How NFTs and Crypto Are Changing the Nigerian Music Industry

If you've been following the crypto industry closely, you've surely come across the term NFT. Short for non-fungible tokens, NFTs gave artists a marketplace to sell their works without intermediaries. Think of it as a digital collector's dream. Some NFT pieces have sold for dozens of millions of dollars, and the industry is growing at a rapid pace.

Cryptocurrency and the blockchain have ‘invaded' every facet of our lives. You have a Bitcoin Casino around every web corner, NFTs selling like crazy, and companies building databases on the blockchain. This industry is more than just hype. Just take a look at the money in the NFT market and you'll understand why everyone wants a piece of the action.

Non-fungible tokens are popular in Nigeria too and maybe on course to change the music industry forever thanks to one artist – Henry Coco-Bassey, also known as Hector.

How NFTs are Changing Nigerian Music

The most popular type of NFTs contain art pieces, but the hype has reached the music industry too. It was rare for a bit until Hector discovered the possibilities NFTs offer. He says that he saw them in the news and immediately thought of how he can turn music into digital assets and earn crypto. He believed it was interesting and that it has the potential to reshape the music industry in Nigeria.

The popular rapper simply loves music. He sang his heart out since he was a child. He sang in church, school, and at home. As he grew older, Hector discovered rap and never looked back. He started rapping as a teenager and released his first song before getting into UNI. He endured some hard times back then. He wasn't earning anything and thought about quitting.

Hector spent years researching the music industry himself. He spent days on Youtube and it paid off. He had his first client and helped him release music. He then had a few more and it worked great. After a while, Hector decided to create his own label – that's how Unique Sirius was born. However, unlike other labels in Nigeria, this one focused on NFTs.

A New Revenue Stream

The fact that he launched a label of his own didn't stop Hector from taking a look at additional income opportunities. He wanted to learn more about the blockchain and consulted a friend heavily invested in crypto. He further educated himself in NFTs and focused on it. Sadly, tokenized music didn't caught fire in Africa as it did elsewhere.

At least in the beginning until new artists signed on for the idea. Hector reached out to popular Nigerian musicians, but no one was interested. Luckily, he met with aspiring rapper Challex D Boss who released music in NFT form on Hector's label. The song was created on the Rocki NFT platform that works via Binance Smart Chain. There were a total of 100,000 units released, and 10,000 of them sold within a few weeks.

Hector's dream was finally coming true. The numbers were great but more importantly, Hector was delighted that everyone was earning this way – the label, artist, and the fans too getting 20% of the royalties from every following sale.

More NFTs Coming

This is only the beginning of tokenized afrobeat music. Unique Sirius is a place for independent artists to share their music via the NFT vehicle. Hector believes it's the only way to move forward and is promoting his NFT label every moment.

He says that it's a win-win for everyone involved, and so far, it looks like it. Thanks to his efforts, the music industry in Nigeria could change forever.