NFT Tunz - What are Music NFTs?
Today's lesson is all about NFTs and how they create value for the musician, so make that cuppa, put your favourite reading glasses on and enjoy these brief insight into what a music NFT is.
NFTs Explained
Before we get into the bones of this let me first explain what blockchain technology is.
From a simple Google search:
'Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain'.
What is an NFT?
When an item is minted on a Blockchain, it receives a Timestamp, Minting Number and TX hash number. These are unique to each and every NFT on every blockchain in existence, and cannot be altered by any one, or computer. Some people think that they can screen shot an NFT or Download the Mp3/WAV file and artwork and say ‘Hey look at my NFT I got for free! Wrong diddly wrong wrong my friend! Now, let’s stop right there people, because that does not define TRUE OWNERSHIP! That’s just ©Copyright infringement and stealing, and has no true worth relating to the genuine product.
Superstar artists, like Kings of Leon and Steve Aoki, have sold NFTs for millions of dollars. Even lesser-known artists, such as Vérité and Zack Fox, have made tens of thousands of U.S. dollars selling NFTs. The artist Young and Sick had only 27,000 followers on Instagram when he sold an NFT for $865,000
Think of the Mona Lisa, there is only 1 Mona Lisa in existence and because of that, she is priceless.
1 of anything in the art world is potentially priceless, meaning you can name any price, because there really isn’t another to compare it to.
Streaming
Streaming services are a separate entity to the music NFT.
Think of a music NFT as a signed copy from your favourite artist. It will come at a much higher price because of its scarcity, mint number, lockchain timestamp and all the other information attached to that file. It can’t be copied; it is minted on the blockchain and has a specific set of information attached to that file, which makes it totally unique. Sure, you may have minted 10, 50, 100, 10k or even 1 million copies, but each and every copy from that collection will have its own unique set of credentials, thus making it totally unique, and therefor, a valuable collectors piece.
🎼🎼🎼🎼🎼🎼🎼🎼🎼🎼🎼🎼🎼
We at NFT Tunz pride ourselves on the fact that every mint produced on the HIVE blockchain, is Collectible, Scarce, Tokenised Music, and we invite you to join us today and start your own NFT music journey.
Join now - NFT Tunz https://nfttunz.io
Contact us - Linktr.ee https://linktr.ee/nfttunz
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Super helpful info - thanks so much!
Minted my first NFT Tunz track today (it's a special mix I did just for NFT Tunz).
Minting was easy and hassle free and I'm super excited about where the project is going!
Congratulations on your first Tunz mint!
We look forward to hearing more from you soon.