Hong Kong, May 25, 2022 – (NovationWire) – Tailor Insight, the Asia based market research institute, has released a report on ‘MainTrends on Metaverse and Digital Entertainment Field 2022’. The metaverse buzz is everywhere, even though they have not fully taken off. When metaverses do finally gather some more steam, though, NFTs will be at the heart of their immersive technology. And the exceeding potential and utility of NFTs, along with blockchain technology and cryptos, will be realized within them.
Audible Digital Ownership: Music NFTs
Musicians, who frequently experience the same problems with third parties such as music broadcasting platforms and concert organizers, have already started to run into the safe arms of digital ownership. This new creator economy gives the creators the power of owning their own content without needing intermediaries. With the decreasing demand towards CDs and the unfair commission rates of streaming platforms, musicians can benefit from music NFTs especially after taking a major hir during the Covid-19 pandemic. The music industry is another branch where we’re likely to see more and more applications of NFTs coming this year. Artists all over the world started to notice and use the potential of this technology, which allows them not only to embrace their relationship with fans but also creates new revenue streams. The NFT tokens released by the band in many ways resemble the typical merch of artists: they guarantee access to future concerts, covers, or a limited vinyl edition.
NFT games might be the hottest trend in the gaming industry right now. As we mentioned before, the current NFT boom started with a game. Therefore, the link between non-fungible tokens and the gaming industry seems almost natural. The games have shown us how far beyond the real world urge to build a collection of unique items can go. But do the purchased gaming collectibles become their property? Do these items differ somehow from the ones possessed by others? What is the actual value of an asset? Often, the answer is not so simple. In 2021, NFTs showed us that they might change that.
The gaming industry is already vibrant, and online gaming has given NFTs a new lease of life. With the two coming together, players can buy and own in-game assets, in the form of NFTs, in crypto-powered play-to-earn games. Such assets can later also be sold at NFT marketplaces for profit.
NFT music market flourishes
The applied technology makes NFT tokens unique. Because NFT tokens use smart contracts, a set of rules may be taken into account by their creator to determine what should happen when an NFT is used or changes hands. It is precisely this aspect of NFT tokens that is the most valuable for the music industry. Thanks to NFT tokens, musicians can retain direct ownership of the rights to the song and collect royalties for playback and sales without the intervention of intermediaries.Band Royalty NFTs is an excellent example of such a venture. This music NFT marketplace not only enables musicians to release their music in the form of NFT, but also allows them to earn a share of income every time their song is played.
About Tailor Insight
Tailor Insight offers deep insight into industry trends in the financial market. Tailor Insight provides easy and quick solutions that allow customers to capture, monitor, and audit market data from a holistic view down to an individual task on market research and industry trend insights, especially in AI, AR, VR and Blockchain industries. Recently, the company enters agreement with NovationWire in press release distribution service.
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