While I was researching, I found out that the interest in NFTs has massively increased during the last year and why you should invest in one or more:
What is music NFT
The easiest way to explain what a music NFT is is to think of it as digital ownership of online (music) art. In other words, it gives you proof of ownership that you own the beat or the audio file. One of the most valuable aspects of NFTs is their rarity. Music NFTs can be compared to “limited edition” items. Take super rare trading cards, for instance: although they are rarely unique in any way, they exist in a limited quantity, making their value skyrocket. It’s a similar story with normal and music NFTs – in most cases, only one or a couple of tokens are released, which increases its value so highly.
It is essential to reward your loyal customers, and NFTs can do exactly that too. Their real value comes from opportunities they provide for artists to reward their superfans with exclusive, one-of-a-kind experiences and opportunities for copyright owners to have all of their IP ownership tracked by these tokens and potentially earn revenue each time they are resold.
Why music NFTs
Next to supporting your favorite artist and having digital ownership of a piece from your most-liked creator, music NFTs hold much more extra value behind them. When buying music NFT, it comes with a “royalty-free guarantee,” which also includes a contract that allows you to use the audio files for your own purpose as the owner of this NFT.
Take, for instance, the music producer Guy J who put up for sale the rights to royalty earning from one of his songs. The owner of this NFT would get 50% rights to the song’s earnings in perpetuity. This sale was completed for 40 ETH com. This is a prime example of believing in and supporting artists. We can look at it as investing in people too.
NFTs don’t work much differently in terms of, let’s say, reputation. If you are a new upcoming artist that wants to make it to the digital world, you’ll first have to work on your brand awareness and building up your reputation. In other words, you’ll have to make a name for yourself through promotion. With a platform like Fangage, you will gain control of your brand, engage your fans, collect helpful data, and succeed in your music career. Start building an owned audience while monetizing your content with Fangage! Though, if you spot such an artist early on and invest in his NFTs, this could be profitable for you because of the artist you invested in and helped him develop.
Moreover, there are also tips on where to buy music NFTs. If you’d like, you can read about this here.