, many indie artists are turning to informal platforms like Corite to build their fan base and launch their careers. NFT attract artists of all genres because they allow them to overcome different challenges.
The most complex challenge in the music industry is fundraising. Under the legacy system, many artists want to be recognized by a record label, which will register them and give them the initial funding they need to create and promote their work. However, there are many significant flaws in this process.