Music NFTs Go Beyond Music

At first glance, Music NFTs might appear as a blockchain alternative to buying tracks on iTunes. However, they are much more than that. Music NFTs can also give holders access to discounted concert tickets, special areas at concerts, or meetups with artists.

It all depends on how the artist wants to structure their NFTs. Among the most successful artists in this field is Dylan Rhodes, also known as Dyl. He gained recognition in 2015 with the release of the multi-platinum hit single "Jordan Belfort" and an accompanying tour where he performed more than 50 shows across the country. Main Street News and BSC News had the opportunity to speak with Dyl after the recently concluded NFTLVCon event in Las Vegas.

“I have been an artist for almost a decade, and in 2016, I got deep into crypto. By 2019 I published my debut album ‘Crypto Rich, ’ which is the first album to tell the whole story of crypto through music,” Dyl told BSC News and Main Street News. “Ever since I published in 2019, I have been trying to figure out how can we sell music for crypto, and a couple of years later, NFTs started coming up, and I have been going hard at NFTs for almost two years now.”

Since Dyl launched his NFT collection on OpenSea and Magic Eden in the last few years, he has garnered much attention. The total volume on his OpenSea currently stands at 40.6 ETH.

Music NFTs Need Utility

Being an NFT pioneer, Dyl emphasizes utility when asked how to become a music NFT pioneer like himself.

“The best types of music NFTs are the ones that give you access to shows, merchandise, events, and exclusive access to the artists. I think it’s all about building that utility, and any of the big artists entering this space could create a billion-dollar brand here,” Dyl said. “So you have a big artist coming along and doing the right music NFT, they could create a billion-dollar marketcap in their name.”

In an earlier interview, Dyl said that too many artists are making cash-grab music NFTs. It is, however, the hard work of community and ecosystem that he believes will have the greatest impact on artists.