Music-based non-fungible tokens are an emerging frontier in the crypto and NFT space, but the first question that comes to mind is: what are they? And what is their utility?
Musicians are relatively new to the NFT scene and cannot be pinned down by one definition. However, at the most basic level, they are verifiable digital collectibles, in which a key component is the integration of a song.
One of the first collections was “Audioglyphs”, which reinvented itself as revolutionizing the way users consumed music, synthesizing an infinite stream of audio for each NFT. Creators and investors began to discover the novelty of music NFTs as they lowered barriers to access for artists and consumers.
Electronic DJ and NFT collector 3LAU creates history by selling his record-breaking album ultraviolet for $11.7 million. He also created the royalty sharing platform Royal, which has raised at least $71 million to date. Recently, John Legend announced the launch of his own musical NFT platform, suggesting that there are more artists interested in the technology.
While music NFTs have not grown in price and popularity like visual arts NFTs, some platforms have emerged to provide a more universal user experience while giving creators ways to monetize.
In an effort to gain more perspective on the matter, Cointelegraph spoke with Mike Darlington, CEO of Monstercat, about the future of musical NFTs, their implications, and the use cases for Monstercat’s sold-out non-fungible token collection “Relic.”
Cointelegraph: How do you define Music NFT?
Mike Darlington: Music is NFT-owned collectibles that incorporate music as a key focus element of the token, allowing the composer’s work to play a significant role as a visual artist.
Whistle: Can you tell us about Relic and its potential impact in the Metaverse?
MD: Relics is Monstercat’s first digital collectibles platform – the first of its kind to operate within a record label. Each piece of collectible music, also called a relic, has the ability to seamlessly and veritably integrate music into the metaverse. Once you own a relic, it has the potential to become your theme song as you travel between worlds, games, and the play-to-earn ecosystem, attracting a whole new community of music fans to Web3. bring.
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CT: In what ways can Music NFT shape and change the music industry?
MD: One of the immediate benefits we have seen is the increased opportunity for artists to connect directly with their superfans. Whether it is through rewards, exclusive access, ownership and more, music is becoming one of the most powerful tools for NFT community-building and engagement. They also enable a new form of permanent royalty that can be shared with visual artists. Achieving career stability no longer requires reaching out to hundreds of thousands of fans – with a small group of passionate collectors, artists of all sizes can make a fair living from their work.
CT: How can investors or collectors benefit from Music NFTs?
Mohamed: Anything from access to immersive experiences to exclusive communication, from access to unlockable content directly from the artist. With Relic, in particular, as the song’s performance increases in real time, so does its rarity—a benefit for both the fan and the artist. The platform also gives collectors access to music within the metaverse and play-to-earn ecosystem, which, as a label, is something we could easily do without the proper rights and licenses in an otherwise difficult scenario.
CT: What exactly is “dynamic rarity” and what are its implications for NFTs in general and musical NFTs in particular?
MD: Dynamic rarity is an emerging feature that changes depending on how well Relic’s original song is performing in the traditional music ecosystem. As a song performs well on traditional platforms, the gem rarity will also increase on its respective relic. This innovation combines Web2 and Web3 in a new and healthy way while not isolating the importance of either. It turns fans into taste makers, with the history of the song being chained throughout.
Music NFTs will continue to emerge and evolve as the underlying infrastructure is developed to suit more use cases, such as in-game integration or providing royalty-sharing benefits. Just as NFTs changed how users access and consume visual arts, musical NFTs are already gaining traction to revolutionize how users create, listen to and use them.
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