The ex-manager of Elton John Guns ‘n’ Roses and Beyonce, Merck Mercuriadis has stated that NFTs or non-fungible tokens are an important part of the future of music. He feels they will provide musicians with a better way to earn money instead of the low amounts that big musicians make through platforms like Spotify, Soundcloud, etc.
About Beyonce and others’ ex-manager, Merck Mercuriadis
Merck Mercuriadis is a British-Canadian music industry executive and entrepreneur. He founded Hipgnosis Songs Fund which is a music IP investment company. He has a huge list of artists he’s managed. Nile Rodgers, Beyoncé, Elton John, Guns N’ Roses, Iron Maiden, Morrissey, Pet Shop Boys, Macy Gray, Mary J. Blige, Joss Stone, Jane’s Addiction, and Catherine Wheel. Wow, what a list.
Mercuriadis began his career at Virgin Records at age 19. Before joining Sanctuary Group before beginning his starting company, Hipgnosis Songs Fund.
His Thoughts on Music NFTs
Mercuriadis, Beyonce’s ex-manager has been especially vocal recently about his belief in non-fungible tokens. He said that NFTs and the blockchain can provide more transparency to music royalties.
“Someone like Nile Rodgers, whose songs have done incredibly well for 40 years … every six months, (he’ll) get a statement from Sony that’s 10,000-pages long and has billions of microtransactions on it,” Mercuriadis said in an interview at the Reuters Next conference. “In the future, with NFT and blockchain, those billions of transactions will be able to come back to you in real-time.”
Additionally, music NFTs can provide great collectibles to top fans of artists around the world. This has been particularly mentioned by many people in the space including GaryVee.
Importantly, Nile Rodgers, who was one of Mercuriadis’ clients, has also commented on the state of NFTs in music: “Once the pandemic hit, it really proved the point that Merck made about those songs, as far as being a reliable asset”
If musicians work this correctly, then the music NFT industry could become massive. The potential upside is currently unknown. But with many big artists like Post Malone, Kings of Leon and Timbaland being involved, it certainly looks promising.