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By Natalia Mikova
Non-fungible tokens (NFTs) have opened up many new possibilities for digital assets, creating a new era of ownership and value in the digital world. They allow artists to create unique, one-of-a-kind digital artworks that can be bought and sold on blockchain platforms. NFTs are used in video games to represent in-game items such as weapons, characters, and virtual real estate. This allows gamers to own and trade rare items that have real-world value. They can be used in sports to represent collectibles such as trading cards, game-worn gear, and other memorabilia. One of the most exciting NFT use cases is in the music industry, allowing musicians to create unique digital assets that can be sold to fans as collectibles.
What are music NFTs?
Music NFTs (Non-Fungible Tokens) are digital assets that represent a specific piece of music or a unique version of a musical work. NFTs use blockchain technology to verify and authenticate ownership, allowing for the creation of a secure and transparent marketplace for buying and selling music rights.
The use of NFTs to represent song ownership
Unlike traditional music ownership models, where an individual or company purchases the rights to a musical work and can then distribute it as they see fit, music NFTs offer a more direct connection between creators and their fans. With NFTs, artists can sell their music directly to their audience, creating a more personalized and decentralized music ecosystem.
Music NFTs can take various forms, such as a one-of-a-kind recording, a live performance, or even a unique remix or cover of an existing song. The owner of an NFT has exclusive rights to that particular version of the music, including the ability to sell or transfer ownership to others.
NFTs as a way to access benefits
NFTs can provide access to benefits in several ways. Here are a few examples:
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Exclusive content: NFTs can provide access to exclusive content such as behind-the-scenes footage, special editions, or unique experiences that are not available to the general public. By owning an NFT, the owner can access these exclusive benefits that are not available elsewhere.
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Membership and loyalty programs: NFTs can be used as membership or loyalty tokens, providing access to exclusive benefits, discounts, or rewards. For example, an NFT can be used to grant access to a VIP area at a concert, or to provide discounts on merchandise or future concerts.
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Royalties and revenue-sharing: NFTs can also provide access to revenue-sharing and royalty programs. For example, an NFT owner can receive a share of the revenue generated from a particular music track or album, or a percentage of the profits generated from the sale of merchandise or other products.
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Governance and decision-making: NFTs can also provide access to governance and decision-making processes. For example, an NFT owner may be able to vote on decisions related to song titles, album covers, and tour cities.
Where to buy music NFTs?
There are several marketplaces where you can buy music NFTs. Of course, you can find some collections from singers and producers on big marketplaces like OpenSea but there are a few platforms that cater to the music industry specifically. Such platforms include:
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Woosh.rocks. Woosh is a music NFT platform with a mission to build stronger connections between musicians and their fans. Currently Woosh is offering an NFT collection for Dallia's song Yin & Yang, which includes 200 tokens. Over 70% of the total supply was sold in the first 12 days, leaving only few NFTs available until the sale ends on April 12th. For $15 per NFT, token holders will attend a meet & greet with Dallia, gain access to exclusive footage, and be the first to learn about and hear her next single. They can also order a physical ownership certificate with an and a personalized hand-written message from the pop singer. The NFTs have beautiful digital art that features iconic looks from the music video and varies in rarity.
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Royal.io Royal is a marketplace that gives musicians a way to share ownership in their music with listeners and fans. With the help of blockchain technology, supporters may effectively invest in their favorite artists and receive royalties from the songs they have bought. Royal is attempting to create a society in which everybody can purchase ownership of music directly from the musicians, encouraging the buyers to spread and share the songs. The Chainsmokers, Elephante, Diplo, and Nas are among the musicians who issued digital collectibles and non-fungible tokens through Royal. Their latest collaboration with KAAZE is dropping on April 6th.
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Anotherblock.io. Anotherblock provides a blockchain-based platform to decentralize music rights and royalties through non-fungible tokens. One of their latest collections let Rihanna fans receive a percentage from future royalties of her hit BBHMM whenever the master recording of the song streams. Released on February 9, the entire collection sold approximately $63,000. Token owners get access to a variety of benefits, including invite-only lists for upcoming releases and an exclusive gated music community. Anotherblock announced their latest drop on March 28th, offering their token holders an opportunity to own royalty shares in the single "So Far Away" by the Dutch DJ Martin Garrix.
Conclusion
Overall, NFTs offer a new and exciting way for artists to monetize their work and engage with their fans while also providing a novel collectible item for music enthusiasts. While we are still in the early days of music NFTs, they are gaining popularity. Currently, celebrities are one of the major drivers for bringing non-fungible tokens to the general public. As we see both new and well-established names enter the space, NFTs will undoubtedly be making an impact on the way we interact with and purchase music.
Author Bio
Natalia Mikova has been working with blockchain technology since 2018. Her background is in Economics and Communications - researching non-performing loans and stock market interdependencies while increasing brand awareness for companies in IT, consumer electronics, education, and big pharma. These two worlds collided when she joined the founding team of REINNO - a fintech company offering real estate tokenization and lending services that bring leverage and liquidity to investors. She was featured in Benzinga and Bloomberg, among others.Â
Disclaimer
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