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Overview: What is NFT music and why use it to make money
Non-Fungible tokens are all set to revolutionize the world of art and music. While this may seem to be a bold statement, it’s only when you dive deeper into the world of NFTs that you realize the true revolutionary prowess of this digital technology.
Well, in this blog, we will be exploring the world of NFT, what it means for the music industry in particular and how artists can make fortunes by selling their NFT music.
So, let’s get started…
What is an NFT?
If you have been living under a stone, non-fungible tokens or NFTs are digital assets that are stored on blockchain frameworks.
To put it simply, these are digital files, which can be anything from music to artwork to trading cards, to personal screenshots to games, and sports memorabilia. What makes NFTs truly exceptional for artists and collectors is that these can’t be faked, forged, copied or deleted.
When you sell or purchase an NFT, you are actually buying a digital certificate for the ownership of the asset. This means that even if someone copies it, it will no longer be able to prove the ownership of the asset. That’s precisely why these are called “non-fungible”, which basically refers to the irreplaceable assets secured by the blockchain framework and without any backdoor channels to duplicate or forge the assets.
How to buy music NFTs?
Well, now that you have the basic understanding of NFTs and why the technology is denoted as revolutionary or artists and artwork, let’s explore how you can get your first NFT music. However, before you can buy NFT music, you should get familiarized with cryptocurrency.
Cryptocurrency has grown in value and popularity exponentially. It is dubbed as the future of the currency, empowering people to take control of their money via a secure and decentralized ledger system. Irrespective of your location, you can easily buy cryptocurrency through one of the various crypto platforms. At Crypto.com, we help global users to get started with crypto trading with a seamless and interactive platform.
Well, let’s move on and see how you can buy your first NFT music.
– Sign-up to an NFT platform that sells music
If you are just starting with NFT trading, the first step you would need to take is to sign-up to a digital marketplace like crypto.com, OpenSea and others.
While the popularity of NFTs has quickly sky-rocketed in the past few years, still most NFTs available on marketplaces are digital artwork. You will find a few NFT music assets offered for sale on marketplaces. Nonetheless, things are changing fast, and you will find ample NFT music collections on different marketplaces to get started.
– Register with a crypto wallet to hold your NFT
All NFTs are stored on the blockchain. This means that you will need a crypto wallet to hold your NFT music. At Crypto.com, you can easily register and create your crypto wallet with interactive tools. You can access your crypto.com crypto wallet through a browser or through a mobile application.
Apart from crypto.com, there are various other digital wallets that allow crypto trading to global users. Each wallet has its own unique “address”, which is similar to your bank account number comprising of a series of characters.
Also, you will be required to set up a “passcode” or “private key” to set up the crypto wallet, which makes it even more secure. Moreover, once you have set up the wallet, you will be provided with a “seed phrase”. This is similar to your recovery key, which you may use in case you forget the password or are not able to access your wallet.
Buy some cryptocurrency
Once you have successfully created the crypto wallet, you will need to buy some cryptocurrency before purchasing NFT music. This is important since NFTs are based on the blockchain system; you can pay for them using any “fiat” currency other than cryptocurrency.
With crypto.com, purchasing cryptocurrency is a seamlessly easy process. You can quickly check out the trading rates of different cryptocurrencies and buy them instantly by integrating your account to your bank or any other digital wallet.
While you may buy music NFTs using many cryptocurrencies, Ethereum (ETH) is by far the most preferred and widely used cryptocurrency. Alternatively, you may also buy Bitcoin (BTC), altcoin or some other cryptocurrencies to get started with your crypto trading.
Once you have some cryptocurrency in your wallet, you are all set to purchase your first NFT music.
All that is left to do is to follow instructions of the marketplace and Voila! You have your first NFT music.
How do I sell music NFTs?
Music NFTs aren’t only great for buyers, but musicians can also make a fortune by creating them. Fortunately, there are multiple places for musicians to get started with creating, minting and selling their NFTs. Below we have come up with a brief description of how you can start selling your music NFTs right now.
Before you sell your music as NFT, you would want to get register with a crypto marketplace that allows the creation, minting and selling of music NFTs. Crypto.com is a popular platform where you can easily create and mint your music to digital format as NFT and get it listed for interested users.
A few things that you would need to be aware of includes the gas fee and minting fee. These are the costs that are typically associated with the creation and minting of any NFT artwork. The costs vary significantly from one platform to the other. Also, the increased demand surge the minting costs for NFTs. Thereby, before you can create and sell music NFTs, make sure you have done the background comparison for different platforms and features offered by each platform.
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