This article subject with examination related with nft oriented for especially electronic music.
Before the examine pros and cons related with nfts for music industry, lets start the define what is nft ?
What is NFT ?
Simplest way to define nft(non fungible tokens) is a type of unique , special and not interchangeable digital asset, however this definition not cover at all.
To understand them, it helps to know the basics about digital currencies.
At its simplest, digital currency is a type of money.
For little bit more details with Intellectual properties and non fungible tokens you will visit my below article;
NFT is becoming to seriously in the Enterprise Business World
IPwe and IBM Seek to Transform Corporate Patents With Next Generation NFTs Using IBM Blockchain.
NFTs are indestructible because the data is stored on the Ethereum Blockchain via Smart Contracts. Ethereum is a popular decentralized Blockchain platform.
NFTs could be revolutionary for musicians, giving them a lot more control over their output and its pricing, and offering a direct revenue stream between themselves and fans that’s not reliant on third parties such as streaming platforms and concert promoters.
What is pros and cons for the music industry in details ?
Digital rights management in the music industry has, over the years, become painfully complex.
The lack of transparency and a central database that organizes information about music has created major hurdles when trying to license a song, determine rights owners, and pay the right parties on time.
With distributed ledger technology, artists, entrepreneurs, and software developers have an opportunity to lead the next transformation of the creative industries, starting with the ecosystem for copyrighted work (e.g., art, film, music, photographs, and manuscripts).
Blockchain brings about digital scarcity, where digital files
are no longer copiable for free without a copyright holder’s permission.
Blockchain: that is suited to address many of the pain point that currently plague the overly complex world of music copyrights.
Its a Decentralized ledger powering Bitcoin-like digital currencies.
Further simplify, blockchain is a distributed ledger technology, which restricts to bitcoin; in fact, any digital asset.
Difference between blockchain and bitcoin ;
- Blockchain is a technology and many cryptocurrencies like bitcoin using blockchain for secure and anonymous transactions.
- Blockchain is a transparent mechanism, whereas bitcoins operate on anonymity.
- Blockchain has a much more extensive use, while bitcoin is only restricted to exchange in digital currencies.
- Bitcoin is only used to transfer digital currencies, while blockchain transfers proprietary information, digital assets, rights, etc.
For the first time, the creators of value could maintain control over their intellectual property — or reclaim it from large conglomerates and other copyright clearing houses — and receive full and fair compensation.
In simple terms: you can take your music and release it as an NFT in addition to the established outlets like Spotify, Bandcamp or wherever.
This is another beauty of NFTs, they can manifest in many forms and don’t have to be exclusively, completely owned by one individual.
However every change, brings new challenges to us.
Because of this, this case will discussed much more scientifically also economically for creating most beneficial ecosystem for each sides(musicians, fans, music producers etc).
Blockchain Research Institute ™
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