We’ll be talking more about these in the coming sections!įirst, we need to understand that NFTs enter the realm of cryptocurrencies. It’s possible to buy/sell music NFTs on marketplaces such as OpenSea, OneOf, etc… So, there you go! The potential of music NFTs is only growing, but now we need to learn how the buying/selling process works. You can also limit the supply of your music NFT to rarify it (and increase its potential value). It’s even possible to program splits into the NFT (i.e 50/50). With the use of “smart contracts”, the original creator can also program the NFT to collect a percentage of the sale each time the NFT is sold (and resold). It’s DECENTRALIZED INTELLECTUAL PROPERTY. Imagine this… Each time your music is used, reproduced and/or sold it’s recorded on the blockchain for everyone in the world to see. That’s why blockchain technology is revolutionary! In short, music streaming services are CENTRALIZED.Įven the collection of music royalties isn’t completely transparent and to be quite honest, it’s incredibly messy and disorganized (why MILLIONS of dollars are lost yearly). Well, to answer that question we’ll need to understand what problems/issues music NFTs are solving and why so many artists have opted into this new model. Now, you’re probably asking yourself… Why does any of this even matter? It uses the same technology as cryptocurrencies which we refer to as the blockchain. For starters, NFT stands for “non-fungible token”.
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