With the rise of digital music and streaming services, musicians have been looking for new ways to monetize their work and connect with fans. NFTs provide a new avenue for artists to sell their music, merchandise, and unique experiences directly to fans in a digital format.
In the future, it is likely that more musicians will explore the use of NFTs to monetize their music and create unique experiences for fans. NFTs can be used to sell exclusive access to concerts, backstage meet-and-greets, and other experiences that fans are willing to pay for.
Additionally, NFTs can provide a new revenue stream for musicians through the sale of limited edition merchandise, such as vinyl records, t-shirts, and other physical items. By creating a limited number of NFTs tied to these physical items, musicians can create scarcity and exclusivity, driving up demand and prices.
IMO this idea will provide some revenue stream for BWC bank and support new and experienced music artists.
My vision aims to target the following:
Marketing and promotion: marketing and promotion teams that can help an artist gain exposure and increase their fanbase. This can include social media campaigns, music video production, and publicity efforts.
Branding and image development: help an artist develop their brand and image, which can be important for establishing a unique identity and standing out in a crowded music industry.
Legal and business support: provide legal and business support to their artists, such as negotiating contracts and managing finances.
I’ve had the opportunity to explore several music NFT platforms and none of them have a friendly UX/UI, too disorganized; all kind of music together meaning no filters etc… So I was thinking, on creating our own music platform for BWC records.
How can we profit out of BWC record label (Just some ideas):
Limited edition merchandise, such as vinyl records, t-shirts, and other physical items.
For every song (NFT) sales we can take a small cut and the rest is for the artist. Also, if we have our own platform we can take a much smaller cut if our artist sells the songs in our platform. If our artist wants to sell the songs on a different platform that’s fine… but we can take a bigger cut. This way we encourage artists to use our platform. (I don’t see this as a way of penalizing the artists since we are providing branding and other benefits mentioned above; I see it in the way of promoting our platform but also giving the freedom to artists to choose where they want to sell their songs).
*exclusive access to concerts, backstage meet-and-greets, and other experiences. Even create exclusive redeemable art for the most popular songs.
I hope you guys enjoyed reading… I think this is a cool idea for BWC studio