Blockchain technology, which is one of the newest technologies, offers an unchangeable, transparent, and reliable data management infrastructure. Crypto assets, the use of which is rapidly becoming widespread with blockchain technology, is rapidly changing the dynamics in traditional sectors.
NFTs, one of the crypto asset types, have started to become widespread in the art industry very quickly, especially as of 2020. A global application in the music industry regarding blockchain technology and NFT applications, which has the potential to cause a significant transformation at the intersection of the art industry with digital technologies, was implemented for the first time in 2021.
In this article, a literature review is made on the advantages and disadvantages of the use of NFTs in the music industry, and a discussion is presented on the first application. With this research article, it is aimed to contribute to the academic literature in this interdisciplinary field, which is at the intersection of technology, art and marketing disciplines by discussing the future potential of NFT applications.
Methodology – In the article, secondary literature review and sample usage were examined as a method. Secondary sources used; It includes books, articles and online publications on blockchain technology and NFT. A first and global NFT project applied in the music industry is examined and discussed with literature review findings. Findings- NFT applications in the music industry have advantages in the areas of proof of uniqueness, copyrights, new business models, digital integration, and security.
The fact that NFTs depend on blockchain infrastructure, privacy issues, difficulties in user experience, and lack of legal regulations are the findings defined as disadvantages of NFTs. Conclusion- The use of NFT applications in the music industry and related products and services, which do not have many resources in the academic literature, has been examined with the examined publications and sample application.
While there are innovations and benefits that come with the implementation of NFTs, there are also obstacles to the implementation of these applications. This article presents a discussion of the advantages and disadvantages of using NFT in the music industry and contributes to the academic literature. The results of the widespread use of NFTs, which have the potential to provide significant advantages in the music industry, should be followed and supported by research.
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