NFT Music Market Scope
NFT music is a trend in the music industry. Technological innovations have influenced how music is made, played, saved, distributed, and enjoyed, from the first discs to streaming services like Spotify and Apple Music, from the birth of record changing to the rise of modern electronic sound. A number of singers and musicians like Grimes and iconic bands like the Rolling Stones were drawn to the new technology. An NFT is a rare item that is recorded on a digital ledger in the music industry. Non-fungible tokens (NFTs) swept the music industry this year. Hundreds of singers and musicians, including youthful multi-hyphenate artists like Grimes and iconic bands like the Rolling Stones, were drawn to the new technology. Some of these artists have made millions of dollars by selling tokenized versions of their tunes, digital art, or bundles of virtual and real-world products. NFTs and fan tokens have the potential to completely transform the music industry. COVID-19 will put an end to the live concert industry in 2020, with record labels taking a cut of ticket sales and artists profiting as well. NFT provides musicians with interesting opportunities to cut out some of the industry's intermediaries and third parties, as well as tokenize their work in a completely new way. Most musicians' managers, record labels, publishers, and other industry professionals make significantly more money from their music than the performers themselves, leaving them with only a little portion of the pie
The NFT Music market study is segmented, by Application (Album Releases, Beat Selling, Merch Sales and Other) and major geographies with country level break-up.
Global NFT Music is a fragmented market due to the presence of various players. The companies are planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global NFT Music market throughout the predicted period.
TuneGO, Inc. (United States), The Musician MarketPlace (United States), Playtreks bv (Belgium), Rarible, Inc. (United States), OpenSea (United States), Nifty Gateway (United States), MakersPlace (United States), Opulous (Singapore), ROCKI (United States) and Amuseio AB (Sweden) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are MozikNFT (China) and Live Undiscovered Music, Inc. (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AMA Research has segmented the market of Global NFT Music market by Type, Application and Region. On the basis of Type, DJ Music are dominating the market in the year 2020 where as Classic Music stood as second largest market share.
On the basis of application, Album Releases segment is dominating the market in the year 2020 where as Merch Sales segment stood as second largest market.
On the basis of geography, the market of NFT Music has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In December 2021, the Non-fungible token (NFT) marketplace Rarible has launched its integration with energy-efficient, proof-of stake blockchain Tezos after announcing the plan last month. Tezos is also the blockchain being used by video game giant Ubisoft for its recent entry into the NFT space. Rarible’s integration with Tezos marks Rarible’s third supported blockchain, following Ethereum and Flow.
In July 2021, Opensea Released a statement announcing that it has acquired USD100 million Series B round, led by Andreessen Horowitz valuing the organization at USD1.5 billion. As the first cross-blockchain NFT marketplace, the company is also announcing official support for various blockchains. With this funding, OpenSea will continue to scale its NFT platform, with an initial focus on adding engineering expertise and expanding worldwide to new regions and audiences, allowing users to buy and trade NFTs more easily. and In 2020, eMusic has launched Digital eMU Token. The new launch helps to create a unique opportunity to build a sustainable music ecosystem for the benefit of artists, fans, and music services.
Under United States law, the creator owns the copyright to the creative work for its creation. This copyright is owned for its fixation in tangible form. The copyright holder enjoys a bundle of rights with respect to the work. This group of rights can be held by a copyright holder. However, in several conditions, unless the right is assigned away, they remain with the copyright holder. There is no need for the creator to be essentially a copyright owner. For instance, employees hold copyright in works which is created by them. Music commissioning parties can hold copyright in certain categories created by independent contractors if they are allowed to be "work made for hire" agreements.
- Rising Popularity of NFT as well as Crypto Music
- Growing Digital Innovation over the Globe
- High Demand Due To Limited Edition And Rarity
- Removal of Centralized Music Platform
- Increasing Popularity Between The Individual Artist
- Rising Demand because of the Convenience, Portability, And Novelty Effect can Drive the Global Market Growth
- Growing Adoption from Artist and Rapidly Growing Music Fans of Developed as well as Developing Countries
- New Opportunity For The Investment Sector As Well As Unique
- Increasing Digital Fraud and Copy Activities
- The Concern Related to Copy fraud And Copyright Infringement Issues
- Regulatory Guidelines on NFT Music
Key Target Audience
NFT Music Regulatory Bodies, Potential Investors, Venture and Capitalist, Research and Development Institutes and Others
Frequently Asked Questions (FAQ):1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.2. How big is the NFT Music Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.3. What is expected growth rate in NFT Music Market?
According to AMA, the Global NFT Music market is expected to see growth rate of 45.76%.