This paper is a study to bring about a new paradigm of the music industry structure through Non-Fungible Token, NFT created using blockchain technology at a time when the fourth industrial revolution is taking place. As that an NFT is a unit of data s...
This paper is a study to bring about a new paradigm of the music industry structure through Non-Fungible Token, NFT created using blockchain technology at a time when the fourth industrial revolution is taking place. As that an NFT is a unit of data stored in a blockchain, It can be used to authenticate items such as photos, videos, audio, and other digital files. Before COVID-19, which shook the world, blockchain technology has been evaluated. It was just one of the interesting stories that could be put into
Possibility of commercialization someday. However, as the WHO declared the COVID-19 pandemic in March 2020 and the 4th industrial revolution technology, which was slowly changing under the influence, received attention, it had the effect of spurring technological development. Blockchain technology, which has been an interesting story material since COVID-19, has begun to attract attention as the unique value of digital artworks has been appreciated in the art industry. That NFT was starting to get known was that digital files had been valued for their value as art and had been traded at a very high price. This is why NFT is the next technological innovation. Since the 1950s, when Korea began to produce music in earnest, the domestic popular music record industry has been, For 70 years, the Korean popular music industry has always reacted sensitively to the latest technologies and trends. After the advent of SP, LP, CD, and MP3, By smartphones appearing, It had been constantly changing and adapting to the latest technologies, even as streaming services transition. As the record industry responds quickly to new technological developments, it is the optimal condition to apply NFT, a new technology. Large companies such as famous entertainment hive, YG, SM, and JYP, who have already recognized the potential of NFT, are preparing to cooperate with NFT Platform to utilize blockchain technology or In order to develop its own technology using NFT, it is moving quickly to respond to the new era to come. Currently, the number of cases of releasing albums by applying NFT to their own music is increasing all around world Although it is just a beginning stage, this movement shows the possibility of NFT as a new substitute for the existing music industry, which was constantly noisy due to structural problems. Just like when smartphones first appeared in the world, streaming services were activated and naturally permeated into our daily lives, When NFT is activated, the era of WEB 3.0 will open in which two-way communication between the future technology public and artists is possible. This study suggests the possibility of NFT, which will present a new paradigm for the overall music industry.