NFTs for Artists: Hype or a Whole New Business Paradigm?

Sammanfattning

The post-pandemic rise of non-fungible tokens (NFTs) within the music industry has presented a disruptive innovation that has the potential to reshape traditional business models, offering artists new revenue streams and direct-to-fan engagement opportunities. As music NFTs grow in prominence, they challenge the entrenched systems of royalties and intermediaries, prompting questions about their long-term viability and value for both artists and fans. This thesis investigates the potential for NFTs to disrupt the music industry and introduce an innovative business model for artists, particularly in regard to fan-driven revenue and decentralized ownership. Through a combination of literature reviews and qualitative interviews with industry stakeholders, this exploratory study explores both the opportunities and barriers associated with music NFTs. Key findings indicate that while NFTs offer new ways for artists to monetize their creative work, significant challenges to widespread adoption remain, including technological complexity, legal ambiguities, sustainability issues, and market speculation. A thematic analysis further reveals that the adoption of music NFTs is being catalyzed by their potential to enhance transparency, copyright protection, and fan interaction. This thesis concludes by proposing a conceptual business model as a business model canvas (BMC) that incorporates NFTs as a key component of artist monetization strategies. The model addresses the existing gap between enthusiasm for NFTs and their practical application, suggesting that if NFTs continue to stay relevant and evolve alongside growing institutional support, they may offer artists more creative autonomy and financial independence in the long run.