Cryptomusic, also known as audio NFT, is becoming increasingly popular and is creating positive waves in the creative industry. On February 20 alone, the new music market surpassed the $2,021.1 million mark. This is considered the beginning of a new adventure.
Standards Are Being Reestablished
Analysts predict that this blockchain-based movement will help producers, alleviate the overall challenges of the music industry and change the consumption of all art forms. We explore in detail the main movements in the cryptomusic industry.
What Exactly Is Cryptomusic NFT?
NFTs are the hallmark of cryptomusic. A musical NFT can include an album, a single, merchandising (T-shirts, stickers, etc.) and an album cover. It is also a genre, a medium and a media format.
For example, Kings of Leon accompanied their latest album with NFT-approved merchandising, while Canadian artist Grimes accompanied her music with exclusive material (digital images of angels).
A non fungible token (NFT) is a cryptographic token that records who owns digital assets on the blockchain. NFTs are primarily found on the Ethereum blockchain, but Flow and Tezos have also started to support them.
Music That Can’t Exactly Be Replaced
As the name implies, NFTs are unique and immutable digital assets. Because of this lack of fungibility, NFTs can be customized to protect unique assets such as contracts, digital art and, in this case, music.
Artists can develop their own NFTs and auction them to fans who pay with cryptocurrency. An NFT can be purchased by a large number of buyers, making it much cheaper, especially if it is a valuable item. Artists can also earn royalties when an NFT is transferred, giving them great leverage and ensuring that their work is adequately rewarded.
Art collectors and music lovers can use cryptocurrencies to buy non-fungible tokens in whole or in part, but they cannot normally exchange NFTs with other people. This is similar to trading a Dali for an Escher MC, as their values are not comparable.
In the long term, i.e. by 2040, many social media addresses, including many social media addresses, could do their work through NFT and blockchain technology. While there is no clarity on this point, it is worth noting that all studies point to this scenario.
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