The music industry has undergone a massive transformation in contempo years. We have seen the advent of the internet leave its mark on music, and virtually notably, 1999 spelled the coming of Napster. This then-revolutionary peer-to-peer online streaming service defined a whole generation and enabled musicians to share their creations with the globe.

Streaming has become the ascendant format for music today, through Apple, Amazon, Tencent Music and the clear category winner — Spotify. The goal of distribution services and platforms like Spotify is to enable and empower artists to create more than without worrying about annihilation besides honing their arts and crafts.

Withal, that's just on newspaper — does reality reflect this utopian ideal? Non so much.

Certain, the "transformation" of music in the by decades is axiomatic, but it seems that someone got left behind. And the saddest affair is that those who got left backside are the very artists that make us all get goosebumps, make our feet move and bring the widest of smiles on our faces.

The economic science of streaming are tough. Platforms similar Spotify operate under a business model where the platform operator takes a cutting for each stream. That makes sense as Spotify offers improve-than-nothing distribution, but there is nonetheless a huge problem. Ultimately, information technology is roughly 70% that ends upward with the music rights holders, and the discovery feature tends to put lesser-known artists at a disadvantage vis-a-vis the household names. The result is a top-heavy distribution funnel benefitting the already-made-it musicians.

It isn't yesterday's news that music is still a rather clammy and night place for most artists trying to win bread by creating and doing the higher up. The industry is yet plagued by revenue-hogging intermediaries seeking to undercut those who matter nearly. If you aren't similar the Taylor Swifts, Billie Eilishes and Justin Biebers of the world, you are probable struggling to make ends meet. And fifty-fifty if you are like them, you are probably non getting your due either.

On the bright side... change is coming. No, scratch that — modify is here.

Ushering in a new era of music

Nonfungible tokens (NFTs) and the underlying technology are introducing a whole new ball game and a level-playing field that will enable and empower artists. What NFTs exercise is unlock value by making digital scarcity existent and assetized. At the aforementioned time, they permit musicians, designers and anybody in betwixt to practice control over their work, effectively making them masters of distribution.

Related: NFTs are a game changer for independent artists and musicians

Do you think the first NFT you lot bought? And practise yous as well remember the feeling afterwards you bought it? Felt quite remarkable, didn't information technology? That's some other affair near digital collectibles — owning them, stacking them, is simply exhilarant.

Now, imagine if you could support your favorite creative person and get your hands on their latest hit directly from them and get the "NFT kick" out of it too. Say you want to attend a festival filled with all your favorite DJs — wouldn't information technology be an absolute please to be able to get your ticket straight from the source? And how rad would it be to also go a unique, customized and ane-of-a-kind proof of omnipresence with your very own name in there? Now we're talking.

Alright, that's all cool and shortly to be ubiquitous, but what's the deal with streaming platforms like Spotify? Great question. Virtually certainly mean well (at least so nosotros hope) and accept moved the needle in the right management. However, that's not quite enough in a world littered with arbitrary numbers and standardized screens.

Reintroducing scarcity and making music feel unique once again

Digital scarcity is necessary to create a unique user feel and enable fans to form longer-lasting and more than profound connections with their favorite artists.

Every bit it stands, there is naught truly unique about music on Spotify — tracks don't come in express editions, music connoisseurs are non able to get their hands on rare album releases, and Spotify lacks a scarcity organization. Think about it — if you lot are a diehard fan of the Canadian DJ and producer Deadmau5, you would probably desire to own the #ane release of a given track or an album. Or then the #x release, or #fifty — something with a higher intrinsic value that showcases your love for a given artist. Why doesn't that be?

Such a "tiered" organisation of releasing music would undoubtedly benefit the artist since limited and early editions imply higher value. At the same time, information technology also enables fans to grow together with the creative person. Take that #1 release of a Deadmau5 runway you own every bit an example. The moment the track makes information technology into, say, the Weekly Summit 10, others volition see your proper name correct next to it — that fashion, fans can become a slice of the "fame" pie.

At some point and for whatever reason, it might make sense for a fan to sell that #1 release NFT. Intendance to approximate who would get a cut of that auction? Correct — the artist.

Related: Celebrities are embracing NFTs in a big way

Direct one-on-one interaction, a margin of ascendancy for the fans, an enhanced sense of belonging, and deeper connections — that's one reason, or 3 reasons rather, why NFTs are en route to causing a fair share of trembling at the side by side Spotify shareholder meeting. The other? Enabling and empowering artists and putting them back in the driver's seat.

A new era of the creator economic system

You meet, music streaming platforms stripped value away from musicians by standardizing everything, and the past few decades' worth of digitalization largely created an environs that limits the artist's control over distribution. With NFTs, this control is at present present again — you can program and track anything and do whatever you desire with your music if its initial release to the world utilizes NFT technology.

Oh, and you can at present also give your fans a piece of the pie past introducing other creative twists such as revenue-sharing. The more than popular the artist, the happier the fan — everybody wins. Couple that with the ideas outlined higher up, and we've got ourselves a recipe for success. Who would have thought that'south possible?

Related: Balderdash or conduct market place, creators are diving headfirst into crypto

We are inbound a new era of the creator economy, and NFTs are the next logical step in enabling and empowering artists even more. Information technology is high time to reintroduce scarcity in an industry predicated on uniqueness and vacate the driver's seat for those best-suited to take on the road ahead.

Motility aside Spotify; NFTs are coming.

This article does not comprise investment advice or recommendations. Every investment and trading move involves risk, and readers should comport their own research when making a conclusion.

The views, thoughts and opinions expressed hither are the author'south alone and do non necessarily reflect or represent the views and opinions of Cointelegraph.

Joan Westenberg is a Web iii.0 author, angel investor and artistic director. She founded a tech PR and communications firm chosen Studio Self and is a part of the MODA DAO team. Her writing has been published in The SF Chronicle, Wired, The AFR, The Observer, ABC, Junkee, SBS, Crikey and over 40+ publications and her regular work tin can be found on Pizza Party, sharing notes on Web three.0, the Metaverse and NFTs.