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?

    #37702 Reply
    jonarranger
    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?

    I think maybe the best way to deal with that is with services like Competitrack or TuneSat. Companies aren’t going to risk copyright violation fines or penalties, I think.

    Meanwhile, I went ahead and built a little NFT library on OpenSea – https://niftycues.com
    I have no expectation, only curiosity.
    Long term, if I were running a music library, I’d be worried about NFTs and their capacity for direct licensing.

    #37662 Reply
    Music1234
    Participant

    I checked out Opensea.io and all of this just seems very confusing at this stage in the game

    https://opensea.io/assets?search%5Bquery%5D=music&search%5BsortAscending%5D=false&search%5BsortBy%5D=VIEWER_COUNT

    and then based on this explainer video below, it seems like not only will it take perhaps a day or two to set up an account, a crypto wallet for ethereum, etc.etc….It seems like it would cost a music producer/ original creator $57 just to get one track on the open sea platform. Then there are no guarantees anyone will buy or see your music asset, and then you have to be comfortable getting paid in ethereum and not $$$$Dollars, or fiat money

    So yes this seems really cool and futuristic, but I personally feel as though there is a lot of risk (time lost and money lost) getting involved in this “minting” scene. “Minting” is bringing a music track into existence on the blockchain, but it costs “gas” to do so.

    At first glance, I am wondering if we’d be better off just investing in ethereum and seeing how high that goes, as opposed to creating an NFT to sell in our “collection”.

    I will keep an open mind about all of this, but wow….. does this process seem extremely complicated.

    And indeed, I too am very concerned about criminals stealing music and then “minting” the tracks as NFT’s on the blockchain.

    #38860 Reply
    b1nrybl0ke
    Participant

    Has anyone delved deeper into potential NFT adoption?

    I think there may be some direct licensing opportunities for composers who can build community around their catalogue. Perhaps by offering limited edition “packages” of tracks which not only have utility through license to use in projects, but also have some type of “unlockable” tradable value. Or perhaps simply offering NFTs as a promotional tool? This could be setup relatively inexpensively in OpenSea, as once you’ve paid the initial store fee you can mint without further cost.

    #38865 Reply
    pglover
    Participant

    I read that these digital meme type NFT’s could be some sort of Avatar that someone can use to identify themselves. Can be used with emails, online profiles, avatar for your video game player . Sort of your signature line or identifier. I was thinking why not attach/include music to this. So imagine playing a video game, your personal avatar can be used in any game and also could include a 5 second theme music piece that represents their avatar. Bundle it all up, moving avatar with theme music and maybe even NFT voice when your player says anything in the games. If that is REALLY the case and the future, then possible stinger type pieces could be used. I personally would not invest in a digital identity such as this, but I am old school. Future years, decades, generations, it might be the big thing. It is something to keep an eye on. As far as I am concerned, unless you are a well known artist, I would be surprised you could make much. But who knows. You don’t know until you try. Keep in mind that platforms to sell your musical NFT such as Open Seas you will need to use Crypto to pay for adding your music to the blockchain. At least that is my understanding.

    #38866 Reply
    b1nrybl0ke
    Participant

    I’d not heard about the avatar NFT specifically, but it doesn’t surprise me as it all ties in with the concept of the multiverse era, virtual worlds, and the tokenisation of culture already taking place.

    I’m no expert here but, in terms of minting NFTs – yes, you will need a digital wallet (or several) and some crypto to get you started, but it’s worth noting that the Ethereum blockchain (high gas fees) and OpenSea aren’t the only options. Eg. I’ve recently been minting on https://www.hicetnunc.xyz which uses Tezos coin which, despite an increase in fees, is far cheaper. Cardano blockchain is also one to keep an eye on right now.

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