Music NFTs : What Does This Concept Mean?

Jetons non fungibles is the French transcription of “Music NFTs” which still means Non Fongible Token”. The latter is an English word abbreviated as Music NFTs. A non-fungible token is a work of art or production rendered into a digital token with an attestation or document of authenticity . Indeed, the latter is very important, because a non-fungible token must be rare and unique. This is precisely why it is a question of non-fungibility. You cannot substitute one Music NFTs for another. If the uniqueness character is not present, there is no question of non-fungible tokens.

Moreover, as the NFT is unique, this gives it a certain value which depends on the reputation of the issuer. If the issuer has a good reputation, their non-fungible token will have significant value and can sell for a significant price in the market. The non-fungible tokens are based on the Ethereum blockchain and are issued in ERC 721.

The Importance of Non-Fungible Tokens in the Music Industry :

Non-fungible tokens have entered the music universe dramatically with good ambitions. Its first goal is to be able to create a base between artists and their fans and to get in touch with the bases that already exist. All this will be done with the objective of making money for fans and artists. Apart from creating a bond between artists and fans, non-fungible artist tokens aim for an association of music with digital art, physical goods and live experiences.

To illustrate, we have the example of Mike Shinoda. For those who don’t know him, he is the co-founder of the Linkedin Park group. Mike made a Discord music NFT which he associated with the clip of an unreleased song. The latter is accompanied by a short animation with a title. We can clearly see that in this case, the artist has linked the work to an NFT music to be closer to his fans.

Many people will want to have this music NFT, but not all will be able to have it and therefore only the highest bidder will be able to own it. The artist will use this means to also make money. This was the example of “King of Leon” who sold non-fungible tokens for the equivalence of first places for one of his shows. These NFTs were four in number, and were put up for auction. They provide many benefits to fans who own them. Thus, the artist and the fans will benefit from it.

NFT music: What is the impact of non-fungible tokens on the music industry?

Music NFTs play several roles for musical artists. If artists are using non-fungible tokens in different ways, it’s implied that it’s because music NFTs somehow impact their arts.

Music NFTs

NFT as a way to sell his work :

First, music NFTs are a way for musicians to sell their work. It is a new support that is added to the classic supports that we know. Thus, in addition to certain physical media such as vinyals and CDs, streaming with Spotify without forgetting Apple Music, fans will be able to have music via NFT music. The latter will themselves make original collections of videos, music by their artists. What makes the idea original is that it is most often a portion of a song or video. Moreover, some virtual and artificial intelligence techniques only expand the opportunities to create  immersive digital processes . Opportunities are perpetual with non-fungible tokens.

Also, note that the market adjusts the value of non-fungible tokens. So when you make a music NFT and the fans are interested, the demand for your music NFT increases day by day. An increase in demand instantly creates an increase in the price of the non-fungible token. You must manage to create an NFT that can interest as many people as possible. This will allow you to raise the stakes. Indeed, the purchase of music NFTs by fans is an indirect investment in your musical project. We can therefore conclude that music NFTs opt for the progress of musical projects.

NFT : a way to receive feedback :

All NFT transactions are recorded in the blockchain system. When a non-fungible token hits the market, it is sold at a very low price. A few years later, it can be sold for more. At this time, it is not possible for a creator to earn commissions for CD or vinyl trades. On the other hand, with non-fungible tokens, it is possible for a creator to insert a clause that allows him to take possession of a share of the sale prices during transactions. Moreover, it is possible to buy artist or musical art NFTs on solan-art or open-sea.