Music NFTs Explained (in under 2 minutes)
Music NFTs…
Love ‘em or hate ‘em.
This is music NFTs explained (in 2 under minutes).
Music NFTs Explained
What are NFTs?
Non-fungible tokens. These tokens (NFTs) are deployed on a Smart Contract which govern how they function.
Each token or NFT has a unique Identifier, making them non-fungible.
On the other hand, fungible items or tokens would be able to be replaced by another identical item. They do not have unique ID’s, as they share the same ID.
What are Music NFTs?
With the rise of Web3, NFTs can take many forms, such as - Images, audio, video, etc.
A music NFT is music that has been minted to the blockchain, creating a Web3 digital music asset that can be traded or listed for sale on a music NFT marketplace.
You can release a music NFT as a music video, a single release, album, or however you’d like.
So…what’s the big deal about music NFTs?
To answer this, we have to realize that NFT’s are another medium of digital art and collectible in the Web3 space. All of these pieces live on the blockchain and are easily verifiable for legitimacy.
But, I can just screenshot your PFP or download the song off the internet!!
You can. But that’s not the point.
It’s the difference in value between having a Jimi Hendrix album on your computer and having the vinyl… which was signed by him on camera.
But seriously, in addition to NFTs being easily verifiable through the blockchain, Web3 music artists have the ability to bake utility and features into music NFTs for their holders, fans, and collectors.
A music NFT could give you rights to a song and royalty splits, so that you can earn streaming revenue alongside your favourite Web3 artist.
Or, a music NFT may be used to unlock free merchandise and gated content.
Minting Music NFTs
Minting: Turning your digital art into digital assets (NFTs), living on the blockchain.
Music NFT Limited-Editions
Music NFT editions are identical music NFTs minted at a fixed supply.
Open Edition Music NFTs
Open edition music NFTs are identical music NFTs in which there is no fixed supply, any number can be minted.
1-of-1 Music NFTs (1/1)
1-of-1 music NFTs are unique and one of a kind.
Final Thoughts
There you have it, this should give you a better understanding of this thing called NFTs, more specifically, music NFTs.
Digital assets and music, minted on the blockchain.
With much more innovation and best use cases to come.
What do you think about music NFTs? Will they last?