What Are Music NFTs and How to Sell Music NFTs?
If you’re not a gamer, blockchain enthusiast or haven’t already heard about NFTs, you may be wondering why they are so important and why you should care. In short, NFTs are the next step in game and app development. Many blockchain-based companies have already started using them to create unique and decentralized apps that can be played from one end of the globe to the other. One of the most prominent examples is CryptoKitties, a game based on the Ethereum network where players can buy, sell and breed digital cats. While it may sound silly, the game has earned an estimated $12 million in revenue since its launch in 2017. Another example is Gods Unchained, another Ethereum-based game that allows players to purchase and trade cards with real-world value. While NFTs, particularly CryptoKitties, are all the rage right now, there are still many people who don’t have the clue what NFTs exactly are.
What are NFTs?Non-fungible tokens (NFTs) are a new form of digital asset. They are similar to cryptocurrencies in that they hold their value, and they can be transferred between parties, but they differ in that each token is unique. For an instance, if you own a NFT representing a rare painting, you can prove to anyone that you own it by providing the right certificate on the blockchain.This lesson is a part of a more elaborate course on Academy by Appy Pie. To access the complete course, please Click Here. There are many different ways to categorize these tokens. Some people have compared them to baseball cards, in that they have a set value. Others have compared them to real estate properties, in that they can have different attributes depending on the situation. Ultimately, though, what makes non-fungible tokens so special is their ability to represent digital ownership of an item. What makes them even more fascinating is the way that they can be used to program blockchain technology.
How to create an NFT collection?With Appy Pie NFT Generator, you can create a digital art and convert it into NFT in just a few minutes. What’s more interesting is that you don’t need to know any coding or designing to make an NFT collection of your own using Appy Pie’s NFT maker. Here is how you can create NFTs in a few easy steps.
- Open Appy Pie NFT GeneratorSelect an NFT template or upload your own NFT art
- Add elements to make your art uniqueCreate an NFT collection in no time without any coding or designing skills
- Mint your NFTs using ETH mint or Lazy mintUpload your NFT collection to OpenSea and start selling your NFTs
What are Music NFTs?Music NFTs are blockchain assets (NFTs) that represent a fraction of the ownership of a piece of music, helping to track and verify its ownership in a transparent, verifiable and decentralized way. Music NFTs are built on the Ethereum blockchain and are fully compatible with the ERC-721 standard. The creation process of a music NFT requires the registration of a piece of music, which is then authenticated by a third party before being recorded on the blockchain. This procedure guarantees the accuracy and legitimacy of the musical work. Once created, each music NFT will be available in the user’s portfolio and associated with a unique identifier that can be shared with other users to prove ownership or to transfer ownership to others. With this ID code, users can verify any transaction that has taken place regarding each music NFT they own by checking the blockchain in real time.
How to Sell Music NFTs?The process of selling music NFTs is very simple. Once you have created the music NFT and set the price for it, you can list the music NFT on a decentralized exchange. For example, if you create a NFT for an artist’s album, you can list it on OpenSea. OpenSea is an open marketplace for NFTs where users are able to buy, sell, and discover rare digital goods. Exchanges like OpenSea will also do all of the work in connecting buyers and sellers, handling all of the logistics in terms of actually sending the purchased NFT to the buyer’s wallet. Another option that you might want to consider is Rarebits. Rarebits is a decentralized app (dApp) that allows anyone to sell digital goods on the blockchain. The process of selling a digital good on Rarebits is similar to that of selling it on OpenSea. The only difference is that you will be able to sell your digital goods directly to users, who can then use them within their dApps or games. For example, if you choose to sell a digital concert ticket for your favorite band on Rarebits, you will be able to sell it directly to another user who happens to be a fan of that band. Once they have bought your ticket with cryptocurrency, they will be able to redeem it within their preferred dApp or game that supports NFTs.
ConclusionMusic NFTs are a new asset class for which there is little precedent. This is not to say that they will not be successful. It is more accurate to say that the success of a specific music NFT will depend heavily on the ability of the artist and their team to engage with the community. In the future, we may see an NFT-tokenized music album where the artist may choose to sell a certain percentage of his rights to the album. These tokens can then be traded, and a new artist may purchase them to continue the project. Popular artists such as Beyonce or Kanye West may be able to capitalize on their popularity by tokenizing their music rights, selling them to different fans around the world. Each token would then be like a share in the project and can be resold later down the line. Overall, there is a silver lining for NFTs as they enable new types of interaction between consumers and businesses that weren’t possible before. There has already been a lot of progress in this space and we’ve only just begun to scratch the surface of what we can do with them!
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