{"id":547,"date":"2022-03-18T13:02:37","date_gmt":"2022-03-18T13:02:37","guid":{"rendered":"https:\/\/chaintechsource.com\/blog\/?p=547"},"modified":"2022-03-18T13:05:03","modified_gmt":"2022-03-18T13:05:03","slug":"what-are-music-nfts","status":"publish","type":"post","link":"https:\/\/chaintechsource.com\/blog\/what-are-music-nfts\/","title":{"rendered":"What Are Music NFTs?"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

Introduction<\/b><\/p>

NFTs are set to change not just the art and music industries, but all other industries too. That\u2019s a brave statement, but once you recognize the power of NFTs, you will soon grasp why they have been making so much buzz.<\/span><\/p>

An NFT (Non-Fungible Token) is a unique digital asset secured on the blockchain.<\/span><\/p>

Well, it means that a digital file whether that is a song, piece of artwork, a trading card, or anything else can be stored on the blockchain as a one-of-a-kind collectible item. NFTs can\u2019t be copied, exchanged, or deleted.<\/span><\/p>

The NFT is truly the digital asset linked with the capability to verify who owns it. Since it\u2019s \u201cnon-fungible\u201d (which mainly means it can\u2019t be replaced) and fortified by blockchain, there\u2019s no way to replace it. If you purchase an NFT, no one can take it away unless you decide to trade.<\/span><\/p>

How to buy Music NFTs<\/b><\/p>

Now you know what an NFT is, how can you get your own NFT? First of all, you will have to get familiar with Cryptocurrency.<\/span><\/p>

Crypto is available to anyone and more people are linking the space every day. All you require is a device like a phone or a computer to get started.<\/span><\/p>

Here\u2019s what you have to know if you are looking to buy.<\/span><\/p>

1. Find a platform<\/b><\/p>

If you are looking to deep-dive in the ocean of NFTs, you can get started on platforms like NiftyGateway or OpenSea.<\/span><\/p>

However, this platform mainly trades digital artwork NFTs. Music NFTs are a little difficult to arise by right now. In fact, only around 150 music NFT trades have ever taken place, but that is set to change drastically over the coming years.<\/span><\/p>

One platform you must know about when it comes to Music NFTs is Opulous.<\/span><\/p>

With Opulous, artists can drive in the real-world portion of their future music royalties in Opulous Music NFTs, so followers can essentially earn money from the music they love just by owning them.<\/span><\/p>

This sort of use-case displays the real value of NFTs as more than just collectibles. However, we will discuss it more.<\/span><\/p>

2. Download a Crypto Wallet<\/b><\/p>

As NFTs are secured on the blockchain, you will require to download an application generally known as a wallet in order to access and hold them. You can make Crypto wallets as application or browser extensions.<\/span><\/p>

We endorse MetaMask as the best wallet to drive for right now. It\u2019s easy to set up and use even with very basic information of crypto, as well as being friendly with the huge majority of NFT marketplaces.<\/span><\/p>

\u00a0Each wallet has its own \u201caddress\u201d. Your wallet address is unique, just like a bank account number it\u2019s a series of characters you have to provide to make a transaction on the blockchain.<\/span><\/p>

When you download a crypto wallet, you also have to set up a security key and seed expression to keep your NFTs secure.<\/span><\/p>

Your security key is like your PIN. A string of numbers and letters that enable access to anything you have stored on the blockchain, whether that\u2019s Bitcoin, Altcoins, or NFTs.<\/span><\/p>

You might also be offered a seed express. This is a set of 12 words in a precise order and can be used to restore your wallet in case you lose access. Be more careful – if you lose your seed express, it can\u2019t be recovered.<\/span><\/p>

3. Exchange your cash for Crypto<\/b><\/p>

Naturally, you can only purchase NFTs with cryptocurrency, so you will require to exchange some of your dollars, pounds, euros, or any other \u201cfiat\u201d currency before you can buy.<\/span><\/p>

Buying crypto is really easy. There are masses of crypto exchanges out there where you can trade regular cash for Bitcoin, Ether, and any other Altcoin.<\/span><\/p>

Generally, you have to collect some Ether to buy an NFT. Ether is the cryptocurrency used on the Ethereum blockchain, where maximum number of NFTs are stored although other blockchains like Algorand are rapidly moving into NFTs.<\/span><\/p>

You can buy the crypto you require on exchanges like Coinbase and Binance after quick identity verification. Once you have set up the cryptocurrency and your wallet, you are signed up to a platform that trades NFTs.<\/span><\/p>

How to Sell Music NFTs?<\/b><\/p>

If you are a musician and you need to get in on the NFT action, then there are some places to start minting and selling your own music NFTs. A quick Google search will show you the preferences available. However, one venture you must be aware of is Opulous.<\/span><\/p>

Opulous is a new NFT Launchpad that Ditto Music has been creating behind the scenes, but it\u2019s slightly different from everything else out there. Opulous is the initial platform to launch NFTs that actually reward followers for sharing a song on the social platform.<\/span><\/p>

Conclusion<\/b><\/p>

A completely new method for artists, fans, and investors to connect and interact. Artists can earn quick cash up-front from NFT sales, while followers earn more by backing the music they love.<\/span><\/p>

Opulous is a massive step towards an enhanced music industry driven by real followers backing their favorite artists and earning money along with them. The platform is fixed to launch NFTs for some very well-known artists soon, before foundation up to all musicians.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t
\n
\n

<\/p>

    <\/ul><\/div>\n
    \n
    \n\n\n\n\n\n\n<\/div>\n