Do NFTs Matter for Music?

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  • #37650 Reply
    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 Reply
    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 Reply
    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 Reply
    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 Reply
    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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