There are many different platforms to create and sell music NFTs, but what are the benefits and limitations of each? Before you invest your time and money in any platform, make sure to do your research. Read this article to learn how you can choose the right platform for your needs. If you have no musical experience, this article will help you learn the basics. We’ll also cover the top platforms, such as Opulous and NiftyGateway.
Justin Blau
Music is not a commoditized asset. In the past, people collected it with vinyl, CDs, and streaming services. Now, however, people are paying subscription fees to access all of their music in a digital format. So, what makes music NFTs so valuable?
In short, they represent the intrinsic value of copyright ownership and the emotional value associated with having a rare and collectible item associated with their favorite artist. Blau’s vision is that NFTs will have utility far beyond the visual art world. However, he doesn’t believe that the same form factor applies to music as to visual art.
Idea behind music NFTs
The idea behind music NFTs comes from the pioneering work of Scottish artist Trevor Jones. His work incorporated augmented reality into oil paintings and rendered them into NFTs. This was the first successful use of the concept. In fact, Blau dropped out of business school after his first encounter with Bitcoin. In the meantime, he had already launched his record label Blume Records, which donates all of its profits to charity.
The music label has also built schools in Guatemala. Despite this early success, Blau says that the music industry is often undervalued. The record labels suck out most or all of the song royalties while streaming services pay out a pittance. Blockchain technology may change that. Music fans could benefit by receiving a fair share of a song’s price, and artists can also connect with their fans.
Opulous
The recent launch of Royal’s high-profile drop of Opulous music NFTs from Nas has fallen through. The music-focused spin-off of Ditto Music is now set to list its own crypto-tokens on the AscendEX financial platform. Opulous music NFTs include a real-world portion of artists’ royalties in the form of tokens. Opulous offers a way for fans to earn money simply by possessing Opulous music NFTs.
As an alternative to traditional record labels, Opulous offers a decentralised fan-funding system that allows fans to invest in musicians. Opulous aims to connect the world of decentralised finance with the music industry.
Through this platform, fans can invest in artists and create a sustainable financial future for them. Lil Pump and Soulja Boy, among others, have already made significant investments on the Opulous platform. Lee Parsons, founder of Opulous, explained his guiding philosophy and the evolution of NFTs as a tool for creative empowerment.
Nifty Gateway
You can create and sell music NFTs through the NiftyGateway website. To get started, you need to create an account. Make sure you use a compatible wallet. Some of the options are Lumi Wallet, Trust Wallet, and imToken. Once you create an account, you will be able to add your Nifties. After that, you will be ready to start creating and selling music NFTs.
NFTs are very popular in the music industry. They have been making thousands and even millions of dollars for artists. Not only have these digital recordings benefited independent artists, but they have attracted big name acts as well. For example, Grimes recently sold his animations for $6 million. Other artists are also finding success selling music NFTs. And they are making more money than ever.
Royalty Exchange
The Royalty Exchange is a new platform for investing in non-traditional tokens for music royalties. The company recently announced the launch of a proprietary token called RXT, which will allow investors to purchase the rights to royalty payments from artists. This means that artists can sell their rights to investors and receive small commissions each time they sell their music NFTs. Musicians can also sell their rights to investors and receive small commissions when they do so.
Until recently, the world of music royalty sales was a very gray area. In fact, the concept of selling music royalties was confusing for many. There are a few key differences that make the Royalty Exchange unique. First, the rights to the song are not always clear, as multiple people can own it. However, once the music NFTs are sold, the winning bidder will benefit from the royalties collected across the various platforms.