NFTs for Music

[Fury Beats]

Is anyone here following NFTs and how they could possibly turn the existing streaming models upside down?

Here's a video that describes certain aspects of it.

 

[Fade]

Yeah I've been thinking about this ever since that guy sold that art for 70 million lol.

This is going to be interesting when it comes to music, but in a way it's kind of like selling an exclusive beat to someone, no? They own the rights to it. On the other hand, this market will get over-saturated eventually just like everything else.

 

[thedreampolice]

Working with this right now. It’s wild stuff.

 

[Fade]

I bet something as dumb as me filming my inner ear for 10 minutes with a wailing guitar playing in the background, would sell for millions.

 

[Fury Beats]

Why not ride the wave while you still can and retire for the hills?

 

[Fade]

What did you have in mind for creating an NFT?

 

[Fury Beats]

Not sure yet. I just want to go through the process and learn more. It could be a hobby. I wouldn't really expect to get rich realistically but I think it would be good to at least know how to make one and see what happens as a test. There are sites like OpenSea and Rarible that allow you to make them as music, video and art files ETC...

 

[Fade]

I just don't get the appeal or how it differs from selling an exclusive beat. However, if you're talking about other stuff like art, I can see the interest but it's still just digital which to me makes no sense, especially since it's a lot of money being paid for these things.

 

[Fury Beats]

I just don't get the appeal or how it differs from selling an exclusive beat. However, if you're talking about other stuff like art, I can see the interest but it's still just digital which to me makes no sense, especially since it's a lot of money being paid for these things.

It's based on smart contracts on the Etheream blockchain. The value comes when it's resold and the originator gets whatever percentage they specified over and over again if it goes viral or people start collecting it and reselling it, the value rises so it's very interesting too.

 

[Fade]

I understand that can be attractive yet I don't see the use in something like that. Maybe it's me being my minimalist self.

 

[Fury Beats]

I understand that can be attractive yet I don't see the use in something like that. Maybe it's me being my minimalist self.

What some musicians are doing is merging the art with music by making trading cards and collectibles that are digital with their music. I must say it is a phenomenom and probably a huge bubble just like with anything these days.

 

[Fade]

What some musicians are doing is merging the art with music by making trading cards and collectibles that are digital with their music. I must say it is a phenomenom and probably a huge bubble just like with anything these days.

That will be interesting to see where it goes and how much because that guy's digital art went for millions!

 

[Fury Beats]

That will be interesting to see where it goes and how much because that guy's digital art went for millions!

True indeed.

 

[lofiweekly]

I'd love to hear how people are thinking about this, I've been following NFTs for a few months now, and while I think there are some pretty awesome use cases for artists I'm pretty skeptical that 95% of people selling stuff right now are just cashing in on the craze (get it how you can, I can't hate ).

 

[Fury Beats]

I'd love to hear how people are thinking about this, I've been following NFTs for a few months now, and while I think there are some pretty awesome use cases for artists I'm pretty skeptical that 95% of people selling stuff right now are just cashing in on the craze (get it how you can, I can't hate ).

Similar to what @Fade was alluding to. The best of the use cases are when something is offered that is unique in value and not sold in multiple places. Definitely Digital (or Digitized Art). It is a new craze for sure. When it comes to these types of things, I am generally one of the earlier adopters. However, as when anything that involves money, it still has risks.

 

[thedreampolice]

 

[Fade]

Just about to reply and it's gone!