Non-Fungible Tokens, or NFTs, are all the rage in the art business, with some of the most expensive works (such as Beeple's digital collage, Everydays: The First 5000 Days) selling for $69 million and above. NFTs, of course, are not just artwork; they can be music, too. NFTs are essentially any non-exchangeable item that investors can buy as an original digital asset. Although the buyer does not necessarily own the copyright to the artwork/musical composition/video etc., they purchase a unique hash on the blockchain or hyperlink to an artwork that is built using the same type of programming as cryptocurrency. Because NFTs can be videos, GIFS, and any edit you can think of, they hold great promise for the music industry. Recently, boutique livestreaming production company, Launch INC, became the very first music company in history to release an entire concert as an NFT.
Povopic + Nelson
The NFT concert released by Launch Inc was the live-streamed performance given in March this year by blues great Ana Popovic and Grammy-award winning guitarist, Paul Nelson. It will go to auction and will be hosted by OpenSea. The winning bidder will own the only unaltered video file of the performance. The bidder's name will also be placed on the blockchain and will be known as the first person to ever own an NFT in concert form. Launch INC's CEO, Brian Stollery, is now happy to develop, mint, and manage NFTs for other musicians.
What is the Cost of Setting Up Your Own Musical NFT Business?
Musicians with an entrepreneurial spirit may wonder what the costs involved in setting up a musical NFT business would be. The answer depends on whether or not you intend to set up a business entirely dedicated to this pursuit. In addition to compulsory costs such as business insurance and workers comp, you would also need to take additional costs into account-including office rentals, equipment, and the like. Legal and set-up costs will also need to be tacked on. Therefore, for many people starting in the business, minting individual works and trying to build an audience is the best way forward.
Going at it Freelance
If you simply wish to mint your NFT on a platform like OpenSea, it will cost you much less. Film director Alex Ramirez-Mallis, for instance, paid just $150 to set up an account that allowed him to mint an unlimited number of NFTs. Platforms like Valuables by Cent, meanwhile, do not charge minters any fees. On the other hand, platforms such as Rarible can charge you hundreds of dollars just to mint your first collection of NFTs. Ehterum, the most popular NFT host, charges under $100 to mint one NFT, so this may be a good place to start. As for the type of NFT you can create, it can range from short snippets from a YouTube video, right through to art, soundbites, and indeed, any type of file you feel your audiences might connect with.
Recently, Launch INC, became the very first music company in history to release an entire concert as an NFT. The initiative was indicative of the vast array of possibilities for people in the music industry who wish to bite a slice out of the lucrative NFT pie. Those new to the game are probably best off as freelancers. Social media is their best bet to get word of their works to larger audiences and to pique the interest of music investors.
* This is a contributed article and this content does not necessarily represent the views of musictimes.com
