Music NFT “Explosive” Metaverse: Stop just staring at digital collections of pictures

” Music digital collection is the release of songs, albums, etc. in the form of NFT. It is a digital collection containing music files. In the era of “everything can be NFTized”, the popularity of music digital collections is also an inevitable trend. In foreign countries, Digital music collections are more of a way for musicians to get rid of “middlemen” to achieve income autonomy.

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

Thanks to the characteristics of the digital collection “NFT”, musicians will release their own works after casting, and they will fully own the copyright of their own works, which is guaranteed. Most of the income from distribution is distributed according to the platform rules and belongs to the musicians themselves, realizing the “decentralization” of the music industry and truly bringing new vitality to the music creative economy. 

In the hot NFT market environment, a large number of casting and publishing platforms focusing on music NFT have emerged abroad. In 2021 alone, there will be more than 50 music NFT platforms. Musicians can enter the platform, and under the rules of the platform, they can cast and distribute their own digital music collections, and get benefits through gameplay + IP copyright operation. Users can purchase individual tracks of musicians, memberships of musicians, digital collections of albums, etc., and can also earn royalties by purchasing song shares for music investment.

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

In addition to the conventional casting and distribution of digital music collections, musicians can also use digital collections such as blind boxes, auctions, synthesis, etc. to market new albums or their own IPs to gain greater dissemination volume.

Japanese music master Ryuichi Sakamoto launched the “595 music notes” NFT plan at the end of December 2021, casting 595 notes into 595 digital collections for distribution, and each digital collection is sold for 10,000 yen (about 500 RMB), each After a successful auction, the auctioneer will receive a digital picture of the musical score where each note is located, as well as audiovisual playback of the note. Only for the first sale, the transaction amount brought in 595w yen (about 329,987 yuan) of income. After each resale, the Sakamoto Ryuichi team can still get 20% of the transaction amount. The previous high resale price was 60W+JPY (about RMB 33,276).

As the release feast continued, Ryuichi Sakamoto was looking forward to someone who could collect all 595 notes and finally put together a whole piece of “Merry Christmas Mr. Lawrence” he took apart. At the same time, the first batch of users who snapped up 595 NFTs can also participate in the handwritten score of the song, and the final transaction price is 3000+w yen (about 1663800 RMB). This time around the NFT marketing, the Sakamoto Ryuichi team can be described as both fame and fortune!

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

In such a large environment, domestic musicians have also begun to try the distribution of digital music collections. For example, Jay Chou stated in one of his Instagram posts at the beginning of the year that his early music demos will be launched in the form of NFT, and will be auctioned on the international auction platform through mints thin boxes. At the same time, Jay Chou said that he is currently discussing multiple NFT projects. Among the domestic digital collection platforms, platforms such as WhaleTalk, Magic Nucleus, iBox, and TEM have all released digital music collections, and musicians such as Luo Dayou, Tengger, Zhang Chu, Mo Xizishi, Zhou Chuanxiong, Xiao Quan, and a small onion have also chosen Release his own digital music collection on the TEM platform under QQ Music.

Luo Dayou’s “Voice of the Years” series of digital vinyl

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

Luo Dayou’s “The Voice of the Years” series of digital vinyl collections is composed of three songs from Luo Dayou’s “Encore” album. do.

 about the author 

Luo Dayou is a well-known musician in the Chinese music scene. Since the release of his first solo album “Zhi Hu Ye” in 1982, he has been recording society with music, expounding ideals, describing life, and producing and publishing hundreds of popular classic songs. Representative works include “Love Song 1980”, “Tomorrow Will Be Better”, “Pearl of the Orient”, “Story of Time” and so on.

 Platform Introduction 

The TEM digital collection platform is a platform built by QQ Music based on the blockchain technology of Zhixin Chain. Relying on Tencent Music and its resource advantages in music, stars, IP, etc., it cooperates with music, sports, art and other fields to explore New opportunities for digital collections continue to empower the digital collection ecosystem and provide users with high-quality digital collections.

 cultural

This series of digital vinyls is a new special edition customized by Luo Dayou and TEM digital collections. The warm songs of half a century have been recorded in the exclusive vinyl collections, bringing full healing power through time and space. It is also a reward for the love and recognition of fans for many years. have a certain cultural significance.

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

 exquisiteness 

The three collections of this series, “The Voice of the Years: Lover’s Tears”, are video music digital collections, and each collection has an exclusive serial number. The vinyl collection is presented as a customized vinyl cover + 3D vinyl collection (three random styles) + 3D animation retro vinyl machine, which is very beautifully produced.

 innovative 

From the perspective of collections, this digital collection of music is a revised version of Luo Dayou’s classic music. After purchase, users only have the right to enjoy, that is, to listen to the songs. In terms of gameplay, the series is divided into three collections, among which the 3D vinyl collection has three differentiated stickers, including the rare hidden sticker engraved with Luo Dayou’s handwritten signature. Collect all three collections at the same time to get exclusive hidden digital digital collections. It has a certain degree of interactivity and is generally innovative.

 scarcity 

The three collections in the series are planned to be issued in 5,000 copies, 3,000 copies and 1,000 copies respectively. Based on this, it is inferred that the number of hidden items does not exceed 1,000 copies, which has a certain scarcity.

 Collection Rating 

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

What is a music NFT? At its core – Music NFTs are just tokenized audio files . In the same way that static image NFTs track ownership of .jpeg or .png images, Music NFTs point to .mp3 or .wav files. Legally, what exactly NFTs represent varies from case to case, but by default , they have no inherent ownership .

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

An overview of the music NFT space by @Cooopahtroopa

Today, the vast majority of musical NFTs can be considered rare digital collectibles where the most loyal fans demonstrate their loyalty. In some cases, like NAS’s recent single “ULTRA BLACK,” they also grant owners a portion of the royalties.

The latter is of course the long-term vision for Music NFTs, but requires more legal engineering and overcoming obstacles set by the traditional music industry.

What is the greatest potential?

At first, music NFTs may look like a blockchain alternative to buying songs on iTunes. However, when you buy a track, you simply buy the right to listen to that music offline at any time. Music NFTs offer more perceptual value; they allow fans and listeners to own tokenized works of artists. Think of them as extremely rare digital collectibles with enormous emotional and resale value.

There are usually no requirements for mastering, royalty rights, publishing or licensing abilities – more like an artist’s limited number of audio files that you can resell to others. So, as a collector of music NFTs from your favorite artists, this is the best way to build a relationship with them.

Music NFTs may sound counterintuitive: you can already access all the songs you want on Spotify or iTunes. Why buy music you can already listen to? The answer to this question is the same as buying a JPEG, anyone can right click and save. Markets or people find value in holding rare collectibles, including musical compositions (as long as they’re released by the original artist, of course).

This value is also driven by artists and the privileges they assign to collectors’ fanbases – access to discounted concert tickets, special areas for concerts or gatherings with artists, and more.

How do music NFTs work?

Essentially, the artist decides which song or songs they want to offer fans as an NFT, and what kind of “utility” the NFT will gain. This can be a musical composition such as an audio file, but it could also be a music video, merchandise, concert tickets, etc. They will then go to general marketplaces like Opensea or dedicated marketplaces to mint their NFTs. You can see the whole process is totally up to the artist/musician.

How Music NFTs Can Help Musicians

For too long, artists have not been fairly compensated for their work. This is especially evident in the music industry.

Changes in distribution and the introduction of streaming services have changed the business model of the music industry. Streaming, however, does little to help artists get paid fairly — only the top 0.8% of artists on Spotify earn $800,000 and above. The vast majority of artists still struggle to maintain control over and monetize their work.

So how can music NFTs help?

1. Collectibles : Fans always attach emotional value and value to the work of their favorite musicians. Music NFTs allow musical compositions to be collected as digital collectibles, allowing early fans to show their support, thereby funding the production costs of an artist’s album/song. In this way, early backers become ambassadors/marketers for their favorite artists and become a part of their growth.

2. Royalty . Music NFTs allow artists to make money by selling their products and music directly to fans without the need for traditional music industry intermediaries such as record labels, publicists, managers, etc. They can also expand their fan base. For example, NFT airdrops allow musicians to reach new audiences.

3. Unique fan experiences , such as selling one-off meet-and-greets with fans in person or virtually, are another possibility.

4. If you buy the music NFT of your favorite artist, in addition to the commercial value, there is also the emotional value of being the owner of their works.

5. There are great opportunities for new artists, as there are no barriers to entering the music NFT scene. You can tailor content to suit specific audiences and upload/market your work directly to your followers without the need for an industry middleman.

6. Music NFTs allow artists to retain ownership of their work even if they market it as an NFT due to ownership records built into the NFT metadata. Therefore, if subsequent owners decide to resell the NFT, the original creator can automatically receive royalties, and this process can continue with each NFT sale.

7. There are also “upgradable NFTs” . Think about this from a mixing standpoint. NFTs can take advantage of the increasingly popular culture of “remixing”, which means editing content to generate new creative content, whether from the artists themselves or from fans. Therefore, music NFTs incentivize remixes, such as “fan edits”, can distribute music more efficiently and create exclusive materials, collaborations and remixes.

Top Marketplaces for Music NFTs

1. Sound.xyz: Music NFT platform Sound aims to bridge the relationship gap between listeners and artists. It wants to “create a platform for a more collaborative music movement based on web3 technologies and values”. On Sound, fans have the opportunity to directly support the artists they love. Essentially, early fans bought the artist’s work as a collectible and claimed to be there before anyone else.

2. Royal.io: By contrast, Royal allows fans and collectors to purchase music works in the form of royalties. Musicians use Royals to sell royalties on their songs and to provide collectors with special perks and benefits. Collectors can buy royalty ownership of songs directly from their favorite artists in the form of tokens and claim royalties for the music they own once they accumulate. The bigger the artist becomes, the bigger the gain.

3. Audius: Audius is a free music** streaming platform that competes directly with the likes of Spotify and Soundcloud. **Unlike its Web2 counterparts, it is structured as a DAO, allowing holders of its $AUDIO token to unlock advanced features for curated participation and participation in voting. It also allows artists to unlock special features and benefits through the $AUDIO token, interact more directly with their fans, allowing artists to monetize their audience without the need for an industry middleman.

4. MusicFund : MusicFund distributes membership through NFT, and holders vote monthly to donate ETH to three musicians through the community fund. The top three artists received 0.6 ETH, 0.25 ETH and 0.15 ETH respectively.

Music NFT "Explosive" Metaverse: Stop just staring at digital collections of pictures

However, it should be noted that there are essential differences between domestic digital collections and foreign NFT digital collections. Technically, overseas NFT digital collections are based on the public chain of Ethereum, that is, everyone can see it. The domestic digital collections are based on the alliance chain, that is, only certain groups can see them, and most of the domestic digital collections do not support online transactions.

In other words, overseas, in addition to aesthetic collections, NFT collections also play the role of virtual currency, which can be sold completely, while domestic digital collections are generally not supported for sale. It supports circulation, transaction use and exchange as virtual currency, tokens, securities, etc.” The current digital collections can only be transferred for free. This difference in transaction methods has curbed the speculation of digital collections in the virtual market to a certain extent, and has also shifted the focus of digital collections from “monetary value” to “collection value” and “cultural aesthetic value”.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/music-nft-explosive-metaverse-stop-just-staring-at-digital-collections-of-pictures/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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