Non-fungible tokens (NFTs) are a tool that can be used to tokenize almost anything. The instrument’s capabilities proved to be especially in demand in the music industry. So, what is NFT music? With the help of non-fungible tokens, you can protect copyrights, automate song sales, and even raise additional funding for new creative tasks. Let’s have a closer look at what is NFT in music.
How Do Popular Musicians Use NFT?
Until recently, the terms “NFT,” “crypto,” and “blockchain” were used mainly in the world of FinTech. But in 2021, they finally sounded widely concerning art and music. Musicians and others in the industry use the power of NFTs in different ways. For example, Legacy Records has found a way to start using NFTs to increase artists’ royalties. To this end, the organization’s representatives decided to issue an NFT with tracks and launch token auctions with the unique content of each artist. Many famous musicians prefer to work independently with the instrument. For example, Snoop Dogg decided to release a collection of unreleased tracks in NFT format.
In April 2021, Eminem released his top NFT collections, including his beats and other collectibles. This is not a complete list of the best artists who have used the NFT in one way or another to promote their work, protect copyrights, or raise additional income, as NFTs can be sold at a large price of over one million dollars. It’s a good idea to earn a crypto coin.
NFT Has Made a Revolution in the Music Industry
The concept of smart contracts and quick deals was to the artists’ liking. After all, they not only simplify payments but also help create new legal relationships with fans by offering unique objects for the new digital “currency.”
What is NFT in terms of technology? – in fact, this is a record in the blockchain to which the metadata package is attached. This is not just a digital object that can be easily replicated. The package includes a record of its origin, the information about the original digital owner, the buyer’s rights, and how he can dispose of the acquired artifact.
This is somewhat similar to the DRM protection on movies and music on hard drives or platforms like Amazon or iTunes. As for NFT, the buyer, not the seller, receives the proof of ownership.
As for the elements that can be included in the package, they can be infinitely varied. For example, in addition to the actual tracks of the album and its digital cover, the musician can sell the so-called unlockable content (a unique link that can be opened only once). Furthermore, it can contain anything, such as the right to receive an exclusive box set or merchandise, the right to make copies, income from future sales or broadcasts, sampling rights, etc.
From the point of view of an ordinary listener, the difference between a “regular” track and an NFT track is indistinguishable by ear. Anyone can listen to it on Spotify, iTunes, or YouTube, but from an NFT perspective, it’s like taking a photo of an original painting and putting the print on the wall. Copies may look the same, but they are not as valuable because they are not authenticated and easily reproduced.
How to Create NFT Music and Where to Sell It?
The NFT market is growing at a cosmic pace: according to a report by JP Morgan analysts, in 2021, monthly sales of digital tokens on various marketplaces amount to about $2 billion. In addition, Forbes estimates that total NFT trading volume reached $23 billion in 2021. For aggregation and sale of tokens, the biggest marketplaces are used: Musicoin, Rarible, Nifty Gateway, OpenSea offer artists various earning mechanics and verify sales.
You need to choose the right platform and transform your music collections into digital audio tracks following the instructions on the chosen website. Where to buy NFT music if you want to invest money into trending pieces of art? The same marketplace can be used for buying and selling new NFT collections.
You can learn about the latest news in the NFT world in the chart on TopNFTCollections.com. It’s a place where you can get acquainted with the popular NFT authors for free. It is expected that in the coming years, tokens will be able to radically change the relationship within the ecosystem of musicians, labels, publishers, distributors, and royalty collection agencies, making a real revolution in the monetization of art. Projects that create collaborations of artists on the blockchain are experiencing a stage of active growth.