Non-fungible tokens (NFTs) are virtual original art, just as bitcoin is virtual currency. Musicians have made millions in recent NFT sales, and unlike most revenue streams, an artist’s NFT sales potential is not necessarily tied to the size of their fan base. What exactly are these collectibles-of-the-future, and why should they matter to musicians and their fans?
Joining me today from LA is Ari Herstand, a musician, actor, and best-selling author of the book, How to Make It in the New Music Business. Ari hosts the New Music Business podcast, writes a blog, and is Founder & CEO of Ari’s Take, an online music business education and artist advocacy company. He pretty much does it all, and Forbes calls him “The poster child of DIY music.”
- What are Non-Fungible Tokens (NFTs)?
- Examples of NFTs and recent sales in the musical and art worlds
- Can all musicians stand to benefit from NFTs, or just those who already have celebrity status?
- NFTs are minted and authenticated using blockchain technology.
- Current challenges to musicians’ earnings
- NFTs’ potential impact on revenue for musicians
- Benefits of certain NFT marketplaces
- Are NFTs here to stay?
- What costs are involved in creating an NFT?
- Celebrity status doesn’t necessarily = NFT success. How do you know if your fan base will support NFTs?
- What does residual income have to do with NFTs?
- What other unique value do NFTs bring to artists?
- What do NFTs offer fans?
- Why should you consider purchasing an NFT?
- How do you show off NFTs you’ve purchased?
- Non-monetary reasons for NFT popularity
- The latest answer to environmental concerns of NFTs
- Other potential future applications of the blockchain that could help independent musicians make a living from their work
- Ari’s website
- Article: NFTs for Music Explained (in Musician Terms), by Ari Herstand
- Ari’s book: How To Make It in the New Music Business: Practical Tips on Building a Loyal Following and Making a Living as a Musician (2016; 2nd ed. November 5, 2019), by Ari Herstand
- Ari hosts the New Music Business podcast. We reference these two (excellent) recent episodes related to NFTs:
- Ari’s Take website
- Ari’s Take Academy website
- Ari’s music on Spotify
- Article: Here’s what NFTs are — and what they could do for the music industry, artists and fans (3/16/21)
- Quincy Jones Productions is backing the environmentally friendlier NFT marketplace OneOf platform (launching June 2021)
- If you enjoyed this episode, you’ll also enjoy:
- Ep. 56: How do artists and songwriters get paid when I stream their song or hear it played in a store? With Songtrust’s Anna Bond
- Ep. 80: How do Rihanna and other artists get paid for their concerts or recorded performances? With Songtrust’s Anna Bond
- Ep. 46: How do songs end up on Spotify playlists, anyway? With Streaming Promotions’ Michael Sloane
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Ari shares the music video for his new release Like Home, and discusses its significance in his life and its relevance to us all at this time in history.
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