The Metaverse is becoming more of a prominent trend in 2022, with a market cap of over $26 billion. Developers are starting to create communities that cater to the needs of creatives. Music is also becoming an integral part of these communities.
NFTs in Music
Non-fungible token (NFT) usage in music is becoming more prevalent. This type of digital asset can be used in various virtual ecosystems to enhance the fan experience. For instance, the metaverse community known as the Fluf World uses music to create user experiences. According to Brooke Howard-Smith, the company’s co-founder, the platform was launched in August 2021.
A user’s avatar can have a background that’s different from their current location. It can also be used to incorporate various music soundtracks. Although the concept of customizing one’s avatar may seem complex, Fluf World does it by using various NFTs to allow users to create their own Metaverse experiences.
Aside from being beneficial for the creators, the concept also benefits the fans and artists. According to “Gino The Ghost,” a Grammy award-winning producer, the use of NFTs in the metaverse allows musicians to package their work in a way that’s beneficial for both parties.
Despite the increasing number of music streaming platforms, producers and songwriters are still not making enough money from their work. According to him, streaming platforms are making more money than ever before, but they are still not making enough for most individuals.
Through the use of NFTs, artists can now generate instant income through their work without relying on intermediaries. They can distribute their work directly to their fans. He also noted that fans can also use the music NFTs to create their own remixes.
In addition, music NFTs can be used in the form of wearable digital devices. For instance, a collection created by rapper and producer Teflon Sega for The Dematerialised featured a 15-second sound clip from his music video “In The Middle.”
According to Sega, the connection between fashion and music has always been strong. He said that releasing the outfits and props from his music videos as wearable NFTs was natural since the two cultures have a lot in common.
He also noted that this year, new features will allow people to express themselves in metaverse environments without limiting their creativity. Aside from music, decentralized files are also being used to enable users to customize their metaverse experiences.
According to Roneil Rumburg, the co-founder of the decentralized music platform Audius, anyone can use the platform to distribute content. He noted that the decentralized nature of the platform makes it ideal for developers and fans. Rumburg said the platform was initially used in gaming metaverses. However, in the past couple of months, it has been integrated into the Portals Metaverse and Ethereum Towers.
Through the integration, users can now enjoy music from their favorite artists within their metaverse. While the platform has a comprehensive collection of decentralized audio files, some developers have built wrap NFTs around the files. According to him, the main advantage of using Audius is that it allows developers to freely distribute their content without being sued.
Is Metaverse Music Here to Stay?
Although the concept of music for metaverse environments is relatively new, experts believe that it will continue to gain popularity. Popular musicians are also getting involved with NFTs, such as rapper Snoop Dogg. He recently tweeted that he is a Fluf World holder. Despite the popularity of music in virtual worlds, there are still various issues that could prevent the widespread use of music NFTs.
HitPiece, a platform that allows users to buy and sell NFTs without the permission of the artists, was recently criticized by musicians. They noted that the high gas fees and minting costs of NFTs could affect the diversity of communities.
In response, the co-founder of the decentralized music platform Fluf noted that they are working on a plan that will allow everyone to create music within the next couple of years. He also noted that many artists are already making money by selling their work on the platform.