Will NFTs Be the Future of Music Creation?
Whether you believe the future of music creation lies in Non-Fungible Tokens (NFTs) or not, the debate certainly adds an intriguing dimension to the world of digital assets.
The Current Landscape of Music Rights
Blockchain technologies do offer potential solutions to streamline publishing administration, and systems like the Music license Corporation (MLC) have been in place for decades to manage these functions. Nevertheless, the idea of establishing parent master files, as suggested by Jaron Lanier, could indeed be an innovative step. In this model, all derivative works would be linked back to the original master file, potentially creating a more transparent and efficient system.
However, the primary focus should always be on content creation. For instance, sections or stems of songs can be treated as master files, but one cannot claim rights to a verse with common chord progressions unless it has a unique sound. Hence, using the Blockchain as a framework for content creation is a possibility. Market these benefits accordingly to show why the system is better because of its blockchain integration.
Comparing NFTs to Traditional Investments
While NFTs certainly have their unique charm, they are no different from other investment objects. In many cases, they may even be inferior because most NFTs are not as hyped as classic works of art such as Van Gogh, Leonardo, Monet, Picasso, and others. The subjective value of each NFT can fluctuate greatly, especially since the creators are not widely recognized.
It is important to acknowledge that just as the invention of the automobile was initially met with skepticism, NFTs are also facing resistance. Skepticism in the form of not understanding their full potential or fearing that they are merely a passing fad. Yet, it is worthwhile to explore their potential uses in the music industry, even if the hype might subside over time.
Perception and the Impact of Technological Milestones
When the automobile was first introduced by Henry Ford in the USA, the media questioned whether it would be the future. Common reactions ranged from skepticism to outright dismissal. The same can be said for NFTs in the digital age. The invention of the Blockchain marked a significant milestone, opening the door for NFTs and other technologies to flourish. While NFTs are indeed an interesting concept, they are perhaps not a transformative milestone like the Blockchain was.
A closer look at what "the future" entails is necessary. Exactly what aspect of the music industry or technology are we looking to revolutionize with NFTs? Are we trying to create a more transparent and fair system for artists, enhance the discovery and monetization of music, or both?
In summary, while NFTs offer promise, they are not the inevitable future of music creation. Instead, they may serve as a stepping stone or a complementary tool in the broader landscape of digital music rights. The true future will likely be shaped by a combination of new technologies and creative solutions that address the pressing needs of the music industry and its stakeholders.