Music is perhaps the most complete art form, since it allows for a personal journey. It evokes memories, we associate it with important moments in our lives, a first kiss as well as an exchange of views, perhaps different ones, or a simple outing with friends.
Music is art, that is its hallmark, which has returned strongly to the forefront with the Digital Revolution: could it possibly have emerged unscathed and uncontaminated? Absolutely not!
NFT and music: how it works
Let's start by trying to understand what is a Musical NFT. The term NFT stands for. non-fungible token and denotes a kind of digital "token" that is stored on blockchain-the technology that makes it possible to certify the ownership and authenticity of any digital artwork.
A musical NFT is therefore a exclusive creation usable in the circuit of the specific virtual platform, the one that revolves precisely around the blockchain. Each NFT has a smart contract recorded in the blockchain, which basically establishes the uniqueness of the individual musical product. Therefore, each work can be produced serially and according to different solutions.
Blockchain is the typical technology of the cryptocurrency: Indeed, it is through the adoption of a specific cryptocurrency that the exchange of artworks takes place. In order to purchase musical NFTs, it is necessary to have a wallet: a digital wallet equipped with the typical cryptocurrencies of that platform.
The most widely used virtual currency is Ethereum, but payments can also be made by credit card. Activating a wallet is not difficult; simply download the appropriate software directly from Google Chrome, linking it to your profile on the platform.
Each musical NFT presents a double certificate of authenticity, the one for those who conceived it and the one for those who acquired it. There is no question about physical and intellectual property. A system that also gives rise to the prevention of fraud.
Many artists have relied on this system
Music NFTs have been able to answer some of the central contemporary questions for those working in music itself:
- Revenues have potentially decreased and not a little for artists, especially for those not counted in the big category. Suffice it to say that for each stream Spotify pays $0.003. Not surprisingly, it is only 0.02% of performers who have earnings that exceed $50,000 per year. It takes a truly remarkable audience and popularity to achieve this.
- To have complete control over their works are only the great artists. Everyone else is forced to make compromises and, as a result, limit their creativity, even their personal identity.
- Crucially affecting musicians' income was the CD market collapse, which guaranteed even large fixed amounts for musicians.
- With the pandemic are sharply decreased events: Many musicians thus found themselves without an income, rather quickly. A situation that is seeing a steady recovery, fortunately.
No wonder, then, that artists who find themselves making musical NFTs are on the rise. It is a phenomenon that affects even the most established ones, who are able to ride a successful trend by proving themselves in step with the times.
Some names? We'll give them to you right now. Among the Italians, we point out Davide Dileo (better known as Boosta of Subsonica) e Morgan. Among the international big names, one name that has caused a stir is that of Eminem, a world-renowned rapper.
Musical NFT: advantages and disadvantages
Musical NFTs have multiple advantages, Generating new opportunities for emerging artists. A system through which to become known and noticed, including by important people and therefore able to give additional visibility even in the real world, not only in the virtual one.
Getting known is not easy, on the other hand. It is, in fact, still a sea full of fish, we might say, and to be claimed most vociferously are the very works of those who are already known. Being, however, the system revolving around blockchain by its nature decentralized and equal, there is definitely no shortage of opportunities. Not only that, precisely by virtue of a broad community and marked by sharing are greater opportunities to achieve partnerships with those who are already established.
For artists who belong to the big, on the other hand, musical NFTs undoubtedly represent a new, undiscovered and even viable market for relaunching. A way to resume a thread of discourse that has been interrupted for many by the pandemic, but also, in some cases, due to a period of creative blockage.
Blockchain is still young, in its introduction. Its mechanisms are yet to be defined and under evaluation: it is a more fluctuating market than the traditional one, in which it always remains difficult to be able to derive income when one is not already of the environment.