As we all know, the music industry is concentrated, and key music companies often control almost every aspect of a star's personal career-from what music is allowed to be sold to the percentage of money he keeps.

While the rise of online video platforms such as SoundCloud and Spotify has helped the field build democracy and make it easier for people to spread their music to more people, building basic professional fans and generating sufficient income to survive is still an uphill battle.

Into the music NFT. For some people in blockchain technology interior spaces, irreplaceable dynamic passwords represent an opportunity for fans to immediately apply their favorite artists, musicians and their audiences to build stronger neighborhoods, and then allow content producers to build more practical and sustainable revenue streams.

To make it easier to understand this topic, Cointelegraph's podcastagendaSit down with Glover Levy, the host of the show.Fragrant mintExplore Web3's original social and economic podcast-and its Jay Kila, a Mumbai-out-and-out rap singer who founded OTP India- India's digital collection and user interaction service platform for rap artists.

What on earth is music NFT?

Levi informedagendaCo-hosts Jonathan Deyang and Regina Monde show that there are generally two types of music NFT. The first is non-proprietary trading based on ownership, which is "mostly linked to patents [patents] and service fees. Therefore, if you choose to buy NFT, you are now entitled to take into account the benefits generated by Web2 audio network video platforms such as Spotify and Apple Music.

The second is NFT, which is sponsored by the name, which does not grant the holder all the right to use, but is "preserved for one artist". According to Levy, "the rise in NFT comes to some extent from the appreciation of secondary sales."

"in the final analysis, it is to identify an audio-visual file, then build it on the open market operation, then find a collector, buy it, put it into it, and add you to your journey as a music creator."

How does Music NFT assist musicians

Jay Kira informedagendaHis first interest in music NFT was in early 2020, when most of its performance opportunities diminished with the full-blown outbreak of COVID-19. What is surprising and inspiring is that the application of such new technologies provides artists with a new way to make ends meet, rather than replacing the old model. It was then that he and one of his friends founded OTP India.

"I just think you can sell a NFT, which is really handsome," he said. "even if you sell it for $300, right, it's more money than the average artist you've been seeing in Spotify in about 10 years." "unless there are millions of streaming broadcasts, you can hardly make a living on streaming."

Spotify says he paid $7 billion in 2021 alone, a figure the company calls "the main amount paid by a retailer in a year to the music industry". But most of the money immediately went to music companies and publishing companies, who deducted a very large percentage before transferring the rest to artists. In addition, it is reported that Spotify pays only $0.003 to $0.005 per stream, and key music companies negotiate higher pay than individual stars.

According to Jay Kila:

I think NFT is a bit like a solo artist switching to this model, and we hope that in this model, we can make money for your music in a more intuitive form. This will mess up a lot of things.

Build a connection between artists and fans

One of the things that both Levy and Jay Kila allow wholeheartedly is that music NFT has the power to better connect creators and fans. ThisFragrant mintThe podcast itself is specific to what it promotes and distributes free experience NFT to fans to reward its loyal audience and expand its audience to generate excitement.

"when I distribute this free experience NFT, there will be a chain reaction and a website will get a lot of views," Levy said. " "I have so many new users, I have more viewers, and the ecosystem is improving every season."

In addition, Jay Kila's new OTP project seeks to build a Web3 community centered on collectible digital transaction cards for rap scenes in India, and most importantly for him, the community is available to everyone. "We can set the price of each artist card at $27, as long as we want ordinary people to buy it," he said. "this is not to make money, but to establish a connection between fans and stars, and then build a community."

In Levy's words:

"it's almost impossible for you to apply an artist immediately according to the music NFT and his collection, and to be able to encourage them to become an artist with the trend of watching them over time."

To learn more about how music NFT and its Levy and Jay Kila use blockchain technology to build specific content monetization placement on community streets, please see the completeagendaIn the Cointelegraph podcast page, Spotify, Apple Podcast, Google search Podcast or TuneIn.

agendaIs a new podcast from Cointelegraph to explore login passwords, blockchain technology, and Web3 promises, and how ordinary people can use technology to upgrade and improve their lives. Be sure to check out many new variety shows on Cointelegraph and go to part of a new Cointelegraph podcast.