- Aoki says NFTs will change the music industry, which offers artists a small income from royalties.
- The American DJ says web3 symbolizes ownership, which is pivotal in empowering users.
- Aoki claims NFTs rely on communities, and this is good for artists with large followings.
American DJ, record producer, music programmer, and record executive Steve Aoki believes non-fungible tokens (NFTs) will transform the music industry. He said this during a private Gala Music event at the Forum in Inglewood, California, on February 10. The event started with one-on-one Q&As followed by live performances by H.E.R., BT, Kings of Leon, 3lau, and Aoki.
In his Q&A, Aoki said he is a futurist and believes NFTs will help create opportunities for artists in the music industry. He pointed out that the sector currently offers content creators a pathetic income from royalties. According to him, live DJ gigs make up about 95% of his income. Grateful to his fans, Aoki said if he did not have to deejay, he would probably be out hunting for a job.
While live performances have helped him get this far, other artists cannot say the same. On top of this, royalties are not worth thinking about under the current economic model. To this end, he believes embracing NFTs can play a pivotal role in bumping up artist incomes.
Giving his example, Aoki said he made more money with a single NFT drop last than he made during his 10-year music-making career, which saw him release six albums.
NFTs rely heavily on communities
Explaining why he is positive NFTs are marking the beginning of a paradigm shift, Aoki said they rely heavily on the communities that crop up and support them. He added that this is a great thing for the music industry because many musicians have large fanatical followings.
Aoki further noted that,
As music NFTs become more of a part of how we integrate and support artists, the labels will have to do more than just add the song on a playlist.
He further touted the web3, saying it means ownership, seeing as people will be in charge of their data. According to him, the future will come with technological advancements that will bring the days of Facebook and Instagram hoarding user data to an end. He added that web3 would make the internet a tool that empowers people.
Aoki went on to note,
There will be a new version where we’ll show what we own and that will be a part of who we are.
This bullish outlook explains why the American DJ is heavily involved with web3. Apart from rolling out his first collection in March 2021, Aoki owns several Bored Ape Yacht Club (BAYC) NFTs. Additionally, he is working on launching A0k1verse, a membership club based on NFTs that will coexist with the real world.
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