Music NFT Market Size, Share, Growth, and Industry Analysis, By Type (Album, Single Song, Music NFT Collection and Others), By Application (Primary Market, Secondary Market and Others), Regional Forecast By 2031

Updated On: 20 November 2023

Music NFT Market Report Overview

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The global music NFT market size was USD 1350 Million in 2021, As per our research, the market is projected to touch USD 15010 million in 2031, exhibiting a CAGR of 28.23% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher than anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

NFT, or Non-Fungible Tokens, significantly altered the contemporary music business. Rather than through traditional channels, musicians and artists are increasingly selling their music tracks, albums, and album covers in NFT auctions. The ownership aspect is the fundamental distinction between online and NFT music track purchases. You simply purchase the privilege to listen to something on iTunes. On the other hand, when you purchase music through NFT, you also receive ownership rights. You can earn money by selling the NFT to a third party (though you will lose the ownership rights). The artist receives the full selling price of NFTs from the music NFT marketplace.

COVID-19 Impact: Pandemic Caused Lockdown led in Upsurge of the Market Demand

Due to the adoption of music NFT technology by the entertainment sector to improve efficiency, transparency, popularity, and reliability, it is predicted that the COVID-19 epidemic will increase the music NFT market share. Music industries are implementing music NFT systems to assure musicians accessibility to reach out their fans in order to maintain the flow of music and fair compensation. Blockchain adoption in the music industry is enhancing musicians and artists performance. As a result, it is projected that throughout the forecast period, there will be considerable prospects for the expansion of the worldwide music NFT market growth.

LATEST TRENDS

"Rising Popularity of Crypto Music and Blockchain Technology to Boost the Market Growth "

With their wealth in the cryptocurrency market, non-fungible tokens are over saturating the crypto ecosystem. By subsequently upgrading numerous industries, the power of NFTs manipulates the cryptocurrency markets with fantastic business trends. Businesses are increasingly adopting blockchain technology due to its ground-breaking prospects for generating revenue. As a result of the expansion of NFTs and their high price value, industrial use of NFTs has significantly increased. With its capacity to monetize assets, NFT's outstanding qualities and distinctive traits open up numerous industries such as art, fashion, accessories, games, manufacturing, etc. This astounding rise in the cryptocurrency industry enables people like musicians and artists to make billions of dollars.

In the current crypto industry, NFT Marketplaces are the revenue generators. The NFT market is booming along with the trend due to creative use cases. A user can mint their NFTs by publishing their works in digital format to the NFT marketplace, an interactive setting. The smooth minting and trading of NFTs is made possible by these markets.

Music NFT Market Segmentation

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• By Type

Based on type, the market is classified into album, single song, music NFT collection and other.

• By Application

Based on application, the market is classified into primary market, secondary market  and others.

DRIVING FACTORS

"Growing Adoption from Artist and Rapidly Growing Music Fans to Boost the market"

Musicians, songwriters, singers, musicians, and other artists can now create an online fan base and market their works on the music NFT marketplace. While prominent musicians can communicate directly with their audience, up-and-coming artists have the opportunity to establish themselves. When it comes to creating the business logic for an NFT music marketplace and developing a safe and user-friendly marketplace, Antier can be your ideal partner. We are skilled in the art of creating decentralised platforms for NFTs from beginning to end.

"Fair Compensation and the Upgradeable NFTs to Strengthen the Market Structure  "

Musicians have been paid inadequately for many years. Particularly impacted by this are singers and musicians. NFTs have a higher probability of paying musicians fairly. For his first NFT, Mike Shinoda of Linkin Parks raised roughly $11,000. With NFTs, the early statistics will speak for themselves, according to Shinoda. After costs from the labels and labels, the DSP, and the label marketing, vocalists would never receive anything even close to $10k even if they uploaded the full versions of the songs to DSPs around the world. Upgradeable NFTs have the potential to evolve over time and change. By using this technique, musicians can distribute a soundtrack, chorus, or bridge that collaborators and fans can use lawfully without having to deal with the legal complications of making remixes. With the help of upgradeable NFTs, the original author can keep control of the spin-off creation and even profit from it.

RESTRAINING FACTORS

"Computer Literacy and Technical Issues can Hamper the Market Demand"

Although musicians, artist and the people are often tech knowledgeable and thus capable of using computers well, a big issue among developing countries nowadays is a lack of computer literacy. Many people do not have access to the high bandwidth or robust internet connection required for music NFTs, and consequently fall behind. However, the restraining factor technical challenge is projected to limit the market growth in the forecasted period.

Music NFT Market Regional Insights

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"North American Region Gauge for the Huge Revenue Share in the Market"

Due to the growing need for cryptocurrencies smart contracts employing music NFT technology in music sector in the region, North America is predicted to dominate the market globally. The characteristic determinants driving the market are the 24*7 availability of wireless network with strong network and unlimited access. The extensive use of electronic devices by almost every age group contribute in the growth of music NFT market share.

KEY INDUSTRY PLAYERS

"Notable Players contributing towards the market"

Blockchain in edutech solution providers are putting their development plans into action to increase their market presence and secure a larger market share. In order to increase their presence in the global market, providers of Blockchain in edutech solutions have implemented significant growth strategies, including product launches, partnerships & acquisitions, and the creation of regional and global distribution networks.

List of Market Players Profiled

• Global Inc (U.S.)
• Rarible (U.S.)
• OpenSea (U.S.)
• Nifty Gateway (U.S.)
• MakersPlace (U.S.)
• Sony Music (U.S.)
• Opulous (Singapore)
• Submerge (India)
• ROCKI (U.K)
• Amuse (Sweden)

INDUSTRY DEVELOPMENT

• February 2021: 3LAU, The first artist to release a full-length album in the form of NFT is a DJ and electronic music producer. He held 33 NFTs to auction off his record, offering special things like personalised titles, limited-edition vinyl, and access to unheard music. The transaction brought in $11.7 million for 3LAU, making him the artist who has benefited the most from NFTs.
• March 2021: King of Leon chose to employ both blockchain and streaming platforms for the album's release. The NFT version comes with animated cover graphics and limited edition vinyl records. The "gold ticket," a different kind of NFT, provides VIP advantages like lifetime front-row concert seats, backstage access, and private drivers.

REPORT COVERAGE

The report is an analysis of all market aspects for the forecast period. It also shows the evaluation of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth.