what are nfts

What are NFTs & how are they relevant in the music industry

Investing money in cryptocurrencies has never been as popular as recent times. Currencies such as Bitcoin and Ethereum have been making big waves by reaching records and being used as payment methods all across the globe. These digital investments probably haven’t been relevant to your music career, until now. You’ve probably heard about NFTs and how much they’ve been sold for, but what is an NFT exactly?

 

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What are NFTs?

These non-fungible tokens (NFTs) will make you the owner of a digital asset, like a song, or artwork. These tokens give you access to items that are limited, original, or can’t be copied and will only belong to the owner. You can compare this to the glove of Michael Jackson, as this item can’t be replaced by something of the same value. You’ll probably be wondering how these NFTs will secure the worth and originality of the products, right? The owner of Michael Jackson’s glove received a confirmable document, proving that it is the real glove. This works the same with these tokens, as they will mark your purchased song or artwork, being original and non-fungible. This way of protection will make sure these digital products can be treated just like Michael Jackson’s glove.

NFTs in the Music Industry

An NFT functions like a cryptocurrency, but unlike currencies such as Bitcoin, it allows you to invest in real products. Investing in the biggest artists in the world, such as Don Diablo or Kings Of Leon, will be a smart thing to do as these artists have a lot of prestige. The worth of these artists will grow over time, and so will your investment. These direct investments will be positive for the relationship between artists and their fans, as there’s no 3rd party such as a label, promoter, or distributor who will take a piece of the cake. Perfect for upcoming artists who don’t have a big budget or a big team behind them. Your fans are being able to invest in you, hoping you’ll become a big artist one day. They can fund your next album or kickstart your campaign. As icing on the cake, you’ll be able to give exclusive perks to your fans thinking of tickets to your next show, or an exclusive meet-and-greet.

How to start selling your own NFT?

If you want to dive a little deeper into NFTs and see how you can start selling your own, I recommend starting to learn about blockchain technology. An NFT is connected with the blockchain which can only be accessed with cryptocurrencies such as Ethereum. Open an Ethereum wallet, convert your dollars or euros to Ethers, and start buying or selling NFTs. There are a bunch of websites that allow you to sell your own NFTs. Some of them are:

 

To get a more indepht understanding of the concept, take a look at the video down below:

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Image Credit: Getty Images

 

 

- DJ/Producer from the Netherlands. - Graduated from the Conservatory in Amsterdam. - Currently working as the technical writer at We Rave You

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