- Celebrated singer Sonu Nigam has launched Indian music industry’s first ever NFT.
- Nigam has parnered with JetSynthesys for his music NFT launch in London.
- Experts predict Non-Fungible Tokens will revolutionize the music industry in the days to come.
YEREVAN (CoinChapter.com) — Nonfungible Token (NFT) got another major boost from India. Now, celebrated Bollywood singer and music director Sonu Nigam has entered the fray of digital collectibles.
The award-winning playback singer has partnered with the new-age digital entertainment and technology company JetSynthesys for his NFT drop. Nigam’s NFT series is the first of its kind in the Indian music industry.
The Indian digital gaming platform broke the news on Twitter.
The launch of Nigam’s NFT series took place in London. The objective of the overseas launch is to draw the Indian diaspora’s attention and help them stay connected to their roots. The digital collection will also feature Nigam’s career journey and work.
“With a concerted focus across gaming, esports, digital entertainment, and social-community platforms, JetSynthesys has, in a short span of time since its launch, been the usher of many category firsts. Our association with Sonu goes back a long way,”Financial Express quoted Rajan Navani, vice chairman and managing director of JetSynthesys.
Sonu Nigam’s “Hall of Fame” single is now an NFT
Sonu Nigam’s new NFT series will also include his popular single ‘Hall of Fame.‘ The song gained wild acclaim when it hit the charts in 2018, especially for being the Indian singer’s first official English track.
“This song means the world to me. If there is one prized possession for me, artistically, then it is this song,”the celebrated singer said.
Nigam is a popular name in the Indian music industry.
With over 2,000 songs in ten languages under his belt, he rose to become one of the highest-paid singers in the country. He has acted in a few Bollywood films while also being a judge at some of India’s most popular music shows. Nigam is also the recipient of several Academy and music awards in the industry.
His entry into the NFT fray heralds the start of a new era of digital collectibles. Bollywood actors like Amitabh Bachchan, Sunny Leone, and Salman have already joined the NFT fray.
Recently, Bachchan’s NFT collection sold for a whopping $9.6 million in a tightly-bid auction. 65% of the bids during the auction came from India.
NFTs will change the Music Industry
As people begin to discover the potential of Non-Fungible Tokens, every entertainment industry wants in on the action. Besides just a new form of hobby collection, NFTs provide distinct financial opportunities for artists and collectors alike.
When it comes to the music industry, singers and musicians often lose out in the bigger game. Their music is left hostage to record labels who, often, make more money than the artists themselves.
Popular entrepreneur, author, speaker, and Internet personality Gary Vaynerchuk is convinced that NFTs will revolutionize the music industry.
According to Vaynerchuk, fans will replace record labels in the future. Instead of going to these record labels, musicians can sell their music as NFTs to fans, who will get a percentage of the royalties.
Earlier this year, Grammy Award-winning musician and producer Blau announced plans to distribute 50% of the streaming rights to his 2016 song “Worst Case” to 333 fans.
The NFT ownerships will enable fans to get a share of the royalties whenever someone plays “Worst Case” on any streaming service.
Blau also launched his NFT royalties platform Royal to help musicians create music through fan support. The idea seems to have caught the attention of investors as Blau was able to raise $16 million in seed funding.
The romance between music and NFTs got a lot sweeter through the Grammys. The Record Academy announced that it would take an NFT series in the next year’s award ceremony. Music superproducer Quincy Jones’s company OneOf is partnering with the Grammys to create the NFTs.
With the music industry getting neck-deep into the NFT race, record labels will soon feel the heat. Sonu Nigam’s NFT has opened pandora’s box of the huge Indian music market.