NFT music guide
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39 yorumları 21 konu sayisi Joined: Aug 2021
08-18-2021, 05:42 PM -
#1
NFT music guide
What is NFT and how can it help the music industry?
Since the beginning of 2021, the crypto world has been the focus of many people. The culture and arts industry is also one of the fields that deeply feel the effects of this popular world. We are excited to follow the development of NFT culture, which has the potential to transform the parameters of the music industry in many ways!

You may have noticed the tide of excitement in the music press and online over the last few weeks over the release of an entire album by Kings of Leon via the Ethereum blockchain as NFT, or non-fungible tokens. We witnessed an exciting initiative that created similar effects in the Turkish dance music scene when Future Forward Music showcased its compilation album “The Void”, consisting of 40 new music works by 44 artists, on NFT.

However, respected Canadian producer, DJ, and musician Clarian is the first music artist to officially release a new album in this format, with his album “Whale Shark” auctioned as a rare and one-off NFT the day before Kings of Leon's release. There was not much room. Clarian's naming of her album was inspired by 3LAU and WhaleShark, the collector's nickname considered to have the most NFTs in the world.
Before that, other musicians were stuck in the various forms on the market. Jacques Greene auctioned off the broadcast rights to his single "Promise" as NFT, which was sold for 7ETH (currently $14,497 / 118,407 TL equivalent). Disclosure created a song "live" from scratch while it was live on Twitch and then streamed it to the blockchain for immediate sale as NFT. Grimes has sold a series of digital artworks, including images and short videos set to music, for close to $6 million. Most notably, on the occasion of the third anniversary of 3LAU's "Ultraviolet" album, it raised over $11.6 million in crypto sales at a 33 NFT auction, with prizes such as a platinum-plated record version of the album and access to unreleased music.

After being given such a place in the media, many questions arose in the minds of many people: What is NFT? And why is this new technological breakthrough important to the electronic music industry?

NFTs give musicians more control over issues such as the output and pricing of their work, and offer a direct revenue stream between musicians and their fans, without relying on third parties such as music streaming platforms and concert organizers. These developments can be revolutionary for musicians; It's probably no coincidence that NFTs are rising amid the pandemic, with declining recorded music sales and a time when many artists have come to depend on touring as their main source of income. However, there are some issues to be wary of with NFTs, including criticism of the serious damage they cause to the environment, and Ethereum has started working to find a solution. According to the defenders, the veil of mystery on crypto is lifted and it is starting to find a place in the mainstream, with the participation of institutional investors such as Tesla, PayPal, Michael Saylor, and Marc Cuban. Research shows that despite the record-breaking high hash rates, the crypto universe is rapidly reducing its energy consumption. Also, in order to maintain and increase profitability over the next five years, the crypto universe seeks alternative eco-friendly and carbon-neutral energy solutions (hydroelectric, solar, etc.); these also include developing better mining practices and making new investments in countries such as Canada and Switzerland.

There are different worries also, as NFTs might be an air pocket where a couple of high-profile victors take benefits. There are also several concerns that the argument for removing third parties, such as events and music shops, from the artist-fan relationship will have detrimental effects on the musical shifts and transformations that communities and venues can often mobilize.

In addition to being a successful artist in her own right, Clarian has also worked as an engineer and producer with both underground and Grammy-nominated artists such as Tiga, Felix Da Housecat, Visionquest, and as the “Whale Shark” auction continues, she talked about the possibilities NFTs can create for musicians. He thinks optimistically. Clarian has written a guide for Mixmag readers to reflect on NFTs, blockchain, and the game-changing potential of this new technology. You can read below.
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39 yorumları 21 konu sayisi Joined: Aug 2021
08-18-2021, 05:43 PM -
#2
WHAT ARE NFTS?
NFT stands for “non-fungible token”, an unchangeable token. These are unique and collectible digital items, no digital material you create can be exactly alike. “Fungible” actually simply means money, or even more, something that can be freely exchanged or replaced. To better understand this, let's look at the concept of "non-fungible". It is something unique and irreplaceable, like a painting or a valuable work of art.

You can think of NFTs as extremely limited edition records. An NFT has only one private copy. They may have unique built-in features that you can then easily customize and sell at whatever price you want. Your art, your world, your rules, your valuations!

Such built-in features may include music content, exclusive artwork, rare images, and digital data files, publishing contracts, jingle rights, and more.

NFTs cannot be destroyed because the data in them is stored in “smart contacts” via the ethereum blockchain. Ethereum is a popular decentralized blockchain platform. Smart Contracts allow you to exchange money or anything of value transparently and efficiently, without the overhead and risks of working with a broker. In this way, no token can be obliterated, erased, or replicated.

In the current issuance of NFTs, smart contracts function as self-executing contracts or digital contracts that store data and information in a decentralized virtual ledger, which is computer code.

NFTs are also verifiable material, meaning you can trace historical ownership data such as digital artwork back to the original creator. On a side note, the Wu-Tang Clan pioneered this concept, albeit in analog format, with their 2015 album "Once Upon A Time In Shaolin". Only one copy of the album was created and sold to a single person at an auction, making it the most expensive musical work ever sold.

Because NFTs reside in the Ethereum software program, this means they are decentralized. This means that your music and art are not controlled by any authority, such as tech CEOs or dubious governments.

That means you don't have to share any profits with record companies or streaming services that often don't pay artists a fair share. You don't have to be evaluated by automated bots. You don't should be moved around by any advanced position – all craftsmen have an equivalent chance to present, offer and worth their work.
whilarla
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11-05-2021, 01:35 AM -
#3
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whilarla
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12-03-2021, 01:01 AM -
#4
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02-07-2022, 12:27 PM -
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04-13-2022, 02:43 AM -
#7
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04-13-2022, 03:43 AM -
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04-13-2022, 04:44 AM -
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04-13-2022, 05:44 AM -
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