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What are NFTs in music? Can I also Buy it?
- SellBuyMusic
- 2021.11.03
What
is an NFT?
NFT stand for Non-Fungible Token. It is a
unique digital asset stored on the blockchian.
Because of its Non-Fungible feature, which
means that there is no way to duplicate the piece without being known, NFT is
used as the digital certificate of digital assets.
Public interest about buying NFT has soared
since NFT breaks down the barrier of which kind of art can be trade in money,
and which cannot.
Concept that the ownership can be split
into pieces and owned by multiple people must have been attractive to people.
How NFT is changing Music Industry
NFT
is bringing a massive change in Music Industry, just like it did to all the
other industries.
The past profit model of musician depended on streaming or album sales revenue.
Spotify
generally pays between $.003 and $.005 per stream, meaning you’ll need about
250 streams to make a dollar.
Musicians
started seeking different way to generate revenue with their music, through
NFT.
For
example, an American band called Kings of Leon released an NFT album and sold
the rights to download music and digital artwork for a $50 token purchase.
Through
an auction, we sold a set that bundled 4 tickets for the first row, a vehicle
related to the concert, Meet & Greet, and all the MDs of the tour.
Steve Aoki, one of the most famous EDM DJs
in the world, collaborated with an Italian digital artists to make The Dream
Catcher” series, a mash up of art and music.
“Dream Catcher” series exceeded 4million
dollars in its price, which is higher than Van Gogh’s piece.
Platforms that sell music NFTs
For individuals who want to buy invest on music NFTs, investment platform companies, which connects the buyer and the seller, have been made.
Republic, a leading investment platform,
announced that they will begin hosting opportunities to invest in music royalties
through what’s called ‘S-NFT’.
This will be the first time the first major
platform to bring music investing to the masses through a combination of
blockchain technology and a unique investing framework.
The venture, called Royal, is led by Justin
Blau, an EDM artist who performs under the name 3LAU, and JD Ross.
Blau has been one of the more active and
visible figures in the NFT community, launching a number of upstart efforts
aimed at exploring how musicians can monetize their work through crypto
markets.
With a secure immutable digital ledger at
its heart, blockchain is ushering in a new era of transparency, traceability,
and security for all transactions and records.
Blockchain technology enables the use of
cryptocurrencies which allow anyone from anywhere in the world to pay for
music, and support the artists they love.
Musicians can also use cryptocurrency to
purchase licenses to the music they want to produce.
With billions of unbanked and underbanked
people in the world with no access to financial services, credit cards and
other electronic means of payment, this is a game-changer.
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