Paper Number
2151
Paper Type
Short Paper
Abstract
This paper investigates the emerging role of non-fungible tokens (NFTs) in the music industry, a sector undergoing rapid transformation. Building on the concept of the “tokenized music industry”, we explore how NFTs, as distinct digital assets on the blockchain, are shaping this new landscape. Using Social Construction of Technology (SCOT) theory, we examine how the industry’s stakeholders perceive and negotiate the role of NFTs, indicating that their meanings and functions are socially constructed. Our methodology combines a review of prominent NFT-based music projects to understand various NFT functionalities and interviews with eight industry actors to uncover their motives. Our findings reveal five key NFT functionalities and diverse motives among different actors, contributing to the nascent research on NFTs and their impact in decentralized finance markets within the music industry.
Recommended Citation
Stockhinger, Jan, "Towards the Tokenized Music Industry? Analyzing Non-Fungible Tokens Through a Social Construction of Technology Lens" (2024). ECIS 2024 Proceedings. 1.
https://aisel.aisnet.org/ecis2024/track16_fintech/track16_fintech/1
Towards the Tokenized Music Industry? Analyzing Non-Fungible Tokens Through a Social Construction of Technology Lens
This paper investigates the emerging role of non-fungible tokens (NFTs) in the music industry, a sector undergoing rapid transformation. Building on the concept of the “tokenized music industry”, we explore how NFTs, as distinct digital assets on the blockchain, are shaping this new landscape. Using Social Construction of Technology (SCOT) theory, we examine how the industry’s stakeholders perceive and negotiate the role of NFTs, indicating that their meanings and functions are socially constructed. Our methodology combines a review of prominent NFT-based music projects to understand various NFT functionalities and interviews with eight industry actors to uncover their motives. Our findings reveal five key NFT functionalities and diverse motives among different actors, contributing to the nascent research on NFTs and their impact in decentralized finance markets within the music industry.
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