Music NFTs Are Set for an Explosive 2022

Take Spotify. With nearly 400 million active users, half of those paying, it is by far the most widely adopted and popular music streaming service. There are around 8 million artists on Spotify who fight for attention daily, only to be overpowered by more renowned counterparts like Taylor Swift, Billie Eilish and Kanye West. It’s a challenging landscape for any artist if they aren’t at the top, especially when artists aren’t able to wholly capture the proceeds from their work. “Rights holders” on Spotify pocket up to 70% of streaming revenue, and for the most part rights holders are not actually the artists.