We’re now just starting to realize what NFTs, or non-fungible tokens bring not just in the cryptocurrency industry, but for other industries as well.
One such example is buying and selling music NFTs- how can you do it, and why should you do it?
First, What is an NFT?
NFT is short for non-fungible token, or for a simpler definition, it’s a digital asset that’s similar to cryptocurrency.
NFTs are versatile in that they can represent a wide range of files, from a trading card to real estate, and music or artwork to name a few. What’s good about NFTs is how they’re constructed using Blockchain technology, which means they cannot be copied or faked.
How to Buy Music NFTs
Step 1. Buy From a Music NFT Platform
Buying a music NFT is similar to buying the music on the App Store, except that it’s in digital form and represents the music.
There are websites that offer music NFTs to those who are interested. When you buy a music NFT from an artist, you get a share of future music royalties which could be a lucrative investment in itself.
Step 2. Get a Crypto Wallet That Can Store Them
Since NFTs mostly exist only in the digital world, a regular wallet won’t be able to hold them. This is where a crypto wallet comes into play.
Cryptocurrency wallets can hold cryptocurrency and yes, NFTs in all its forms. You can choose an app or a device, or use an existing one. Cryptocurrency investors who are making a profit using quantum ai can put the NFTs they like alongside their crypto tokens so everything is in one secure platform.
Storing an NFT in a crypto wallet is easy- just get the private key and the seller will transfer the NFT straight to your digital address.
Step 3. Exchange Cash or Use Cryptocurrency
The easiest way to purchase music NFTs is to do a trade with Bitcoin or other cryptocurrency for the value of the music token.
However, not all people will have one, and they may have to start with fiat currency. If this is the case, then you’ll want to register in a crypto exchange so you can convert your fiat currency into cryptocurrency first, then deposit the tokens to buy the music NFT you want.
Why Buy Music NFTs?
Music NFTs could be the next big thing, and it’s a cheap and accessible form of digital investment.
As it gets more and more popular, artists can open up their very own music NFTs, which can serve to bring you a piece of the royalty pie. You can then promote the song on your website, through social media and YouTube and once it becomes popular then you get a percentage of the income.
Music NFTs are also a novel way to earn a digital asset, such as the rights to a song from your favorite artist. It also helps them make more money and continue what they’re doing, which is surely a win-win situation for artists and fans alike.