Do NFTs Matter for Music?

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  • #37468
    Art Munson
    Keymaster

    NFTs are all the rage now. From the article in in Pitchfork.

    “Grimes auctioned off $5.8 million worth of digital art pieces within 20 minutes. More specifically, she sold NFTs. Short for “non-fungible tokens,” these cryptocurrency-adjacent virtual collectibles have recently attracted vigorous debate in the music community and beyond. The same weekend as Grimes’ sale, electronic musician 3LAU sold $11.6 million in NFTs, while Latin-trap star Ozuna sold out a batch of NFTs for about another $800,000. Now Kings of Leon are getting in on the action.”

    https://pitchfork.com/thepitch/why-do-nfts-matter-for-music/

    #37469
    Art Munson
    Keymaster

    Bump

    #37476
    LAwriter
    Participant

    Could be an interesting topic. More specifically how does it line up with what we do as production composers.

    #37478
    Art Munson
    Keymaster

    More specifically how does it line up with what we do as production composers.

    Don’t know but, as you say, an interesting topic. Never know where technology will lead us.

    #37480
    LAwriter
    Participant

    Yup! I suppose time will tell. Personally, it seems fairly abstract to me.

    #37481
    Art Munson
    Keymaster

    Personally, it seems fairly abstract to me.

    Me too!

    #37508
    Art Munson
    Keymaster

    More on NFTs.

    “Small digital artists are making some real money and now musicians are selling projects as well. While many NFTs are for various items that go along with a song, some are selling publishing and copyright as well. Clarian is doing just that, selling his new album Whale Shark as an NFT and you get something very real in return.”

    https://www.magneticmag.com/2021/03/clarian-selling-new-album-whale-shark-publishing-copyright-nft/

    #37513
    Music1234
    Participant
    #37626
    jonarranger
    Participant

    AFAICT the value comes from the fame of the original creator, or the fame of the asset.
    For example, the Harold Arlen estate could do very well with an NFT for the copyright on Somewhere Over the Rainbow – but, my rando commercial cue is an unknown asset from a very un-famous person…
    I might try creating NFT’s of some old CD releases that got airplay awhile ago…
    The trick is to go to a site like Ocean, put stuff up, and see what happens.
    You’d upload a file into the blockchain. Anybody who buys it becomes the new owner,
    Maybe it’ll develop into an alternative to music libraries or Soundcloud at some point..post once, market many.

    #37647
    jonarranger
    Participant

    Sorry, I meant OpenSea..https://opensea.io

    #37650
    jonarranger
    Participant

    Posting music on OpenSea is similar to uploading on CD Baby and other services.
    First, create an account on a virtual currency exchange (I used Coinbase) and buy some Ethereum, and create a Coinbase Wallet, installing both CoinBase and Coinbase wallet on your phone. Make sure they’re connected.
    Your Ethereum purchase will take a week to clear through Coinbase, so you need to become a virtual currency investor in order to participate. NFT’s (Non-Fungible Tokens) reside in the Ethereum blockchain, which allows the attachment of files and text to your token.
    To list a digital asset for sale, you’ll “mine” it on OpenSea (or some other exchange.)
    On Open Sea, create a collection, add a description, then add items to it. You’ll add a sound file, graphic, and description for each file.
    You can define your license terms in the description.
    When you have everything added, you can set up Sell for your items or collection.
    Note that there’s a “miner’s fee” to put an NFT for sale (like the CDBaby fee).
    To sell a collection as an album, create a bundle. It’s a bit steep, with the quote I saw at $134 to put my bundle for sale.
    In order to pay the miner’s fee, I need to transfer ETH from my Coinbase account to my Coinbase Wallet, for which they want a $9.50 fee.
    I’m debating whether to proceed.. 🙂

    https://opensea.io/collection/jon-burr-quintet

    #37651
    jonarranger
    Participant

    -and it turns out the miner’s fee is highly variable, depending on the demand on the server. The last quote I got was $148.

    #37652
    uniqueplace
    Participant

    I might be completely old school although i’m young, but I really dont see the point of NFT….
    Ok you’re selling stuff in NFT instead of usd$ , but does anybody going to buy you an album for 1 million dollars ?
    of course not..

    I really dont see the point for us, unfamous composers..

    #37653
    jonarranger
    Participant

    Agreed – although down the road it could be useful if Libraries start using NFT marketplaces. For us, it would be a single place we could upload, and any library could potentially resell it – and we could collect a % of any subsequent resale.. rather than us having to have logins to x#’s of libraries. That’d be down the road a bit.
    The thing blockchain offers is guaranteed ownership of the asset at a single access point, with credentials verified.
    OpenSea doesn’t even have a category for music on their site, despite these jaw-dropping celebrity project sales.
    It’s early… but it’s coming.

    #37655
    JEPA
    Participant

    What are the caveats of the copyright side of NFTs? As musicians with media content in internet, should we have three eyes scouting for stolen music sold as NFTs? Maybe it’s time to offload my music of the platforms that are only for showcasing?

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