Many crypto-enthusiasts claim that NFTs will "democratize the art and music industries." What does that mean? Do you agree or disagree with that sentiment? Give some specific real-world or hypothetical examples that support your conclusion.
When using the term democratize, it is means access to all, a true definition of equal opportunity. So in the case of NFT we can see that they are somewhat democratized in terms of the art and music industries. For the music industry, the ownership of an artist's music typically does not belong to them, rather it belongs to the record company the artist is signed onto. For example, a scandal arose between Taylor Swift and Scooter Braun. All of Taylor’s music technically belonged to Scooter, and therefore, the majority of royalties also went to him. Now everyone knows Taylor Swift and knows she is not short on money, rather she wanted the songs to be hers, and only hers. This led to her re-recording her albums to ensure the songs belonged to her, and the majority of royalties went to her as well. This caused major controversy in the media, but the entire scandal would have been avoided if Taylor owned her own music to begin with. In the case of the blockchain, she could prove ownership of the songs, and her songs/albums could be considered NFTs. So that when someone wishes to purchase her music it can be easily bought and tracked within the blockchain. The use of the blockchain and NFT can also help in cases of copyright issues and proof of sample. Hooks are often used in the music industry, and there are often disputes over royalties since it can be difficult to prove the use of hooks. So if a NFT is created for a song or various parts of a song it can be proven what has been used. The song Under pressure created one of the most used hooks in the music industry. If the hook can be made into a hook, it can be proven who uses it, and allows for tracking of all songs that use it.
Not only the art and music industries but also companies and organizations. As we have seen with companies such as Nike or the NFL, having a certain NFT gives access to limited edition products or special access. In the case of exclusive NFTs the idea of “equal opportunity” truly comes into play. Literally, anyone in the blockchain can have the chance to receive or purchase the NFT with no restriction.
The use of NFTs could become revolutionary to all industries when it comes to ownership and access for the people, the largest obstacle to overcome, however, is: Will NFTs become widespread enough that the majority of people understand how to use/access them?
