New entrepreneurial strategies using the new technologies of artificial intelligence and NFT in the field of the music industry

Abstract

This research examines the changes and effects of digital transfer in creative industries on the music market strategies for digital entrepreneurship. This study uses the transfer of digital technology, such as non-fungible tokens (NFTs) and Artificial intelligence (AI), by entrepreneurial producers and suppliers to illustrate how new technologies transform market dynamics through audience personalisation and decentralised business models. In addition to addressing how these new technologies open up opportunities, this paper provides industry stakeholders with practical strategies to negotiate challenges successfully. These changes change market access and generate entrepreneurial ideas by increasing the strategies' efficiency. At the same time, the results of this research show how the new business models presented in the new decentralised markets lead to the democratisation of the market and, thus, to the increase of entrepreneurship and the cultivation of new ideas.

This study uses a questionnaire of music projects presented as NFT, the researcher's experiences participating in NFT projects, and a questionnaire conducted by the researcher with project agents. For this purpose, this research has used the 217 responses it received as statistical data from the questionnaire. This research examines identifying the results of using new technologies and their relationship with the theories of digital entrepreneurship strategy. It answers how using entrepreneurial strategies to apply new technologies, especially artificial intelligence and NFTs, creates new opportunities in entrepreneurship.