NFT tokens are not just cartoon monkeys and cats that are sold on different platforms, but also music pieces can be NFT. Therefore, an interesting category in the world of NFTs are tokens known as Music NFTs. In this article, you will get to know what NFT Music Token is.
What is Music NFT Token?
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If you are interested in listening to music, you can buy your favorite music on different platforms. For example, you have bought an album or a song on the spotify platform and you enjoy listening to that song, but you only have a license. You have to listen to that song. And you actually have no private ownership of the purchased song. But the music provided in the NFT format is given private ownership as an asset to the buyer, also if you are interested in the NFT world, read the NFT making article.
Certain people who want to buy music as NFT, by buying these musics, create a unique value that actually becomes the private owner of that work. In other words, buying a work or a piece of music in the form of NFT is considered a type of investment, and this investment can be based on a person’s interest in an artist he loves. Or it is a financial investment on an artist who believes in his progress and increasing popularity.
Some artists have made a lot of money from NFT music sales, for example, the popular Barbadian rapper Haleek Maul has so far managed to sell nearly $227,000 of his music as NFTs in the catalog market. Now that you understand what the Music NFT token is, learn about its benefits in the rest of the article.
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What are the benefits of NFT Music?
Typically, Music NFTs only confirm on-chain ownership of a music file. They do not grant any other rights to the buyer, especially royalties. But there are platforms that seek to change this. There is a platform called Royal that helps artists turn licensed NFTs into Limited Digital Assets (LDAs). Another platform that tries to integrate royalties with music NFTs is called opulous. The platform allows NFT token holders to retain a share of music copyrights through an agreement with said artist.
Another benefit of this platform is that they receive DeFi loans on an annual basis against the royalty value that artists create. People who invest in DeFi, considering the risks it may have, can share assets that are encrypted to fund and receive high profits.
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What are the uses of the Music NFT token?
In response to what is Music NFT Token? It is necessary to look at the different aspects and uses of this token, including buying concert tickets and meeting the favorite artist of users and fans, to reserving a special seat with a suitable discount. According to Wired editor Mr. (Kevin Kelly), any artist who has more than 1,000 real fans of NFT Music can earn a decent income, and this is completely dependent on the type of NFTs that the artist intends to sell. Investors of NFT Music should note that NFT Music does not grant copyright and royalties to buyers. Of course, a subset of NFT Music has recently emerged that grants these special privileges to buyers. In addition, NFTs have a separate wallet, you can read our top NFT wallet article.
What is Music NFT Token Market?
The largest primary market for NFT music singles is the catalog. that the artists who are active in this market were able to sell 2 million dollars of NFT music from February 2021. The most well-known protocol in the NFT world is 1/1, which is based on the Zora structure. Some artists prefer to release more limited editions, for this purpose, for example, unlike the 1/1 protocol, they issue 12 NFT tokens of one edition, which on the Sound.xyz platform traders or collectors can produce a music NFT. and sell on platforms like OpenSea or Rarible.
Although the largest market that is active in the field of NFT is OpenSea, but artists who work in the music sector like to work in a separate part, the catalog. Although the OpenSea market has a dedicated section for music NFTs, most artists prefer to sell their NFTs on music-specific markets. Increase your knowledge by reading the article What is the OpenC platform.
NFT Music independent investment organization
Independent Decentralized Organizations (DAOs) are investment companies that are based on digital currency. Some of these DAOs provide financial support to NFT Music artists. For example, the Music Fund website, which offers NFT holders voting rights and memberships, NFT holders participate monthly in donating Ethereum to musicians. 0.6 ETH, 0.25 ETH, and 0.15 ETH will be awarded to the first to third artists who get the most votes.
Artists who participate on this website are recognized for popularity in addition to donations. One of those who won in the second round of the MusicFund platform is called Bel, who announced the release of his single on the Catalog website to his fans.
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Audius, which is one of the music providers in the digital currency world, is not a DAO. Participates in a conference called Audio Grants. But many DAOs are investor-centric. For example, Noise DAO with more than 65 members has managed to collect 1720 ETH so far.
NFT tokens have evolved rapidly in today’s world, with high-speed internet and artificial intelligence. As explained earlier, the beautiful world of digital currencies, especially the NFT world, is not limited to digital images, and music has become another unique part of the NFT world. In this article titled What is Music NFT Token, we tried to discuss the use and benefits of NFT Music, and how to sell it on different platforms. We hope you got to know another side of the beautiful world of NFT. To better understand the world of NFT, read the article on how to make NFT tokens.