What are NFTs in music? Can I also Buy it?
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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