Have you ever heard of an NFT? Of course you have, everyone seems to be talking about them lately… but what actually is an NFT? More importantly, what good are they to songwriters, performers, and creators?
What could NFTs mean for the future of music production, distribution, and monetization? Thankfully for us all, we don’t have to ask ourselves these questions any longer.
Join us on this NFT and Blockchain episode of “The Mix”, as Cari and Silvia ask Stella every question you’ve ever wanted answered on the subject. From UI’s to blockchains, to why it should matter to you.
What is an NFT?An NFT is a Non-fungible Token, which is a digital asset that runs on a Blockchain and has a value that changes depending on the data and information that are stored in it.
What is a Blockchain?A Blockchain is a network of computers that is a decentralized ledger, which records all transactions made in the network, creating trust between different entities on the web without the need for a middle person.
What are cryptocurrencies and how are they used in buying NFTs?Cryptocurrencies are used to buy NFTs and they have different market values depending on the blockchain being used. The fluctuation of cryptocurrencies with respect to the dollar or euro is very volatile and can change every second.
What is the process for an artist who wants to start selling their NFT?An artist can go to a marketplace like OpenSea, upload their music, add some data, and connect their crypto wallet to the browser. Depending on the blockchain being used, there may be a gas fee to pay for uploading and creating the NFT.
What benefit does the purchaser get from buying an NFT instead of going through established services?The purchaser gets the benefit of directly supporting the artist and owning a unique asset with a contract stating that they are the only owner. They can also resell it and increase its value.
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