What is NFT and How Can It Help The Music Industry?

Ever since Bitcoin’s rise in 2017, the crypto world has been the focus of swaths of people. The entertainment industry is one of the areas that deeply feel the effects of this popular world. We are excitedly watching the progress of NFT culture, which has the potential to transform the parameters of the music industry in many ways. You can think of NFTs as an extremely limited number of records. NFTs don’t have a single copy and they have unique built-in features that you can easily customize later and sell for whatever price you want. Your art, your world, your rules, your values. Such built-in features may include music content, exclusive artwork, rare images and digital data files, broadcast agreements, commercial music rights, and more.

How Do NFTs Work?

NFTs cannot be destroyed because the data inside is stored in “smart contacts” via Ethereum blockchain. Ethereum is a popular decentralized blockchain platform. Smart Contracts allow you to exchange money or anything of value transparently and efficiently, without the overhead and risks of working with an intermediary. Therefore, no token can be destroyed, deleted or copied. NFTs do not have a centralized management and represent a brighter digital future that the music industry needs. While music streaming platforms and support services do wonders when it comes to sharing artists’ work globally and providing people around the world with ways to support their favorite artists, these services often fail to deliver an acceptable return of value for the art itself.

Smart contracts function as self-executing contracts in the current regulation of NFTs or as digital contracts that store data and information in a decentralized virtual ledger, which is basically computer code. NFTs are also verifiable materials, meaning you can trace past ownership data such as digital artwork back to the original content producer. Since NFTs are included in the Ethereum software program, this means they are decentralized. This means that your music and art are not controlled by any authority such as tech CEOs or questionable by governments. That means you don’t have to share any profits with record companies or streaming services that often don’t pay artists a fair share.

To put it simply: Spotify, Bandcamp etc. In addition to established sales / streaming markets, you can stream your music as NFT. This is another beauty of NFTs, they can be put forward in many ways and they don’t have to be entirely owned by one person. Now it is very easy to transfer your music to the blockchain medium. In fact, once you have some Ether (ETH), you can value your music in minutes and turn it into a collectible NFT.

5 Steps To Create Your NFT Album

If you’re looking to create your own NFT Album, the following five steps are a great start to get you on your way.

1. First, you need to get a free and secure crypto wallet. This digital wallet is where you can store your Ether. In this way, when you receive payment for your album, you can keep it in your wallet or convert it to a currency such as dollars or euros when you need money.
2. Once you have created your crypto wallet, you must create an account on any open exchange that offers your area free of charge, such as Binance, Gemini, or Kraken, and buy some Ether from there.
3. After you buy some Ether, transfer it back to your wallet and that’s it. You are now ready to create NFT for your music!
4. From here, you can navigate to any of the most popular platforms where countless NFTs of all kinds are sold, such as OpenSea, Foundation, or Rarible, so you can easily put your music work up for auction and make all the adjustments imaginable, including terms, conditions, and price.
5. Follow the instructions on those platforms to make relevant adjustments and transfer your first NFT to the blockchain.