South Korea’s Artify Poised To Shake Up Asian Music Industry With NFTs

With the rise of NFTs in the art world, it was only a matter of when this game-changing crossover would trickle into the Asian music industry.   

So, when we saw the press release of a soon-to-be-launched platform called Artify Music in the Korea Times, our curiosity was piqued. The  platform is touted to be a next-gen streaming service built for music fans and artists, where content creators have a one-stop marketplace to sell their merchandise, concert tickets and music NFTs. 

Artify comes out as a hybrid between Spotify and an NFT marketplace, where artists eliminate the need of middlemen corporations, and make a larger cut of the revenue as they directly sell their albums to fans as ‘exclusive drops’, and fans can trade those albums with one another “with the artist enjoying royalties from each and every resale”. 

Meanwhile, artists even have the opportunity to make album exclusive tracks for sale or put everything up for free and use Artify’s tip-jar to generate revenue. With an audience of young, tech-savvy music fans across Asia, this could really shake up how music is distributed and consumed in the region. It’s obvious that brands would also want a slice of this potentially lucrative entertainment trend.  

The company’s website sheds more on its plans, including a white paper outlining its plans, with the launch of its  v1 app in September.