NFT is the acronym for Non-Fungible Token, which is a digital asset stored on a blockchain representing a digital or physical asset. Each NFT is unique and acts as proof of ownership of an asset on the blockchain.
Piracy is a big problem in the music industry and sees the industry lose millions of dollars annually. While there are laws to protect artists from piracy, they are ineffective in controlling the problem.
Artists depend on the recording label to have their music reach their fans. Besides having the record label take the lion's share of an artist's proceeds, the second downside to this approach is that there is no direct interaction between artists and their fan base.