Best NFT Marketplaces for Music

Published Categorized as Education, NFT

Music NFTs are still very early, but having strong conviction early almost always pays off in the long run.

The music industry may have finally started taking NFTs more seriously. A number of artists have launched music NFT projects that have increased fans’ attention and generated millions of dollars in revenue. The NFT and crypto space is still in its infancy, especially in the music space, but perhaps the potential for more direct interaction between artists and fans, as well as new ways of monetizing digital works without resorting to traditional music publishers, make this a promising technological development.

What are Music NFTs?

If you don’t know what NFTs mean, we recommend you check out our previous article on what they are and if they are here to stay.

Now, music NFT is a certificate of ownership of a unique musical work that can be sold to another party. The owner has the exclusive right to determine how the composition is used. The term “NFT” applies to all kinds of fungible (multiple copies exist and are held by different parties) tokens secured on a blockchain that grants the owner the right to the music, album art, or videos created to accompany the music, or other exclusive access to content.

Beyond the strict definitions of what constitutes a non-fungible or fungible token, music NFTs help music composers, bands and artists connect and interact with their listeners in new ways.

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