Trends to Watch for in NFT Music in 2022
Music has always been trendy. Early mankind grooved to Medieval, Renaissance and Baroque beats until Classical and Romantic music became all the rage. Most of the trends reflected the types of instruments available at the time. Since Édouard-Léon Scott de Martinville recorded an anonymous vocalist singing “Au Claire De La Lune” in 1860, however, technology has driven many of the trends in the music industry.
Rapid advancements in technology delivered music to radios, television, Walkmans, floppy disks, CDs, and USBs, leapfrogging today to streaming services like Spotify and Apple Music. Non-fungible tokens (NFTs) are poised to change everything we know about the music industry, and many of these changes will occur in 2022.
About Music NFTs
In the near future, NFTs will determine how music is made, distributed, preserved, performed, and consumed. For the consumers, music NFTs are simply digital collectibles. They do not carry inherent ownership rights – they are merely assets that collectors can buy and sell. For the artists, though, they are much more. NFTs are a new monetization model for musicians; the platform will also return ownership of music back to the artists that create it and to the fans who love it. Many of these changes will take shape in this year alone.
Top NFT Trends in 2022
Better returns for artists
Throughout the years, musicians have not been equitably compensated for their music. Artists have typically received only 50 percent of their total revenues, with the other half split between the agents, distributers and lawyers. Digital service providers (DSPs), such as online stores (Amazon Music, iTunes) and streaming services (Spotify, YouTube Music, Apple Music, Tidal) offer artists an even smaller return. Spotify pays $.003 and $.005 per stream, according to Business Insider, which means artists earn a dollar for every 250 streams or so.
To earn more, artists must produce more music and increase their fan base, but still is no guarantee of a good financial return. Most of Spotify’s top 0.8 percent of artists receive less than $50,000 in streaming revenue, and the other 99.2 percent receive even less.
Music NFTs, on the other hand, are selling for thousands of dollars that the artist can actually take to the bank. This technology allows artists to maximize their potential earnings with just a few hardcore fans, and can ensure that artists are more fairly compensated for their work.
The number of musicians adopting NFT personalities will rise in 2022. A new generation of apps allow artists to perform as an NFT personality rather than as themselves. Virtual musicians have been around for a while, with the 1998 introduction of the English virtual band, Gorillaz. First appearing in 2018, musician Teflon Sega took virtual musicians to a new level, existing as a performer only in the metaverse. In just a few short years, Teflon Sega has developed a significant real-life following with millions of plays on Spotify, Soundcloud and YouTube.
One of the world’s largest music labels, Universal Music Group, recently introduced their new virtual supergroup, Kingship. Made up of the four digital characters from the Bored Ape Yacht Club non-fungible token (NFT) project, Kingship is the first metaverse group. One Kingship NFTs is currently valued at about $313,740.39, according to online NFT marketplace, OpenSea.
Other artists are taking notice, and more renowned stars will likely embrace the anonymity of performing under a digital persona in 2022.
Music NFTs will drive rewards and loyalty programs
Musicians and music companies tend to dive more quickly into innovations and future trends that brand marketers can someday use to attract audiences. Musicians flocked to streaming almost immediately after the introduction of Napster, for example, and have been quick to adopt DSPs to reach a wider audience. NFTs offer new distribution opportunities to artists – and much greater shares of revenue.
Audio/visual curated collections
Beatport became the first digital music retailer to accept bitcoin in 2021 with their release of announce the first-ever NFT audio/visual curated collection, “Music for Future Dance Floors.” The collection featured exclusive and unreleased tracks from several notable artists, including Charlotte de Witte, Sasha, Nic Fanciulli, Pan-Pot, Boys Noize, and Sama’ Abdulhadi. Stunning visual art from Leif Podhajsky accompanied the music.
Beatport followed up in January 2022 by announcing a partnership with PIXELYNX, a new gaming platform that not only allows musicians to create their own interactive environments, but to monetize them through NFTs, virtual performances, and playable experiences as well. The interactive format of this new metaverse blurs the lines between gaming and music.
Nifter is a music NFT marketplace that allows artists to create and sell their unique music, and to connect with fans in a new way. Nifter has an active Discord server where music lovers meet to mint, buy, sell, collect and discover exclusive music NFTs – all on one easy-to-use platform.
Nifter is a subsidiary of ClickStream Corp, a technology company renowned for developing apps and digital platforms that disrupt conventional industries. Nifter has already minted an agreement with recording artist Lexi Drew to drop a one-of-a-kind NFT for sale during the first quarter of 2022.
Also known as Rebel Blockchain, Inc., Nifter has also executed an agreement Intercept Music, Inc., in which Intercept will provide recording artists to list their unique music and sound NFTs for sale. Nifter will use a sliding scale to compensate Intercept Music for each artist brought to the Nifter platform, based on the artists’ social media stats, stream data, download counts, and a number of other variables. Unlike the outdated platforms of yesteryear that frequently treated artists as an afterthought, Nifter puts the artist first by giving them a powerful and streamlined way to grow their fanbase, increase revenue, and capitalize on the budding marketing opportunities that NFTs bring.
NFTs will forever alter the revenue streams, creating new distribution and revenue opportunities for music creator. Music trends in 2022 will undoubtedly shape the future of NFTs and take music to new heights for decades to come.
ABOUT FRANK MAGLIOCHETTI
Frank Magliochetti owes his professional success to his expertise in two areas: medicine and finance. After obtaining a BS in pharmacy from Northeastern University, he stayed on to enroll in the Masters of Toxicology program. He later specialized in corporate finance, receiving an MBA from The Sawyer School of Business at Suffolk University. His educational background includes completion of the Advanced Management Program at Harvard Business School and the General Management Program at Stanford Business School. Frank Magliochetti has held senior positions at Baxter International, Kontron Instruments, Haemonetics Corporation, and Sandoz. Since 2000, he has been a managing partner at Parcae Capital, where he focuses on financial restructuring and interim management services for companies in the healthcare, media, and alternative energy industries. Last year, he was appointed chairman of the board at Grace Health Technology, a company providing an enterprise solution for the laboratory environment.
Frank is the CEO of ClickStream, ClickStream’s business operations are focused on the development and implementation of apps that disrupt such as WinQuik™, a free to play synchronized mobile app and digital gaming platform. The platform is designed to enable WinQuik™ users to have fun, interact and compete against each other in order to win real money and prizes. Twitter at @ClickstreamC @WinQuikApp, Nifter™, a music NFT marketplace that allows recording artists to create and sell limited edition authenticated NFTs, and their ever expanding foreign language exchange social learning app @HeyPalApp. ClickStream is also entering the E-Learning market with Joey’s Animal Kingdom- please visit them online at wowee.world
Frank was appointed Chairman and Chief Executive Officer at Designer Genomics International, Inc. The Company has accumulated a growing body of evidence that highlights a link between alterations in the immune and inflammatory systems and the development of chronic human disease. The Company is visionary and has established itself as a leader in the field of inflammatory and immune genetic DNA and RNA biomarkers that play a causative role in debilitating conditions, such as atherosclerosis/heart disease, diabetes, arthritis, inflammatory bowel disease, post-traumatic stress disorders (PTSD) and cancer.
A proprietary state-of-the art data mining bioinformatics program, called ‘cluster analysis’ will be used to measure disease development susceptibility with potential for earlier diagnosis and intervention. The company is developing a healthcare program based on its proprietary genetic panels that will allow people to be their own healthcare advocate and take an active role in their health status as well as longevity.
Frank is a highly sought after multifaceted senior C level executive.