Will NFTs Actually Help Artists Make Money? Royalties and Smart Contracts

Between promises, critiques, and memes, NFTs (non fungible tokens) have been, in the eyes of some, a technological and financial revolution. Yet to others they are just another bubble of financial speculation. The artist economy, like many others influenced by trends in tech, has its very own set of hopes and doubts towards this technology. New business models and niche crypto communities claim that blockchain technology brings solutions to a fraught and fragmented artist economy. In particular, NFTs propose a solution to the opaque and fragmented reality of music royalties. Additionally, they propose to artists new streams of income, a bold claim to come in an era where music’s increasing digitalization moves hand in hand with its difficulty to make money. But how legit are these proposed promises? In this article, we will take a look at the particular problems of music royalties, examine how NFTs propose solutions to them, and determine to what degree those solutions meet expectations.

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