What is all the fuss over NFT Artwork & NFT Music?
Following conventional practice of evaluation through scarcity and demand, along with perception. NFTs essentially gain their value as would most pieces of art.
You may have already heard the news of the auction house Sotheby’s being sued over an NFT auction and wondered – What’s an NFT anyway?
Well, the NFT ‘Quantum,’ an animation of an octagon, was reported to have been sold for almost 1.5million…
Yes, it’s true, Kevin McCoy, the artist responsible for, ‘technically’, the first ever NFT back in 2014, created “Quantum” well before both the launch of Ethereum or even the term Non Fungible Token or NFT was introduced.
The Semi-Decentralised Web
However, we’re not here for the type of news that attracts faddish behaviour. We’re here looking for solid, practical uses for NFTs and using blockchain technology.
So read on and keep in mind that without order there is chaos, as we try and unravel some of the speculation you too may have come across on the internet.
What makes NFTs and the blockchain an appealing approach for artist to promote and sell their work?
The additional layer of security however, is perhaps the most significant benefit. This, and being a public means for proof of ownership, especially where there may be a number of permissible users of an artwork.
However, as well as preparation for future possibilities, with NFT Art, an artist can enjoy far more exposure and autonomous flexibility with how their art is sold or licensed over the long-term.
Are Banks the Problem?
Another reason why many people find crypto-currency appealing, is because there is no longer the need for committing transactions through a bank and paying unnecessarily high bank fees and lengthy processing.
Understandably, conventional Banks and financial services have a tendency to be rife with the type of red tape and bureaucracy, that only stifles honest online businesses and individuals, rather than help.
Now, as a peer-to-peer technology, the blockchain and crypto-currency ‘should’ provide an affordable and more efficient means for handling transactions.
Especially as it avoids the unnecessary fees and bottleneck instigated throughout the banking system.
How do you make artwork into an NFT?
The process will typically require you to have a crypto-wallet at the ready and the necessary artwork files for uploading to your website or NFT platform.
Minting, or making an NFT from your art is a simple matter of tying your artwork to the Ethereum blockchain.
How does NFT music work?
Music is another form of art that can be ‘assigned’ and used as an NFT item.
Once tied to a blockchain, musicians can more readily engage with selling complete songs, or even just parts, or samples of a song.
‘Samples’ may include a unique sounding guitar riff, drumbeat, or a vocal melody, the list is unlimited…
Are there dedicated NFT Music platforms?
Whilst you can generate music NFTs from most of the leading NFT platforms (see our list here). There are a number of platforms emerging that are dedicated specifically for the music industry. The best we could find so far, are listed below.
Bear in mind that the whole blockchain and NFT art movement is still in its infancy with a lot of speculation regarding the use of NFTs for selling music and music related items or events.
Ultimately, NFT Music may well be an answer for artist to independently promote, sell and receive payments for their work. Here are a few dedicated NFT Music platforms worth checking out.
How easy is it to tie an artwork to the blockchain as an NFT?
Getting started by first signing with an NFT platform, followed by minting and listing an NFT is relatively simple, but I wouldn’t say it was straightforward.
You see, in spite of the peer-to-peer connection afforded through the use of blockchain technology, there are still fees to pay, plus there are still a few unnecessary middle men (well, sort of…).
However, one thing to remember is that these are still early days and generally most of the additional services and resource you may come across along the journey of your NFT exploration are optional, though often will help provide you with more control and affordability for the long-term.
Take for instance the use of a hardware wallet or an NFT domain name.
Is the blockchain and ‘crypto’ technology really as secure as people say?
The practice of cryptography used for blockchain and crypto-currency technology is notably secure, as it works in a manner that allows individuals to conduct transactions directly with each other.
However, through a number of networked machines rather than a single centralised server, during a transaction a record is made to a public ledger on a decentralised network.
This makes the blockchain extremely secure. However, as with everything, tread carefully and pay due diligence when venturing with new online services.
Our Exploring NFT Artwork Project
One of the reasons why many people find crypto-currency appealing is because of it being a decentralised means of managing currency without the unnecessary fees and lengthy processing induced by the ‘middle man’. i.e the banks…
However, how true is this? After all, there are still fees to pay, plus there are still a few unnecessary middle men…