Powering a new world of streaming with NFTs | Ryan Kavanaugh, Tony Mugavero | #LDNBlockchain23

Key Takeaways

• The music industry is already using NFTs for digital collectibles
• NFTs allow for transparency and immediacy in transactions
• The fees for NFTs are low, making it an attractive option
• The current industry system is based on middlemen, which NFTs aim to eliminate
• The studios are hesitant to adopt NFTs, but some are already looking into it
• The creators will benefit from NFTs as they will get immediate payment
• The use of NFTs will decrease the power imbalance in the industry
• Some people are already using NFTs for events and concerts
• The term “NFT” is often met with skepticism, but the concept is already being used
• Some companies are already creating NFTs for digital collectibles, such as Ruby Red Studios
• The creators will benefit from NFTs being able to keep more of the profits
• The industry needs to change and NFTs are a step in the right direction
• NFTs can be used to represent physical assets as well as digital ones
• The industry needs to get rid of the middlemen and NFTs can help with that
• NFTs are a way to democratize the industry and give creators more control