Kapanlagi.com - The popularity of NFT among art enthusiasts is not limited to visual arts. The technological breakthrough brought by NFT is now being utilized by music industry players to create and stay relevant in the current market.
The music industry has certainly experienced ups and downs with the development of digital technology. Digitization in the music industry has been a major challenge for industry players. Many people listen to music from their favorite musicians, but the results are often pirated works. However, the situation is starting to change with the presence of music streaming services in society.
Based on data from the International Federation of the Phonographic Industry (IFPI) and WEF, music streaming services were able to generate US$ 8.9 billion, equivalent to IDR 125.5 trillion, and contributed 47% to the total revenue of the industry globally. This contribution has increased rapidly from 2013, which was only 9% with a value of US$ 1.4 billion or equivalent to IDR 19.7 trillion.
The music industry in Indonesia has also been growing since the emergence of various streaming platforms in recent years. It is undeniable that this has made it easier to access official releases from musicians both domestically and internationally. In the second quarter of 2020, according to data from Spotify, there were 299 million active users, up 4.5% from the previous quarter.
The implementation of NFT in the music industry is seen as one way to help overcome problems such as royalty issues. "The implementation of smart contracts in NFT allows us to ensure a sustainable royalty flow for creators in any industry who have turned their works into NFTs." This is one of the added values of NFT for creative industry players who have been facing challenges related to the sustainability of royalties from their works," said Thelvia Vennieta, Head of TokoMall.
Music has become one of the industries that TokoMall sees as having great potential and a large community in Indonesia.Music industry players are now starting to look at NFT as one of the technologies that needs to be adapted in presenting innovations from their works.Aiming to help empower the potential of Indonesian musicians, TokoMall has partnered with Netra to present NFT royalty-sharing from top musicians that can be accessed in the Collectibles feature.
“We believe that web3 technology and blockchain are the future of music, a fairer future, a more transparent future.This technology allows something that was previously impossible, for the public to have a part of the legacy of Indonesian music maestros.By collaborating with TokoMall, we hope to facilitate access and expand this decentralized music revolution movement," said Setiawan Winarto, CEO of Netra.
Application of NFT in the music industry - Credit: Tokocrypto
Netra is a web3 platform for artists to share music ownership and royalty distribution using the first Non-Fungible Token (NFT) in Asia.With Netra, fans can also own their favorite artist's songs.In addition, Netra also offers a royalty sharing or "listen-to-earn" system, where NFT holders will be paid every time someone listens to the song.
Each Netra NFT represents a share of ownership of a top Indonesian musician's song, such as Titi DJ, Andra Ramadhan, Dewa Budjana, Indra Lesmana, and many more.After 3 months, NFT owners can claim streaming royalties through the dashboard on the Netra website (https://netra.live/).These royalties will be collected from various platforms such as Spotify, Apple Music, YouTube, and others.
Netra has now been officially introduced and is available on TokoMall since May 27, 2022.In addition, many other top artists will join Netra soon.NFT Netra holders will receive benefits in the form of royalty sharing. In addition, there will be a special collection of musicians that only exist in TokoMall, such as Titi DJ.
This step is taken to expand the Decentralized Music revolution in Indonesia. Setiawan Winarto explained, “Netra's main vision is to become a platform and partner for musicians to enter the world of Web3, Blockchain, and Metaverse.” If you are curious about Netra Decentralized Music, you can see updates in the Netra telegram community at t.me/netramusic and the website https://netra.live/.
Application of NFT in the music industry - Credit: Tokocrypto
Netra has set aside 35 'To Lose' NFT tokens for sale on TokoMall specifically for Titi DJ. In addition to being a collectible item and supporting their idol musician, Netra's NFTs can also be a promising investment.
'To Lose' is listened to an average of 20 thousand times a day on Spotify, and every time the song is played, Spotify will pay Rp 60. Added to royalty platforms such as Youtube, Tiktok, Instagram, Apple Music, etc., if calculated, Titi DJ's NFT will generate an APR (Annual Percentage Rate) of 132.73%*
*This number is an estimate based on the calculation of the first month after the song's release.
(kpl/pur/ums)
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