What on earth is a NFT? That was what came to mind when I first saw those letters. After hours of research and reading, I think I know now. I think.
Okay, let’s start with the basics. What is a NFT? It’s a non-fungible token.
I know that doesn’t mean anything to most of us, nor does it make things clearer. Well, “non-fungible” simply means unique and irreplaceable. It’s a term commonly used in the crypto space but is currently working its way to the music industry so musicians and artists can earn from their work—paid using crypto-currency!
Now the “token” is a digital certificate of authenticity and credibility that you own something. This may apply to physical items and digital assets. NFT in the music industry means the musician has digitally signed their published content and holds exclusive rights to it. Think of it as a collector’s item (a rare Pokemon card or a Van Gogh painting) that cannot be copied.
NFTs are a game-changer for up-and-coming artists because it may transform how they get paid. It’s no secret that the average musician can’t make a living from streaming profits online. At this moment, anything is better than the $0.0038 per stream they are getting. Thanks to the rise of the NFTs, fans and musicians are able to do direct transactions.
You may wonder, can’t people just stream their music? Yes, they can. But like any other collectibles, owning an original is special.
Besides, with NFTs your biggest fan can actually show you that they are your biggest fan. They buy your NFT now, hoping that if you make it big in the future, it will be worth much more. Since they have invested, they will do all it takes to promote the artist and help grow their fanbase. Win-win situation!
For those of you who don’t know, musician and producer 3LAU sold an NFT collection for $11.6 million from his three-year-old album, “Ultraviolet.” Similarly, Linkin Park’s Mike Shinoda raised $30,000 via an NFT auction. The Weeknd, Shawn Mendes, and more are all getting in on a slice of the NFT action.
So yes, people seriously pay millions for music!
If you’re looking to dip your toes in the waters of NFT, you sure don’t want to spend thousands of dollars on a song and play it with lousy headphones! You need headphones that deliver excellent audio with a ton of useful features like Life Q35! Listen to your million-dollar music (or your regular Spotify playlists) in peace with the noise-cancelling mode on!
Now to the best bit, if there was ever a Soundcore NFT, what could it be? An exclusive digital drawing of the Liberty Air 2 Pro or something far more exciting? Let us know in the comments!