If you are into creative music, you might consider buying an music NFT. NFTs are musical works that have no commercial value but are created by artists for creative purposes. You can find a NFT on eBay for a few dollars or you can invest in a creative music label to create and distribute your own music. In any case, NFTS have great potential to benefit artists and consumers. Read on to discover the value of purchasing an NFT.
TERRESTRIAL PARADISE
In a world where the artist owns his or her work, TERRESTRIAL PARADISE is experimenting with community ownership and monetizing it. Its debut #NFT, titled "Pure Imagination," is now available on SuperRare and features 81 artists who contributed collages of videos and pictures inspired by the song's theme. The project has raised over $300,000 for the creation of domestic violence shelters and minted four NFTs from the series. The first NFT sold for $184,000, and the other three have been sold for over $260,000 each.
Unlike traditional CDs, NFTs can serve as an integral part of the music-release process. They provide artists with personal branding options and enable deeper connections with their fans. Through blockchain technology, NFTs are digital assets with objective ownership. They can come in multiple forms, such as physical albums, digital downloads, and even art pieces. They are non-fungible and exclusive to the owners, which allows them to serve as a valuable addition to a music fan's collection.
GENERATED MUSIC NFTS
As the popularity of music streaming continues to grow, NFTs have a bright future. Creative music NFTs are emerging as a viable alternative to major music labels. While major labels typically provide cash up front, mentorships, and mass distribution, they also take on creative control and masters rights. In a recent example, Taylor Swift chose to redo her entire catalog of albums from scratch, creating a new opportunity for the aspiring artist.
While crowdfunding campaigns are becoming increasingly common, music NFTs remain largely unique in that they allow the purchaser to own the actual recording. As such, there is no possibility of reselling or giving away the recording to another party. Instead, NFTs allow the buyer to benefit from a unique business model that helps undervalued artists. But there are some notable differences. Let's take a look at what makes an NFT unique.
BUYING MUSIC NFTS
You can now buy NFTs, a form of digital money, on the Nifty Gateway platform. The website is a private marketplace where aspiring NFT creators have to fill out an application and participate in an interview before their work can be approved. This vetting process implies high quality and increases the value of the NFT. High profile artists trust the site and so should you. It has a very user-friendly interface.
A lot of people are becoming used to the streaming music model, where they pay $12 a month and get access to unlimited music. However, buying an artist's music in NFTs is an entirely different scenario. Instead of paying for the album, you get a percentage of the revenue. If you're looking to make a big investment, buy music NFTs and take advantage of their popularity. Many famous artists have used NFTs to release albums.
VALUE OF BUYING MUSIC NFTS
If you've been paying attention to the music industry for the past few years, you've likely noticed a rise in the number of NFTs. The music industry is a major player in this space, with $35 million spent in the past month. Linkin Park's Mike Shinoda, for instance, made over $30k with his new single, "Happy Endings." The brand name band Kings of Leon recently released an entire album as an NFT. One YouTuber, PelleK, claimed to be the first person to release an NFT music album and claimed to have sold out within two hours of the presales opening. The album grossed $160,000 within two hours.
The rise of music NFTs comes at a time when the cryptocurrency market is in a bullish phase, and it may change the entire music industry. Proponents of the technology are calling them the next great disruption in the music industry, and talk about the possibility of a "creator economy" centered on NFTs. Others question the utility of this technology, and wonder if it can scale..
