NFT and the Music Industry
Non-fungible tokens, or NFTs for short, are a form of cryptocurrency. Think of them as the fancy box that cannot be tampered with and broken into. So long as you can crack open this box then information within it is safe to place just about anything! What makes these different from other cryptocurrencies we know like Bitcoin or Ethereum? They’re not only used to store money safely inside but NFTs hold all sorts of things like art and music contracts. NFTs basically represent ownership of certain digital asserts. If you produce any type of asset the token can be used to prove ownership.
Bitcoin boasts the ability to be easily transferred with something that holds equal value. The interchangeable nature of Bitcoin means one can get four $5 bills for a US Dollar and swap it out as they please, or trade in your BTC into physical cash whenever you want. NFTs offer a way for artists to share, monetize, or retain some of the rights in their own work that many may not even have been known to exist before. This new medium also offers exciting opportunities for cut out middle-men who make money off an artist’s hard work without giving them anything back but exposure. This can leave both parties feeling empty handed when the time comes to part ways with one another after all those months spent building something together from scratch.
How to Buy NFTs
Purchasing NFTs can be a daunting task especially if you are a newcomer to the crypto world. Luckily, there are three main platforms out there with which you can buy these tokens and enjoy their benefits: OpenSea (the largest marketplace), Mintable (a place where artists upload digital goods) and Rarible (an app that runs on iOS). These sites offer different approaches in how they handle bidding; some allow users to bid like an auction site or other apps while others give them set prices depending on what you want from your purchase. Let’s have a closer look at these platforms.
OpenSea is a platform that allows for flexible and secure tokenization of different assets. Their goal as an organization, according to their website, “is to make it easy for anyone with ownership of any type or size asset in the world (e.g., stocks) to convert them into tokens on OpenSea’ s blockchain”. They offer many benefits such as instant settlement times and no need for escrow accounts because they are based off-chain.
OpenSea has created a new way of trading securities by using digital ledger technology so customers can trade multiple types simultaneously without having central custodian risks associated with centralized exchanges like Binance or Kapiton
Rarible is a platform that lets artists sell one-of-a-kind collectibles, and it’s really easy to use. Once you log in, there are two options: make an edition of one or make multiple editions. Choose the type of item which suits your needs best and then upload music files for each version (remembering not to exceed 15 minutes per MP3) as well as cover art. You can also decide if buyers will be able to unlock additional content by paying more than what they paid originally. That way fans who love your work might want access beyond just getting the mp3s themselves.
Rarible allows artists around the world with original songs or singles from their albums to release them on a limited
Mintbase is a little more complicated than Rarible since you have to create your own token store. On Mintbase, you are minting everything as a part of the Mint token. When using Mintbase, you don’t need gas fees like on Rarible and other sites that use Ethereum. First register an account with Metamask by pressing “Create Account.” Next go ahead and click on the icon at top left marked “New Store” then fill out all information needed: name of token, contract type (“mint”), set color scheme if you want to and add price per unit or make it free trading-whatever pleases you most.
Mint your own tokens by clicking the factory icon and selecting a store. Fill in how many editions you would like to mint, set a price then upload an audio or video file on the right. Name and describe your token before uploading images of its main features on the left; specify URL, YouTube Links as well as downloadable content including location data at this tab if needed. After creating these tokens, double check everything to ensure you have a perfect finished product.
Once you complete these steps, you have successfully minted an AudioNFT to Mintbase. You can now use your new token with the wallet. Follow instructions and wait patiently for transaction confirmation before carrying out any other transfers or transactions using this coin.
How to Get Sales
It’s not easy to say how much you should spend on promotion, but you should always be looking for new opportunities and ideas. If I had a dollar for every time someone told me, they would have invested in Bitcoin if they knew about it sooner, I would probably be a millionaire.
It can sometimes seem difficult knowing where to invest your marketing budget as there are so many cryptocurrencies out there vying for attention. However, shamelessly promoting yourself is one of the best ways that you can find success with getting your product noticed by others who might also want what you’re selling.
To Wrap it Up
Crypto technology is changing the art and music game with decentralized distribution. While it’s still new, mass adaptation has already started happening as we speak just by artists being able to control their product’s value without needing Performance Rights Organizations or Record Labels for help.
Music lovers no longer have to wait until they’re old and legendary before being able to collect music-related items that appreciate in value. No need for a business loan or signing bogus record deals, just sell NFTs! As this technology evolves it will undoubtedly become more popular among music fanatics who are looking for creative ways of funding their ventures.