Music-based indestructible tokens are a new frontier in cryptography and NFTs, but the first questions that arise are: what is it? And what is the use?
Musical NFTs are relatively new on stage and cannot be fixed with a single definition. At their most basic level, however, they are verifiable digital collectibles with song integration as a key component.
One of the first groups was “Audioglyphs”, which proclaimed itself as a revolution in how users consume music by synthesizing an endless stream of sound for each NFT. Creators and investors are beginning to discover the novelty of music NFTs as they lower the barriers to entry for artists and consumers.
3LAU, an electronic DJ and NFT collector, made history by selling his record-breaking album Ultraviolet for $ 11.7 million. He also created his own sharing platform, Royal, which has raised at least $ 71 million so far. John Legend recently announced the launch of its NFT music platform, indicating that there are several artists interested in technology.
While the price and popularity of NFTs for music have not grown as much as NFTs for visual arts, some platforms have emerged that provide a more global user experience and provide creators with ways to make money.
To better understand this issue, Cointelegraph spoke with Mike Darlington, CEO of Monstercat, about the future of music NFTs, their impact and uses for the completely sold-out Monstercat token pool.
Cointelegraph: How do you identify NFT music files?
Mike Darlington: Musical NFTs are proven proprietary collectibles where music is the main focus of the token itself, so that the musician’s work can play as much of a role as the visual artist.
CT: Can you tell us about the implications and their potential impact on Metaverse?
MD: Relics is Monstercat’s first digital fundraising platform – and the first of its kind to operate in a record label. Each musical group, also called relics, can easily integrate music and can be verified in Metaverse. When you own a Relic band, it will probably be your favorite song as you navigate worlds, games and ecosystems, play and earn, and bring a whole new community of music lovers to Web3.
Related: Music in the meta-verse creates a social and immersive experience for users
CT: How can music shape and change the music industry?
MD: One of the clear benefits we have seen is the increased opportunities for artists to communicate directly with fans. Whether it’s rewards, exclusive access, ownership, etc., music NFTs have become one of the most powerful tools for building and engaging a community. It also provides a new form of ongoing royalty that can be shared with visual artists. Reaching hundreds of thousands of fans is no longer necessary to achieve professional sustainability – only a small group of passionate collectors can make a living from their work.
CT: How can investors or collectors benefit from music NFTs?
MD: Everything from access to immersive experiences, content that can be unlocked directly to the artist, and exclusive communication. Especially with Relics, as the performance of a song increases in real time, its rarity increases, which is an advantage for both the tab and the performer. The platform also gives music collectors access to the Metaverse and Play-to-Ear ecosystems, which, as a sign, are something we can easily do in other challenging environments without the right rights and licenses.
CT: What is “dynamic scarcity” and what is its impact on NFTs in general and NFTs in particular?
MD: Dynamic rarity is an evolving trait that changes depending on how well the original Relic song performs in the traditional music ecosystem. Since the song works well on traditional platforms, the rarity of the gems will also increase with appropriate effect. This innovation connects Web2 and Web3 in a new and healthy way, without compromising the importance of any of them. He turns fans into tasters by knowing the whole story of the song.
Music NFTs will continue to emerge and evolve as the underlying infrastructure evolves to accommodate more uses such as game integration or royalty sharing benefits. In the same way that NFTs have changed the way users interact with and consume art, NFTs have already gained momentum to revolutionize the way users create, listen to and use them.