The music scene is known for keeping up with the times, but who would have thought that we would see a #1 NFT album in the UK charts as soon as 2022? Muse, the English Rock band, already have 6 number one albums to their name, but what makes their newest release, ‘Will of the People‘, so special, is that it is officially the first-ever NFT record to climb to the top spot in the charts.
Exciting for the world of music and web 3! Cool to see this release counts towards the music charts. https://t.co/5vjM38O2AG— Sparky (@NFTSaraBaumann) September 5, 2022
‘Will Of The People’ Limited to 1,000 NFTs
The NFT version of the album makes up less than 2% of its total sales in the United Kingdom, which sold 51,500 copies in the first week. The format of the NFT music album is called “digital pressing”, and is already becoming trendy in the United States, with Hip Hop supergroup Mount Westmore releasing their own NFT album, limited to just 505 copies.
NFT albums have the advantage that they come with exclusive perks, such as:
- High-resolution FLAC files,
- Limited edition album art,
- Inclusion in the NFT fan club,
- Unlockable rewards & discounts.
Adding to the significance of the momentous occasion, the success of Muse’s ‘Will of the People’ album comes just months after the United Kingdom gave the green light to NFT album sales being counted in the official music charts. The distributor of the album, Serenade, affirms that NFTs are seen as an innovation in the music scene: “It’s a new way to experience music that unites artists and fans through a collectible format.”
Sold out! Grab a piece of chart history via the Opensea secondary market: https://t.co/z5vGiNveuG pic.twitter.com/yMUyiORIX0— Serenade (@serenade__co) August 26, 2022
While blockchain integration in the music industry is inevitable, Serenade emphasizes the importance of remaining eco-friendly while minting music album NFTs. To this end, the distributor chose the Polygon network for the task—a carbon-neutral blockchain that has been on the rise due to critical acclaim from Disney & Coca-Cola (NYSE:KO). With Polygon working to become carbon-negative by the end of 2022, the music industry is steadily approaching the self-predicted metaverse.
British rock band Muse has become the first band to top the UK charts with an album sold in NFT format.Not using crypto is a significant disadvantage going forward.— CZ Binance (@cz_binance) September 5, 2022
On the Flipside
- Currently, the highly centralized music scene revolves around large corporations like Spotify (NYSE:SPOT) and Apple (NASDAQ:AAPL). Accordingly, the world of music is seeking a decentralized solution; however, blockchain music platforms like Audius have their own problems, as the Audius platform recently suffered a major hack.
Why You Should Care
Blockchain technology has the potential to solve the music industry’s centralization issues. Legendary artists like Paul McCartney, Kate Bush, and 156 others signed a petition to the UK Prime Minister a year ago, urging them “to fix streaming” due to the prevalence of many independent artists claiming to be ripped off by major music streaming services. Ultimately, such services are in control of as much as one third of the distribution process.
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