Music NFT has many inherent benefits for music artists, record labels, and fans alike. Music NFT introduces a new approach to music distribution and consumption. It cuts out the need for middlemen and creates direct access between an artist, their record labels, and their fanbase. In this article, we discuss the top 5 music record labels embracing NFT in the world.
- Music NFT is beneficial to both record label artists and independent artists alike.
- Music NFT maximizes profit for artists as it cuts out the need for music distribution companies which typically takes a cut from music revenues.
- The top three NFT music record labels are Moonwalker F.M., Hume, and Death Row Records.
NFT Record Labels and NFT
The traditional channel of music distribution involves quite a number of key players. The process starts when an artist creates a new song. In this instance, the record label handles the end-to-end distribution and promotion of the new song or album. They liaise with distribution companies and execute music promotions.
Record labels and distribution companies are entitled to a set percentage of the total revenue that accrues for such a song or album. Although this process takes the burden off an artist, it takes away ownership rights and limits the revenue that artists can make.
NFT music helps label artists to cut middlemen. The label is solely responsible for minting the song or album in the blockchain. They also execute the promotion. This approach is beneficial to artists and their record labels.
Top 3 NFT Music Record Labels Around
Death Row Records
Death Row Records is one of the most famous record labels around. The label was founded in 1991 and has produced popular American music icons such as Dr. Dre and Snoop Dogg.
Death Row Records came to the limelight in web3 after its acquisition by Snoop Dogg in early 2022. Following the acquisition, Snoop Dogg stated that the record label will produce music as NFT. Thus, marking the remarkable rise of Death Row as one of the foremost NFT music labels in the world.
At present, Death Row Records is working with Gala Music as the music NFT platform where fans can buy its songs as NFT. Snoop Dogg already has two sold-out songs with Gala Music since taking over at Death Row Records.
MoonWalker F.M. has a swift approach to music NFT. The record label allows fans to earn royalties on a song that they have purchased as NFT. According to the platform, NFT owners can earn up to 30% as royalty each time a song they own is played.
MoonWalker operates by attaching collector NFT to songs. In turn, the NFT owner earns passively each time the song is played. Overall, the record label is regarded as one of the foremost NFT music labels out there.
The Hume record label is all about NFT and the metaverse. The record label introduces a new wave of virtual artists who also exist in the real world. It refers to these artists as “metastars”. Angelbaby is the first-ever virtual artist that Hume has debuted.
The goal of Hume is to entertain fans through virtual concerts in the metaverse. It also aims to give collectors ownership of songs in the form of NFTs. The record label has already debuted its genesis collection on Opensea.
NFT music record labels are gaining prominence in the music industry. This is because NFTs create a value-added approach to music. Music NFT effectively benefits the music artist, the record label, and the collectors.