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012: What Are Music NFTs?. Here’s How NFTs Could Define The Future… | by ILearnBlock | Jun, 2022

NFT stands for “non-fungible token,” which is a digital collectible that can be bought and sold using cryptocurrency. NFTs aren’t just cat GIFs and JPEGs of cartoon apes, they can also represent immutable ownership of music clips too. Last year, NFTs generated a whopping $25 billion in total sales.

When you dig deep into what NFTs enable, NFTs appear to be especially poised to define the future of music.

Music NFTs are a new avenue for musicians and independent artists to earn serious cash.

A Music NFT is a certificate of ownership for a unique audio or musical piece that can be purchased or sold. NFTs use blockchain technology to provide undeniable proof of ownership and come with a certification of validity that can be validated at any time.

Or simply put, Music NFTs are digital asset that incorporates a piece of music.

Like crypto tokens, NFTs are stored in a distributed ledger, making them difficult to forge. Artists can claim full ownership of their music through NFTs without having to share their earnings with intermediaries such as music labels or lawyers.

Here are a few different forms of NFTs in the music space.;

  • Tokenized version of a single song
  • An album
  • Digital merchandise
  • An opportunity to meet artists
  • Special tickets
  • It could even be a music video or clips from your favourite performance.

The portfolio of NFT music will only depend on how the artist wants to structure and package the NFTs.

NFTs seems to be incredibly beneficial to independent artists who are not signed to a music label in the Web 3.0 era, where “people create content and earn money from them independently.” This is due to the fact that NFTs give artists complete control and ownership over their creations.

Furthermore, artists are not tied to streaming platforms because they can independently release their music to the public. Besides that, NFTs are forging a new path for independent artists, providing them with an excellent opportunity to generate additional revenue streams from their music as well as create exclusive content for their fans.

NFT music is, by definition, unique and irreplaceable, and it is quickly becoming a sought-after collectible. They enable musicians to create their own music NFTs to auction off or sell directly to fans who pay with cryptocurrencies such as Bitcoin, Ethereum, and others.

NFT Music offers a certificate of digital ownership of a one-of-a-kind musical work that can be sold to another party. The owner has the sole authority over how the composition is used.

While NFT art is essentially digital arts, NFT music is a subset that is mostly traded for personal collections and speculation.

A quick one

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The process of converting music into an NFT is known as minting. You can mint your NFT music by following these steps:

  1. Choose a digital asset: You must have an original piece of music art, which could be an audio clip, video clip, 3D animation, GIFs, cover art, or any other digital asset.
  2. Get a Cryptocurrency Wallet: In order to begin minting NFTs, you will need a place to mint and store them. Crypto wallets are also essential tools for purchasing, trading, and selling cryptocurrencies, which serve as the mediums of exchange for NFTs.
  3. Purchase some cryptocurrency: In order to mint your NFT or convert your digital file into NFT music, you will need to purchase some cryptocurrency. The majority of NFTs require gas fee, which is a measure of the computational “fuel” required to convert digital assets into NFTs.
  4. Upload your NFT file to an NFT platform as follows: After converting your digital assets into NFTs, you will be given the option of listing them for sale on one of the several NFT marketplaces. You can use Ethereum blockchain, OpenSea or Rarible marketplaces etc.

Here are a few of the most popular music NFT marketplaces where you may develop, mint, and trade digital assets as NFT:

  1. Royal: is an NFT marketplace designed specifically for music-related NFTs. It enables users to own a portion of their favorite songs in order to earn royalties alongside the artist. Artists can use it to decide how much of the song’s royalties to sell or to deliver special tracks, digital art, and other items. Users can buy and sell NFT music using credit cards or cryptocurrencies on this platform.
  2. OpenSea: is a blockchain platform for collecting, selling, and trading music NFTs. This blockchain technology also allows users to mint their own music NFTs, with each NFT having a maximum mintage of five times. When it comes to payment, it accepts over 150 cryptocurrencies such as Ethereum, Solana, USDC, DAI, and many others.
  3. Rarible: is another well-known music NFT marketplace. It supports multiple blockchains, including Ethereum, Tezos, and Polygon, and has a large selection of music NFTs. Aside from providing free minting services, its royalty fees for creators can reach as high as 10%.
  4. Crypto: is a platform that allows buyers and sellers to easily trade with collectibles including NFTs. Besides offering ease of use for novices it accepts multiple payment methods, including debit and credit cards payment.

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