Can NFTs Revitalize the Music Industry?

17th June 2021

Most would agree that music is an important part of the human experience, and we are all wondering what role NFTs will play in the industry. Frequency and rhythm make up our lives as individuals. Every breath we take is a metronome to our thoughts and movements. Our inner rhythms have all been shaken with the pandemic, but issues within the music industry have been brewing for much longer than that. Some believe that NFTs may be the remedy. 

That shared energetic communication is now going to be incorporated into the metaverse. A new green platform has been created to offer musicians of all levels a place to be seen and heard, while also supporting the causes and initiatives that are important to them.  It’s also perfect for the fan bases, as they will be able to connect to their favorite artists regardless of their location or status. With the importance of genres and job titles fading, the music industry has figured out a way to make the system breathe again in an inclusive, sustainable fashion. 

 

Quincy Jones and a very powerful group including Adam Fell, Joshua James, and tech entrepreneur Lyn Dae are the founders of OneOf. These powerhouses have curated a proof of work protocol that is efficient while emphasizing the importance of protecting our environment. While traditional proof of work protocols aren’t necessarily unsustainable, this boasts being 2 million times more efficient than Ethereum platforms. Hopefully, this gives new body and breath to the music industry through NFTs, which will augment what music can be and establish a new structure that can regenerate the industry. With top artists already on board and ready to share themselves in a new way, a much-needed revolution is forthcoming.

Dae’s background as an early investor in Zoom, and Jones’s timeless legacy as a godfather of the modern-day music industry, are a perfect pairing for this project. Their focus will be on creating freedom for any musician to share music on their own terms while utilizing a swift eco-friendly cryptocurrency.  As an added bonus, there will be no minting or gas fees for creating NFTs on this platform. 

“The artist can sell NFTs at any price… one NFT for a million dollars or a million NFTs for one dollar.” Oneof will also offer a team of marketing strategists for new artists, which is incredible. This will heal so many voices and expressions that have been suppressed for so long in the collective consciousness. OneOf offers a place for beginners to come together with established artists and have easy access to their same network. There are limitless opportunities for personal promotion, and fan base participation. As well as options for exclusive content allowing for a more tailored experience. Quincy Jones has also incorporated a way for a percentage of the sales to go to various causes, putting emphasis on the artist’s social and environmental responsibilities and contributions. 

 

Each time an NFT is resold, the artist will receive royalties, even on secondary sales. Jones is granting the wish of anyone who wants a chance to be a musician, skipping the legal processes that often cause songs to become lost in translation. This will likely awaken an infinite fan base, emboldened by the freedom for an artist to market and display themselves as they see fit. Jones will also be minting NFTs from his phenomenal personal catalogue. Unknown artists will have hope that they can leverage the same power of NFTs without the usual gatekeepers closing them out, and without exorbitant fees.

Oneof will be fantastic for recording artists, enabling limitless navigation of NFTs where value can be decided by the creator and the collector, with no authenticity lost. It will also be an amazing platform for fans with the thrill of personal social-media(esque) content that connects them to their favourite musicians. Oneof appears to be a light at the end of the tunnel and has the potential to be the most authentic way music has ever lived thus far.

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