The Emerge Of NFTs For Music Producers – The Future of Music Industry
You’ve probably heard about NFTs, or maybe you haven’t yet – but either way, this hottest buzzword is making some serious waves in the music industry. It’s just another new type of asset similar to cryptocurrency, specially dedicated to musicians.
They aren’t like normal cryptocurrencies such as Bitcoin that allows you to exchange one for another – NFTs aren’t exchangeable.
Artists looking for ways to profit from their arts and musicians from their music have surely found one now in the cryptocurrencies. Utilizing NFTs, they are now selling their arts or music as unique tokens, showcasing them on the Blockchain, and earning a good buck.
Still in a dilemma about the concept?
We’ve broken down each and everything in more detail – what NFTs are, benefits of NFTs for music producers, and much more.
What are Non-Fungible Tokens (NFTs)?
NFT refers to the digital asset that represents objects like art, music, and videos. They can be bought and sold online with digital money based on blockchain technology. A non-fungible token is generally built using the same programming as Bitcoin and Ethereum, but there is something that both. NFT Token Development Companies introducing more tech stacks as the popularity of buying and selling through NFTs increases day by day.
Cryptocurrencies are fungible, which means that they can be exchanged for one another. E.g., the one value of one dollar is always equal to another dollar, and one Bitcoin is equal to another Bitcoin. NFTs are somehow different as each of them has a digital signature that makes it impossible to be exchanged with one another.
NFTs for music producers serve as proof of ownership for a person. This implies they’ll be able to profit from the right to possess it. However, because the internet is so porous, having an NFT does not always mean exclusive rights, as anything digital may be replicated indefinitely.
To put it another way, think of it as the Mona Lisa. You can go to a museum and look at the painting, maybe even photograph it, but you can’t take it home with you since you don’t own it.
However, the artwork on your wall at home is similar to an NFT since it is entirely yours, and you can do whatever you want with it. Non-fungible tokens are not the same as traditional cryptocurrencies. NFTs are not interchangeable with Bitcoin or Ether.
People are paying millions for digital art, music, and photographs as part of the new Blockchain craze, such as Beeple’s Everyday: The First 5000 Days, which sold for $69.3 million, and CryptoPunk 6965, which sold for $1.54 million.
Bitcoin and Ether are the most popular currencies for NFT transactions, which take place fully online.
Reasons Behind The Sudden Popularity of NFTs – Non-fungible Tokens
NFTs are now used across broad industries and are commonly known as Ethereum tokens. The most impressive features that make NFTs popular these days are:
- The data of NFT is stored securely in Blockchain that means these tokens can never be replicated.
- Non-fungible tokens are indivisible. They can’t be divided into a small value like Bitcoin.
- NFTs hold the capabilities of Blockchain. They can be traced back to the actual owner of specific content.
Benefits of NFTs For Music Producers or Industry
It’s easy to accept that an artist can produce a piece of music and release it to the public online. Further, that music content can be found, listened to, and downloaded by anyone. Although anyone can download and record content, only a few can own that exact piece. They need to buy an NFT or a unique token about that song stored on the Blockchain. This proves that you own it.
There was a time that turned the music industry upside down and eliminated the income streams of many creators. As the world is now more digital, creators have an incredible way to connect with audiences; NFTs provide a new outlet with countless benefits.
1. No Middleman
NFTs allow artists to make money directly from their creative work. Consider the example of art where artists require some intermediary to sell their art and market the work. But NFTs reduce this barrier and allows artists and original creators to interact and transact directly with customers.
2. Unique Content
NFTs are rare. Such types of token can be digital but can be physical as well. Albums, digital art, and concert tickets are non-fungible tokens that artists usually exchange for money. It is, therefore, safe to presume that you will be the only one of the few individuals who would own the collectibles.
3. High-level Security
You can rest assured of high-level security when it is about NFTs. As Blockchain is much decentralized in nature, it’s clear that the data they hold is hosted on various nodes globally.
All because NFT technology assures nodes are always in working mode no matter what happens to the Blockchain itself.
Therefore, nothing is going to happen to the data.
4. Retain Full Copyright
Artists and content creators with NFT technology can retain their full copyright, which is somehow uncommon in most licensing agreements. NFTs for music producers all them to generate revenue without giving up their copyrights.
The Future Of NFTs
By selling NFTs to their fans, artists and content creators can more easily engage the real fans. Whatever the risks associated with this, the future of NFTs looks promising as you can see the total market from them crossed $100M by the end of 2020.
Even the experts in the crypto industry examine that 40% of new crypto users will use NFTs as an opening wedge. All this clears that the NFT space is all set to grow exponentially in the coming years.
Some Of A Few Ideas For Your First NFT
- Cover artwork for your new release
- Backstage pass
- An acoustic version of a track/album
- Digital artwork
- Digital merch i.e., stickers, GIFs, badges
- Digital track/album
- Gig tickets
- Music videos
How to create and sell an NFT
Now that you know what NFTs for music producers are and how they are beneficial, you can further take steps to create and sell an NFT. To make an NFT, one doesn’t need a heap of knowledge but some of a few tools to get started.
Step 1. Craft a Digital Wallet
By crafting a digital wallet, you’ll more securely store the cryptocurrency that is further used to buy, sell, and create NFTs. The digital wallet also enables you to sign in safely and create an account on the NFT marketplace.
The most famous example of cryptocurrency exchange is Coinbase, and their wallet is a solid option for new crypto beginners.
Step 2. Male A Purchase of Some Ethereum
For the purchase of some Ethereum, only a small amount is needed. Most of the significant NFT marketplaces have some fees associated with turning the content into an NFT. So you will definitely require some Ethereum to cover the involved costs.
Step 3. Connect the Wallet to an NFT Marketplace
The final step is to connect your wallet to an NFT marketplace. You need to pick the marketplace to further create, list your work, and connect it with your wallet.
Non-fungible Tokens Are Here To Stay!
NFTs, with their revolutionary potential, allows artists, musicians, and other content creators to avail new possibilities with their fans. Musicians worldwide are continuing to take steps towards being more creative with what they offer to their huge fan base.
Also, you know that NFTs for music producers are still in their early stage of development; you can expect numerous cutting-edge platforms based on non-fungible tokens soon.
In the present, the market is still raw, and for new-age entrepreneurs, this would mean a sea full of new opportunities to grasp and rule the space using Blockchain Development Services. RisingMax is your premium NFT development with a strong foundation in decentralized apps. We help businesses and individuals to create their own NFT minting website of their own to organize bidding, selling and trading of assets backed by Non-fungible tokens.