Professor Phil Cartwright, Director, CABMR and Dean, Performing Arts Management DBA and CABMR Affiliiate Zarja Peters attended the annual October meeting of the International Music Business Research Association in Vienna.
They presented their paper, “Preliminary Perspectives on NFT Technology for Management of Property Rights in the Arts and Music Industry”.
A summary of the paper appears below and the full document is available from the authors upon request.
Focusing on the music industry, the objective of this exploratory research is to explain and deepen understanding of potential consequences from applications of enabling technologies Web 3.0 (Metaverse), blockchain, and non-fungible tokens (NFTs). Potentially, the advancement of new technologies creates emergent opportunities for music creators and performing artists to effectively manage ownership rights offering their works on blockchain by way of NFT markets. NFTs open the possibility of creating a new class of scarce and legitimate digital assets, providing the creator economy with the tools to actively participate in the pricing of creations and track their performance on secondary markets. This in turn, might well create a new landscape of creative entrepreneurial opportunities paired with more efficient monetization of ownership rights. Further, the research considers possible participatory opportunities for artist followers.
