The rising popularity of NFTs is a boon to artists of all sorts, including musicians. Music NFTs are definitely a thing, and during these formative times, music NFTs have proven to be a great alternative source of income for artists in the music industry, especially when compared to the streaming economy created by Spotify and the likes.
That’s not to say music streaming platforms and their royalty-based business models will become irrelevant just because music NFTs exist. In fact, there is now the idea of music NFTs that utilize a royalty-sharing model. For the Asian market, this new trend is being spearheaded by the Indonesia-based platform called Netra.
Launched last March, Netra is a Web3 platform that allows artists to share ownership of their music with fans through NFTs. By being co-owner of the music, NFT holders are entitled to a percentage of royalty that the artists get from streaming music services like Spotify, Apple Music, YouTube, etc. The royalty distribution is 50% for artists, and 50% among all NFT holders of each music NFT.
Payment of royalties will be given out three months after the release of each music NFT. Afterwards, payment will be done every month, and NFT holders can claim theirs via Netra’s dashboard. By adhering to the decentralization ethos, Netra makes sure that the accrued royalties from streaming services will be directly paid to artists and NFT holders without any intervention from third parties.
So far, Netra has gained quite the traction among the biggest musicians in Indonesia. From guitar maestros like Dewa Budjana, Andra Ramadhan and Tohpati, to jazz legend Indra Lesmana and pop diva Titi DJ; all of them have been on board with Netra, and their music NFTs are readily available to purchase on Netra’s own marketplace.
Recently, Netra has also partnered with TokoCrypto to bring its music NFT collection to the local NFT marketplace, TokoMall, with the hope to reach more customers, as well as further expanding the decentralized music movement in the country. Netra’s music NFTs run on Polygon, and holders are free to put up their music NFTs on secondary market like OpenSea if they so choose.
