Home
News
- 1 Digital assets like video, audio, or any other media file come under music NFTs.
- 2 These unique cryptographic tokens of music are recorded on blockchains and provided with proof of ownership.
Music NFTs are a huge craze among music lovers. These NFTs are linked with music and this music can be a single song, album, video, or a piece of tune. This is actually a composition created using a computer program that shows colors, random patterns, sounds, and shapes in the music piece.
Mostly one music NFT consists of one song which can be linked with tickets and access to music albums and concerts. Anyone interested in the music field can create, sell, and buy these NFTs. This clearly highlights that not only big musicians and singers but also new budding artist can showcase their work with equal rights and benefits.
Types of Music NFTs and Their Benefits
There are 3 different types of music NFTs that can be created as per the need. These are discussed below.
- 1/1 NFT (One-of-One)– As the name suggests, this NFT is a single item. It is completely unique. Hence, due to rarity it is priced high and is exclusive.
- Open Edition: In this type of NFT, an unlimited number of editions can be made. But the thing that should be kept in mind is that being open does not always mean being available. Many open editions are open for a limited time period and after that one can not make editions.
- Limited Edition: In this edition, the number of editions is predefined. It means a limited number of NFTs are available for minting. Many of these editions consist of 10,000 editions.
All 3 types of editions have their benefits linked with them for buyers and creators. 1/1 NFT shows the scarcity of availability. Hence, it is priced high which can advantage the creator and buyer both as NFT will be sold at a high price and scarcity will enhance the buyers to buy. On the other hand, editions are better for those who are releasing airdrops or offerings in the future.
How Music NFTs are Beneficial than Streaming
Streaming is supposed to gain more propulsion because it is live and happening at present. But, remember it is beneficial for big labels, singers, and musicians. Whereas, when music NFTs are considered it is mostly observed that people buy it to help the creators to take the ownership.
Many people buy NFTs to support creators. Another benefit associated with music NFTs is that it allows creators to earn royalties from secondary sales. Music NFTs also create ecosystems around the artists through Web3 community building.
Easy steps to buy, sell and create Music NFT
The very first step involves the creation of a wallet that is essential for buying, selling, and creating. There are many wallets available which, according to need, can fulfil the demands. Some of them are Metamask, Exodus, etc.
After getting a wallet, fund it well with crypto. Any cryptocurrency exchange which has gained the trust can be reached. After that create an account with any music NFT marketplace. One can now buy, mint or sell the NFTs. NFT will be sent to the wallet.
Summary
Music NFTs are mostly in rising demand but they do get affected by NFT market trends. Not only the established singers and musicians are looking for music NFTs but the budding artists are showing huge interest in it due to associated benefits. But, before buying or investing research and knowledge of the field is advisable.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
