A Study on Measures for Revitalizing Classic Music Market by Using NFT

Abstract

This study suggested measures to revitalize the stagnant classic music market by utilizing the recently spotlighted non-fungible token (NFT). This study examined the replaceability based on NFT-related specialized knowledge and relevant preceding studies and utilized them to suggest the classic music market revitalization method by using preceding studies and statistics. NFT is blockchain-based exchange measure called non-fungible token. Since NFT is free from reproduction, falsification, and abuse, NFT is able to maintain its value. Furthermore, NFT is able to maintain the economic value not only physical artworks but also non-physical art values. Therefore, NFT can add economic value and revitalize the classic music market and other markets with decreasing attention. Especially, NFT is expected to protect the property rights and copyrights of classic music, create profits through streaming and other services, and boost transactions based on scarcity to expand the classic market.