What is an NFT?
Have you seen a herd of googly-eyed cartoon cats? Perhaps, a fantastic video of a high-flying Lebron dunk may have caught your attention. Did you know that all of these things have one thing in common? They have recently been turned into NFTs, or non-fungible tokens, a new and unique method for digitally purchasing and selling art, music, and other media.
NFT simply stands for non-fungible tokens. We can define an NFT as a digital artifact, which reflects real-world assets like art and music. People buy and sell them digitally with cryptocurrency.
Did you know that the crucial information recorded in a standard NFT essentially lets an art creator, such as an artist, digitally “autograph” their art? This is why even if a piece of music or an image has been shared hundreds or thousands of times if you purchase the NFT, you are purchasing something unique. It is worth noting that each token is carefully recorded in an immutable ledger, often using the same blockchain technologies that are behind most cryptocurrencies.
You may know that most headlines around NFTs tend to focus on the sale of various digital artworks, viral media or memes, like the famous ‘Charlie Bit My Finger’ video on YouTube. However, that is only a limited overview of this format. Some other NFT examples include domain names, tickets to events, or in a few cases, even redeemable physical items.
According to NonFungible.com and L’Atelier BNP Paribas, NFTs were a whopping $250 million market in 2020, with significant investments up almost 300% year-over-year. Did you know that the bulk of NFTs are often stored on the Ethereum network?
Note that certain NFTs, which tend to store additional information allowing them to function a bit differently, are also well supported by the blockchain.
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Why Would Anyone Buy an NFT?
Increase in Value
You should know that this is one of the prime reasons for buying NFTs. According to investor trends, the main reason most NFTs increase in value is simply because many NFTs are used in various blockchain games, and these games have become more popular.
Keep in mind that a great example of this is CryptoKitties. It is a blockchain game that allows players to create their unique virtual cats.
You should know that these cats are tokenized as NFTs; also, some of the NFT cats grow considerably in value as the video game becomes more popular.
Ownership of Something Unique
As NFTs are unique in nature, there is something special about buying and owning a piece of art or music that’s like no other. So, it is safe to assume that you’ll be among the few who own these collectibles. This is also linked to profitability. That can make your investment lucrative.
Technically, all NFTs are unique collectibles, and people consider them valuable. They are unique and distinct, and only one of each exists. Upon purchasing them, you can easily hold on to them. In most cases, their value will increase with time.
However, keep in mind that the most significant risk of buying NFTs is the volatile nature of this new market. And that is not all; people are worried and concerned about the high level of energy consumption involved.
Whether buying fine art or a CryptoKitty or 1982 Mouton Rothschild, note that investing in alternative markets often carries greater risk than the money you invest into more mainstream places, like equities.
Also, before you can purchase an NFT, you’ll have to set up a cryptocurrency wallet in order to pay for the purchase. Some notable and reliable NFT marketplaces include the following:
What is a music NFT?
Keep in mind that an NFT is like a digital authenticity certificate. And digital artwork, such as music, by its nature, can be easily copied and distributed instantly throughout the world.
For musicians, music NFTs present a great opportunity to interact with some of their biggest fans while separating themselves from standard distribution models.
Note that purchasing music NFTs gives customers proof of ownership for the files they are collecting, no matter how many digital copies are there. Did you know that royalties from various music streaming services tend to pale in comparison to the impressive numbers musicians like Grimes and Kings of Leon have pulled from selling NFTs?
Additionally, NFTs offer the biggest fans many special perks apart from authentic ownership claims. And like art, music or songs made with NFTs can be duplicated and reproduced but without the authenticity that blockchain provides.
You may know that on Feb 28, Grimes auctioned off about $5.8 million worth of various digital art pieces within just 20 minutes. To be more specific, she sold NFTs. It is worth noting that the same weekend as Grimes’ significant sale, a popular electronic musician 3LAU sold about $11.6 million in NFTs.
Similarly, Latin-trap star Ozuna also sold out a batch of valuable NFTs for another $800,000. Did you know that now Kings of Leon are also getting in on the action?
Where to Buy Music NFTs
Are you looking to dip your toes in the new waters of NFTs? If so, you can quickly get started on various platforms, such as OpenSea or NiftyGateway. However, the problem is that these websites usually sell digital artwork NFTs. And music NFTs are a bit harder to come by.
While sales of music NFT have been in hundred, that is all set to change radically over the next couple of years. Note that NFTs are created via a process known as minting, where music files are carefully copied and stored on the blockchain (often the Ethereum network). After minting and purchase by the collector, it is possible to place the NFT on various different marketplaces and networks for show or sale. Keep in mind that music NFTs now allow artists to sell directly and quickly to their fans without the need for an intermediary or a distribution channel.
One platform that you must know when it comes to buying Music NFTs is Opulous. This is because, with Opulous, artists can easily embed a specific real-world share of their future or potential music royalties in Opulous NFTs. This is convenient as it allows fans to earn money from the music they prefer and love just by owning these NFTs.
Music NFT Sales
Here are several music NFT files for sale on OpenSea.io, recorded and produced by our very own founder Angelo Frisina.
Blind is a groovy and harmonious tune that brings a positive feeling to listeners with sharp, quick, and raspy vocals. The tune is catchy and upbeat and will get you out of a dark or depressing mood with its uplifting rhythm.
It is the perfect song to drop into your party playlist as it is uplifting.
Burning Fire evokes various emotions associated with fire, such as passion, love, and revenge. The high tempo pop-rock tune also features fabulous guitar work punctuated by unique and frantic drumming. The tune combines elements of pop-rock and electronic music. The song has a nice rhythm, and it is an instant mood maker.
Moon Dancer is an upbeat song that will have you smiling and dancing no matter when it gets airplay. The tune starts unconventionally and features crystalline synths, a groovy and throbbing rhythm section, and floating above them all, the icy-cool vocals make this tune unforgettable.
Rock Dogs is a catchy and positive tune that combines various instruments with seamless precision and evokes various emotions, such as joy, dreaminess, and adrenalin. The song takes you on a hypnotic journey that you will love. The tune is both groovy and dark.
It is a joyful and colorful slab of cosmic disco, clearly showing that upbeat does not always have to mean cheesy.