Secondary Music Economy

With today’s nostalgic resurgence of vinyl records, a new generation of listeners will come to understand the pleasure of owning of a physical recording and thus experience the original concept of Play on Demand. NFTiPoDs are today’s version of music ownership and when coupled to a vinyl record, breath new life into legacy technology with cloud based features. In addition, a modern version of used record stores will likely create a secondary music economy. Before streaming, most cities had scores of used vinyl and compact disc shops where listeners could browse through thousands of recordings, peruse the album art and if so inclined, purchase music to listen at home. Rare recordings were often worth more than the their original selling price. Similarly, an NFT series, created with scarcity in mind, typically increases in value. However, that value, when only linked to a digital artwork or some other virtual entity, is purely speculative. When linked to a Play on Demand license an NFT has inherent, so rare NFTiPoDs, like physical recordings, will be bought, sold and collected. Musicians will even be able to create special, limited edition, collector mixes for their music that will be sold at a collector edition price. With a small number of available NFTiPoDs minted, only a select group of fans will be able to stream the song, giving it collector appeal.

Once the Fair Trade Music Distribution Group technology has become established, there will be new and used, online as well as brick and mortar, music stores. Old physical recordings will be serialized and linked to NFTiPoDs so that the owner not only has a record or cd in hand, they will also be able to play the music via a streaming service. Likewise, new vinyl releases will be linked to NFTiPoDs so that the music they contain can also be streamed. Interestingly, companies like Apple or Amazon that might want to retire their music ownership databases, to save money, can transfer their customers’ libraries to NFTiPoDs en masse, still providing them with the ownership they purchased, but with the added benefit of being able to stream from any provider.

A strong secondary music economy is good for the music industry, and listeners.