Over the past several years, Bitcoin and gambling have both grown in popularity. Although the concept of virtual in-game cash is not brand-new, blockchain technology development has allowed developers of crypto games the opportunity to incorporate real-world economics into their works. There are several causes for this, but one of the most important is that Bitcoin provides a degree of privacy that conventional payment options cannot match. It is simple for anybody to utilize a crypto-gambling site since it often accepts deposits and withdrawals in Bitcoin and other currencies.
What is Crypto Gambling?
Crypto gambling is an online gambling platform that accepts crypto wallets as a mode of payment from the customer’s side. By playing and winning a game, crypto gamers can acquire non-fungible tokens (NFTs) or bitcoin, which they can then keep as personal property. Cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others are accepted as payment methods on a platform for digital gaming.
Compared to regular casinos, BTC gambling has several benefits, including provably fair games, rapid transfers, cheap costs, and security. As well as providing a more comprehensive selection of games than online casinos, cryptocurrency gaming frequently offers more significant incentives than conventional online gambling sites.
Impact of Crypto Gambling on the Music Industry
Even this early generation of music NFTs has created brand-new potential for musicians and visual artists to collaborate and produce innovative works. To make their NFTs, many musicians turn to visual artists as partners, as do the crypto gambling site. Smart contracts may be used to create each NFT programmatically with a unique set of specs, but this is just for illustration.
In this case, Kings of Leon had a forthcoming release and sold their NFT record for just two weeks before ceasing production and turning the copies already in circulation into collectibles. A restricted sale of a set number of NFTs issued at a given price, a forthcoming release in which an infinite number of NFTs are minted for a fixed duration, or the auctioning off of rare, one-of-a-kind NFTs are all options available to artists.
Benefits for Musicians Using Crypto Gambling?
Although NFT music has a long way to go before it becomes an industry standard or even a frequent phenomenon, it is beginning to take off because of these innovative musicians. There are many benefits for musicians who use crypto gambling or NFTs. Some of the benefits are discussed in brief. Musicians will still profit from NFT technology, even if individual token sales don’t completely transform the economics of the music business. Numerous well-known musicians have already started using NFTs to monetize their songs.
Increase in Revenue
Musicians can increase their revenue while using crypto gambling. While incredibly rare and collectible things like golden tickets were made available for superfans and sold for over USD 90,000, many fans may still take advantage of Kings of Leon’s NFT offers by purchasing the basic NFT edition of the record for $50. For $69,000, the club music duo Disclosure sold an NFT of a single song. Kings of Leon created NFT copies of an album and gave the money they made from it—more than $500,000—to live event employees.
Control over Music
In addition to royalties represented by a portion of each subsequent sale, original artists can now keep most of their income when selling their work for the first time. According to current norms, NFT artists keep between 80 and 90% of their sales. Smart contracts do away with the need for expensive intermediaries and gatekeepers and cryptographically protect and guarantee these procedures.
NFTs have the potential to completely reimagine the music industry’s preeminent payment model by increasing the amount of money in the hands of musicians at the time of the initial release of an album or song and guaranteeing payment of predetermined blockchain music royalties in the future.
Connect with Fans
By using this method, musicians can get closer to their fans. They would be able to connect with their fans and help them. If the holder of one of those NFTs sold by Kings of Leon ever decides to sell their NFT, they may still receive the advantages, which are quickly and openly transferable using NFT standards. In this approach, NFTs may be imaginatively designed to create unique connections between artists and their audiences.
Merchandise
Most people have seen devoted followers of an artist retain all of their concert tickets as souvenirs of a particular performance that they went to. As NFTs, you can now make digital replicas of these objects and keepsakes that individuals may keep as digital collectibles or assets. This allows artists to build communities centered around token holders and bring fans who attended particular events together.
Challenges of Crypto Gambling for Musicians
NFTs are still in their infancy; therefore, finding a means to do environmentally beneficial business will inevitably become a part of the process. There are specific steps that the exchange of NFTs can take to potentially decouple the market from carbon emissions above and beyond those of typical e-commerce. For example, it could stop relying on cryptocurrencies (sacrificing security and reintegrating with international banking institutions), or more cryptocurrency mining equipment could switch to renewable, clean energy (though this could take years). Think carefully about the potential environmental and social effects of NFTs before investing.
New Music Platforms
The proliferation of NFTs has led to the emergence of decentralized crypto-based streaming services like Audius (which just teamed with TikTok to enable song transfers to their platform). The new portal features content from many electronic music producers, including Deadmau5, Weezer, Mike Shinoda from Linkin Park, 3LAU, and many more. The contemporary music business is only starting to be expanded by NFTs, and many musicians are embracing the new technological environment.
Conclusion
This brand-new technology will take some time to truly take off. The benefits of blockchain technology are still not fully appreciated or are not yet familiar to enough people. It will be fascinating to observe which aspects of the music business NFTs will permanently alter and which will maintain the industry’s long-standing foundations. It has the potential to significantly influence the music business by giving musicians and artists new methods to make money off of their work and giving listeners new ways to interact with the music they love.
