The music industry has undergone massive changes in the past
twenty years. With streaming services overtaking CDs, music became
available to the public at the cost of a monthly fee, which
completely changed the way musicians made money off their music.
When COVID-19 caused hard times for musicians, with nearly all
touring canceled or at limited capacity, the use of cryptocurrency
in this area offered a welcome and fast-growing opportunity.
However, while we are now beginning to see the potential for
NFTs to shape the future of the music industry, the use of NFTs in
this context is still far from disrupting the current system of
monetization of artworks.
WHAT ARE NFTS?
In a nutshell, NFTs, or non-fungible tokens, are digital assets
that are stored on a blockchain. Each NFT is unique (i.e.,
non-fungible) and cannot be replicated, making NFTs ideal for
storing digital artwork, videos, and music. Because NFTs create
"original" copies of these works, they also
