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How Musicians Can Benefit From Joining the Crypto World

In the last several years, the NFT market has exploded in popularity, with many digital artists joining to sell and auction their digital collections. If you’re a musician, you may not have considered joining the NFT marketplace yet, but there are many benefits for musicians who take advantage of NFTs and enter the market. Here are a few basics of NFTs and why musicians should consider utilizing this crypto technology for their benefit.

What is an NFT?

A non-fungible token, or NFT, is a record of ownership over a specific digital or real-world asset. This record is encrypted and securely stored on a blockchain network. Blockchain networks are immutable ledgers of exchange, so there is always an accessible and public record of the proprietary history of each digital asset in the network. NFTs hold encrypted data on the digital or real-world asset they represent and can often contain a copy of the digital asset file.  

NFTs and Musicians

NFTs are beneficial for musicians because they can allow artists more significant control over the rights to their music. Musicians will no longer rely on intermediaries such as record labels and other intermediaries to make money from their music. Today, record labels, lawyers, distributors, and others will all take a portion of the profits made by the musician’s work, leaving the artists with typically less than 50% of the profits. With NFT technology, musicians can mint their music into NFTs and make way more money off of the popularity and sale of that NFT than they may ever make working with record labels or other third parties. Further, today many musicians do not get paid fairly when it comes to royalties for their work. With NFTs, artists can choose to bake in royalty payments when they mint their NFT, so whenever that piece of music is resold down the line, the musician will always receive a fair royalty payment automatically. NFTs will make the music industry fairer for artists and offer them greater control over their intellectual property.

The NFT Marketplace

The NFT music marketplace and the digital art marketplace have both boomed in recent years. More and more celebrities and artists like Justin Bieber and Snoop Dogg endorse the NFT marketplace, even creating their own NFT collections. NFT sales jumped from $95 million in 2020 to over $25 billion in 2021. This dramatic increase shows the immense popularity and opportunity for digital creators of all mediums to enter this lucrative marketplace.

How to Enter the Market

If you want to start minting and selling your NFTs, you will need to select the blockchain and NFT platform you’d like to use. Most of the NFTs in the world are held on the Ethereum blockchain, so you will most likely want to select a platform that is compatible with Ethereum. Not all NFT platforms are the same, some like the FTX platform are built with artists in mind to make it easy and quick for creators to mint their work and sell directly to collectors. Once you’ve selected your platform and blockchain, you can open a digital wallet, fund it with your Ethereum cryptocurrency, pay the fee for minting and upload your artwork for the minting process. You can start with one NFT or mint an entire collection of your work; during the minting process is when you will opt in for royalty payments. Once you’ve created your NFT, it will be stored in your digital wallet until you’re ready to list it on the marketplace.

These are just a few tips for musicians considering the benefits of NFTs. All digital creators deserve to be fairly compensated for their work; with blockchain technology and NFTs, there is a greater chance the music industry will become more equitable. 

Uneeb Khan
Uneeb Khan
Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.

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