NFT For Michael Jackson Song – NFT Music Is The Next Trend?

You’ve now seen NFTs for cartoon monkeys, pixel avatars, and everything in between. NFTs are really a keyword — the Collins Dictionary even called “NFT” the word of the year for 2021.

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But could music NFTs become the next big trend after art?

UK-based NFT platform Deliciae is marketing NFT’s song “Whatever Happens” by Michael Jackson. The deal was negotiated with songwriter Gil Kang, who co-wrote the song. The platform offers Cang a share of the song’s copyright of 37.5%.

NFT gives the buyer 10% of the net proceeds from the song’s release (equivalent to 27% of Cang’s stake). It’s a beautiful arrangement and could be a sign of what’s going to happen in this area. Sure, King of Pop isn’t for everyone, but it’s easy to see the allure of getting income from your favorite artist’s album or a song you love.

How about gifting your partner an NFT to your wedding song – how about an anniversary gift? Or how about gifting your newborn a slice of the #1 chart song on the day he or she is born? Personally, I would like to earn passive income with Bruce Springsteen or Fleetwood Mac.

Applications

There are many other uses for NFTs in music. For this MJ NFT, the buyer will also get Gil Cang signed lyrics and a platinum-framed disc, while VIP access to concerts, private concert tickets, and musicians for a meet and greet are other uses NFT can offer — the list goes on. But there’s something else more attractive: royalty ownership.

It’s also easy to imagine the benefits, for both the artist and fans. Fans can bond with the artist, earn royalties, and feel truly “involved.” The artist, in turn, can participate in sales or generate additional income in various ways, depending on the structure of the NFTs. Of course, the artist also benefits from the strong bond with the fan.

Market

Deliciae are not the first to break into this royal NFT niche. Royal is working with artists to release similar icons, but there is no name like Michael Jackson yet. They refer to NFTs as Limited Digital Assets (LDAs) and have been created since the last quarter of last year. Opulous is another platform that works in a similar way and has a DeFi component to help artists raise funds on the blockchain.

future

This is a taste of what’s to come in NFTs. Why can’t the public share in the success of their favorite artists when they support them themselves? In addition, converting expensive illiquid items into tokens is an area ripe for new developments. For example, it will be possible to divide the artist’s new album into 10 NFTs, each of which provides a portion of the royalties. You can even go further and split the album into 10,000 tracks if you want to make it even easier.

Essentially, it’s another way that NFTs can provide mass access and wrest some control away from companies – particularly in the music world, where artists are often taken advantage of. A fairer, easier and more transparent way to distribute income – isn’t that what cryptocurrency is supposed to achieve?

The industry is still in its infancy at the moment, but this is a great move. While I’m sitting here writing this article, listening to some relaxing Angus & Julia Stone in my headphones and imagining that one day I can “pay” myself by listening to the song. Of course I fantasize a bit here and push the horse in front of the cart, but it doesn’t hurt.

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