Music is a universal language, done in every culture and language. Music creates an avenue for self-expression and a means to connect the soul of listeners to creators. It is very likely that you will like and follow a music artist whose songs resonate with you whenever you listen to them. For this reason, music transcends geographical barriers and has become part of a universal culture.
For years, record labels have formed and shaped the music industry. For clarity, record labels are music companies that are created with the sole purpose of discovering music talents, nurturing them, and helping them brand and distribute their music. This ability to shape the careers of music artists concentrates power in the hands of record labels, and it is not uncommon for these labels to exploit artists as they are bound by contracts.
NFTs provide an alternative route to traditional record labels, creating a mutually beneficial arrangement between music artists and record labels. Through NFTs, artists can claim ownership of their songs and have a direct relationship with fans. NFT record labels can also manage and distribute songs on behalf of artists while establishing communities and offering direct utilities to community members.
Although the NFT music space is still relatively new, below are the top five NFT music record labels that are pioneering the evolution of record labeling in the age of web3.
Death Row Records
This is perhaps the biggest player in the NFT record label space as of now. The record label was recently acquired by Snoop Dog and upon acquisition, he stated clearly that the label will be transforming into an NFT record label.
Having established himself as a global star, following the path of NFT music creation further sheds light on the potential of music as NFTs. It should not be long before some of the most popular music labels around follow suit.
Space Yacht
This NFT record label was established by a group of event and party organizers. Having successfully organized more than 100 parties in different countries around the world, Henry Lu and Rinki Perlman decided to set up this label. At the moment, the record label is still growing but has already debuted three volumes of its Iconography volume 1,2, and 3.
Hume
Hume is an NFT record label that consists of virtual-physical artists. The record label aims to nurture and develop stars capable of transforming into metaverse superstars. The label is already making progress in this direction as it signed its first meta-star in November 2021, named Angelbaby. Angelbaby already released a single named “NFT” and plans on releasing more songs soon.
MoonWalker FM
This record label is one of the very first sets of NFT labels to be created. The label has seen rapid growth and has since been established to allow collectors to claim up to 30% of royalties in the form of various rewards. The label also pairs collected art with music on streaming platforms, and collectors know which songs their NFTs represent.
As part of its future plans, the record label aims to grant NFT holders exclusive access to events, community membership, merchandise, and early access to new drops.
World Has You Records
This record label aims to fuse art and music for its community. Founded by AlmaD and Kristen, the record label plans to create a memorable experience for collectors while discovering and developing new talents along the way.
Conclusion
Web3 is creating a new wave of ownership in the art and creative space. Music as NFTs will only grow in the years to come, and as more record labels wake up to its value and potential, NFTs are bound to entirely transform the music industry over the next decade.
