Rapper Meek Mill fans will need ETH address to hear new mixtape
Meek Mill tell his fans that they will need an Ethereum address to listen to his new mixtape.
On January 9, 2021, Meek Mill, who has over 10 million Twitter followers, said this in a viral post. According to the popular musician, his fans should conduct a Google search on how to create an Ethereum address.
Meek Mill Teases Launch Details
There was no further explanation by the rapper on how he will execute this. Presumably, it’s an NFT. However, it’s unclear how it’ll be distributed so that an Ethereum address is required.
“I’m going to call the mixtape ‘WEB 3’ lol,” Mill said, referring to Web3, a word that refers to the smart contract-based web, which has recently been the topic of debate among coders as they argue whether Web3 is truly the next big thing.
Mill already has a Bored Ape NFT as his profile image, likely one that he owns, indicating his interest in crypto.
Earlier in April, Meek Mill had said that he intends to release a complete album as an NFT. “I’m doing an nft album as soon as I’m out my deal,” he wrote on Twitter at the time.
Music NFTs: the next big thing?
The current music streaming approach pays everyone a fraction of a penny for each stream. This strategy works quite well for songs with a large number of streams. However for artists who compose music for a specialized audience, this means that even the most devoted fans are only worth pennies to the labels.
Over 90% of streaming revenue goes to the top 1% of musicians in the present industry model. Other artists are left broke and unable to make a living from their craft due to this.
NFTs are still a relatively new technology, but the concept and technology has the potential to penetrate a wide range of industries. The music business is only just becoming interested in NFTs and discovering their possibilities.
Multiple musicians have been interested in NFTs due to their popularity in the art world. At the end of February 2021, Grimes, an EDM concept artist, sold $5.8 million in NFTs. 3LAU, a DJ/EDM/remixer, sold $11.6 million in NFTs, and Kings of Leon became the first major artist to release a record as an NFT. DJ/Dance superstar Steve Aoki also sold $4.25 million in NFTs.
NFTs offer musicians new opportunities to generate cash, communicate with fans, and distribute music beyond the traditional music industry. With it, musicians can set up their album sales, create limited edition beats, manage fan engagement, and even airdrop their music to wallets of fans.
Musicians can produce their tracks as NFTs and sell them as digital items. Additionally, the artist may be paid in secondary royalties whenever a digital copy is purchased and resold.
This new paradigm allows artists more freedom and gives them the option to profit fully from the secondary sales of their music down the line. This may be how Meek Mill intends to sell his music to his fans.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.