NFT (Non-Fungible Token) in Music

Needless to mention that NFT has become the hottest topic in 2021 that can’t be ignored. NFTs are non-fungible token which is a unique digital item but a virtual entity that cannot be owned by anyone else. Digital art, music, video, clips and photos are sold at a higher cost which means all the creators of the digital asset undoubtedly earning in dollars by selling their digital creations. The rise of NFT is trending in the music Industry. Let’s dive deep into the details.

NFT in music is absolutely a new development as it allows all kinds of music in audio and video form, live streams to be bought and sold as collectable items on the blockchain. So it works in this way, online music streaming in trend. NFT allows the artists to sell their unique content directly to their fans. The artist with a major fan following gets a better chance of earning more money and at a fast pace as the value of NFT increases with the demand of the artist. In contrast, even small artists can also earn money from NFTs but the success of the earning depends on their fanbase and their loyalty.

For instance, OpenSea which is considered one of the biggest platforms for NFT has a hell of a lot of musicians with a huge work base and fanbase. However, the existence of NFT in the music industry in the future is still a question.

List of best NFT (Non-Fungible Token) 

NFT popularly called a Non-fungible token is a digital asset that is considered to be unique based on blockchain and cannot be interchanged. It can be in the form of photos, videos, audio and all other types of digital files.

- Digital Art

Digital artworks are prone to duplication however NFT is a saviour that gives its buyers ownership of their work. NFTs are such weapon that gives the validation of the digital creative without any tangible form. Let’s take an example of a digital artist named Mike Winkelmann aka Beeple who sold an NFT artwork worth $69m at a Christie’s auction.

- Collectibles

NFTs also represent digital collectables in the form of Physical card collections in a digital format. For instance, In February 2021 LeBron James slam dunk NFT card on the NBA Top shot platform sold for $208000.

- Sports

Apart from the area of digital artwork, NFTs are also used in sports. For instance, in September 2019 NBA player Spencer Dinwiddie tokenized his contract so that others can invest in it. Besides, a blockchain-based Technology Company named Dapper Labs also collaborated with the NBA to create a marketplace called “NBA top shot” for highlighted digital clips.

- Fashion

Popular Apparel company Nike acquired a patent in the year 2019 that enabled blockchain technology to attach cryptographically secured digital assets in the form of NFTs to physical products, such as the pair of sneakers, under the name of ‘CryptoKicks’