NFT Music: How Blockchain Technology is Revolutionizing Music Ownership
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Music is a universal language hence its global acceptance isn’t a surprise and since it has such a wide audience, it is expected that artists generate lots of profits from having their songs available in different countries.
Now, because these songs are downloadable and transferrable at various streaming platforms.
The artists don’t make as many profits as estimated.
This trend over time has plagued the music industry and has been a source of concern to all involved. Alternatives were sorted but none has brought as much impact as NFT music offers.
NFT, an acronym for Non-fungible Tokens is an aspect of Blockchain Technology that enables real-life stuff, for example, music to be stored as tradable assets in the block.
This way the music is unique, immutable, and cannot be counterfeited. Artists get paid for their music through cryptocurrency and get the full value of their talent and hard work.
Access to the music is available only to people who have made the payment, also the access is distributed decentrally, everyone has simultaneous access this also gives room for auctions.
Media rights to songs can be auctioned while the song itself is available in the network. Both the independent artist and the label record artists will gain from NFT music practice.
The NFT music practice will help both fans and artists alike. Only fans and followers who are in Blockchain technology will have access to the music and fans themselves can as well help their favourite artist financially.
The use of a smart contract agreement is another way of making money by transferring ownership. Both the auction and smart contract helps music sponsors and financiers to get a return on their investments.
Another income source on the NFT is the sale of production rights of a music tour to the highest bidding company on the NFT platform.
Is NFT Music really important to the music world?
Whether as an artist, a band, or a record label, NFT is important as it helps create a unique close-knit community around your music and an environment where the music will thrive.
People can also get opportunities to purchase the rights to original works of artists. This feature of the NFT is one of the most interesting offers.
There is also an expected long-term growth effect of NFT in the music industry. When this happens artists who jumped on the technology early will be smiling home.
These are some of the importance of NFT in the music industry, however, to optimize NFT, this is where NFT music marketing comes in.
NFT Music Marketing
Here, the marketing is not done on social media platforms or anywhere instead the NFT platform does the placements, upcoming albums, autographed albums, concert tickets too.
This way a new album or record can be sold immediately after its release. This will afford the artist or label to raise bulk money that could be used to finance other projects.
NFT market is also set to draw attention to different pop cultures and subsequently grow their acceptance and fan base.
Creating a Music NFT
The NFT platform works with BSC Blockchain and controlling your NFT is done over AirNFT.
However, creating your music or music videos requires a little token from you, just $1.
- Select and download a wallet: Metamask is one of the most commonly used, functions as an extension, and connects to websites that accept Ethereum.
- Select a platform and create an account: Don’t forget to connect your platform of choice to your wallet. Some platform options include Rarible, Open Sea.
Viola, you are all set!
Now we’ve walked through the process of account opening and connecting wallet, one might want to know what exactly to use your account for.
What to do is not set in stone at least for now, so explore. Here are what other artists have doneso far, one can take a cue from that:
Albums can be released, tokenized, and sold on-chain. Not only that one still earns a cut on secondary sales. 3LAU, one of America’s famous musicians, sold off his tokenized album for more than $11 million in February.
Beat and Merch Sales
Beats including merch can be sold on-chain directly to buyers in the music NFT and still earn cuts on every resale.
Stock-type distribution layout
This is one of the innovative concepts of music NFT, music rights can be tokenized as a stock and percentages sold granting some ownership rights to the
There are lots of incentives that holders get asides earnings, invites to listening parties, concerts among others.
More Advantages of the music NFT includes:
- It helps create an ecosystem that is interested and invested in an artist. The artists, especially upcoming ones, can make names for themselves easily.
- Artists can decide to work independently from record labels, doing all their activities on-chain. They also wouldn’t need to depend on streaming as they generate revenue from selling the music NFT as digital collectibles.
- Investment: NFT music platform can draw investors and also due to music NFTs growing fanbase, it can play a vital role in the introduction of new crypto. NFT music can be used to fast-track crypto adoption.
Despite these beautiful advantages, there are some concerns.
Auction Price Instability: One of the most disturbing features of music NFTs is the instability of crypto prices and also the almost unpredictable nature of auctions.
Since there are no limitations to the auction prices. Overpriced digital assets can become a thing and resell will become so difficult thereby undermining the whole process.
Another disadvantage is the energy and time expended on operating the NFT mining chain and its rebounding effect on people and the environment.
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