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The large part of the international population is not clear that a revolution of proportions unimaginable until a few years ago is brewing.
Because as all digital artistic objects (for physical objects a similar but more complex argument can be made) become NFTs the whole dynamic of artistic and creative activity will be changed at the root.
The first experiments in this regard already exist and can be useful to understand what will happen in the near future.
There are sites that allow a musician to ask his fans to advance money to finance the composition of a new song.
At first sight this seems like a simple crowdfunding mechanism but it is not so because the musician makes available to the fans/funders 50% or less of the royalties that will be generated from the sales of the song itself.
So instead in the complex procedures of classic crowdfunding (e.g., gift of additional materials to backers, with close correlation between level of funding and level of benefits received) a great simplification is achieved with the receipt of a portion of the royalties from the fans/funders.
The question to ask is, what happens to music businesses if they do NOT advance money to musicians?
Let me give you an example: let's say an unknown musician offers his friends and acquaintances 50% of the royalties from his first song. Hardly such a transaction leads to huge earnings but if the song comes out as NFT it could earn a few thousand euros/dollars.
Not a huge level of earnings but enough to convince fans/funders to repeat the experiment with the second song by the same musician who, however, now has a larger fan-base because the first song was liked.
The experiment is repeated for other songs and the number of backers (again at 50 percent of royalties) becomes larger. And so on for several times.
Until the musician's fan-club becomes so large that it leads to his becoming a music star.
At that point various avenues open up for the musician: a) he can continue down the same path (50 percent of royalties to the funding fans or b) he can reduce the fee for which he seeks funding e.g. to 20 percent or c) he can issue a crypto-token tied to one of his individual songs or albums or his entire discography. Given the demand there will be the value of the crypto-token will rise dramatically or again d) he could abandon fan funding and self-fund his entire output, or e) I can come back to the old road and make a a deal with music producers.
The interesting thing about this procedure is that the early backers could receive a huge flow of money over time because when a musician has become famous new fans also want to discover his early creations and this generates royalties to both the musician and his early fan-base.
The majors face a mortal threat.
