NFTs have taken the art scene by storm. Until now, visual art has played a pioneering role. Acoustic works could also be sold this way. Are musical NFTs a new trend?
When it’s dark NFT
This idea is no longer entirely new. In August, rapper Tory Lanez announced that he would be selling his new album When It’s Dark as NFT. The album, limited to one million copies, sold out in just one minute.
The purchase price was only one US dollar per issue. Seeing the opportunity for an easy investment, many people bought a copy with the intention of reselling it for a much higher price.
Tory Lanez himself pointed to this possibility in his announcement. In cooperation with E-NFT, the sale became a great success. The market now also lists other NFTs.
E-NFT does not aim to be a marketplace for everyone. Instead, only the digital assets of well-known personalities are sold. The project runs on the Ethereum Blockchain.
On the day of the sale, one user had already sold their album for $50,000, Lanez claims. He was criticized for his claims on Twitter. The promised benefits are not realizable.
Same as you told us that e-NFT would make bread? Floor is $2 my man
— Ask.🆘 (@Fragmentaiz) September 6, 2021
Instead, the value of the NFT just doubled to two US dollars.
Music like NFT
Brett Shear, an investor also known as Blockchainbrett, said he now owns 45 music NFTs.
I am happy to be able to support artists whose visions I believe in. Also, I assume there will be a significant increase in value.
Said Brett der Time. The purchase value of his music NFTs was around $177,000 in early December with over 40 Ethereum.
The Catalog platform has established itself as a marketplace for musical NFTs. It is currently still in beta, but is fully usable. In December, more than 140 musicians have already sold 350 recordings.
In total, they pocketed over a million US dollars. Artist Daniel Allan points out that such a project has obvious merits and is not mere speculation.
I don’t think artists get rich with that. A middle class is emerging.
he shares. Musicians would now be able to sell their music without having to assign the rights first. Although Allan was forced to stay home due to restrictive policies, he was still able to generate income through NFTs.
Allan sold an NFT for several thousand dollars.
NFT music takes a lot of work
To get this far, Daniel Allan had to invest a lot of time. Over the months, he made contact with the NFT communities. Eventually, he launched a crowdfunding campaign.
In a single day, he collected a cash injection of 50 Ethereum worth $140,000. He now derives 85% of his total income from NFTs.
For Allan, this means a whole new freedom. Both financially and creatively, NFTs have dramatically improved his life.
DeFi Music Streaming
Of course, another way to bring blockchain to the music industry would be through streaming. Platforms like Spotify could be implemented in a decentralized way based on blockchain technology.
We recently reported on a similar project. With the purchase of Blockbuster’s trademark rights, the developers wanted to develop a blockchain project on which movies would be streamed.
In the field of music, the Audius and Opus projects already exist. You have the same vision. Instead of movies, their users should be able to stream music.
Here you can read our report on Audius.