by Iván Somoza
This is the third episode of an NFT-themed starter guide.
In the previous article, we talked about: types of standards that exist in the Ethereum network; minimum requirements needed to create, collect, trade NFTs; “Top 3” best NFT platforms of the moment.
This third episode is dedicated to Musical NFTs. Objective: try to provide that imperceptible detail, that makes a spark fly that should give birth to that great idea; fantastic; wonderful. That Idea that... hidden in the minds of our dear tokeners, can make you achieve your dreams. And that these; force your minds to try to understand the paradigm shift involved in the use of decentralized applications, both in the art industry and in the world in general.
Introduction
Most of the artists, who yearn to make a living off of their art. They get caught up in a pretty complicated business model. Leo. Listen… I think about how NFT technology could fix the music industry. And how… Only with the use of the new decentralized applications, artists could achieve great things.
If we empower people who support music; we make sure that the people who create, promote and love this activity; can benefit directly from it.
So, let's try it:
Reasons to create musical NFTs
Currently, within the range of possibilities that musical artists have at their disposal, NFTs are a new and powerful resource. They open new windows of opportunity; new ways that until now, were unthinkable. That is why more and more musicians are turning to this technology to achieve their goals.
NFTs can be: a revolution; an evolution; a solution, for artists. The paradigm shift that we have talked about on several occasions. In a way, it can give them more control over their production and their prices, as well as offering them a direct income stream between them and their fans, without having to rely on third parties: record companies; streaming platforms, concert promoters, etc.
It is necessary to take into consideration everything that NFTs can contribute to artistic works.
A musical work can be totally exclusive, it can be a work of art that many people want, but with only one owner, a unique piece that no one else owns, that rarity can multiply its market value.
Musical NFTs can be collectible; with that it can belong to your wonderful collection you will want to pay a little more to be the owner of that wonderful piece.
A musical NFT can also represent a membership card that grants benefits. Belong to an exclusive fan club. Spend a day with your favorite artist or go on vacation with that musical group. They are part of the benefits that this NFT could grant in the future.
Everything at once. Imagine that everything mentioned could be programmed in a single token. How much would wealthy people be willing to pay for it.
Something that not many people know is that NFTs can be programmed to automate the payment of royalties to the artist and owner each time this work is reproduced, listened to or resold.
Can you imagine: receiving passive income from a piece of music that you have created and that appears in your wallet without depending on a third party.
Music NFTs open up new market niches and unprecedented design spaces for songs as digital objects, much remains to be discovered.
Creating our first musical NFT
We have seen what were the main reasons for creating musical NFTs.
Now, it is time to take action and get down to business.
What are we going to need?
Before rushing to create a Musical NFT, you should consider several factors:
The first thing we are going to need is: A wallet compatible with the Ethereum blockchain. Its mandatory use in almost 90% of NFTs platforms; make it essential.
The best known is Metamask, and the vast majority of NFT platforms use it. My recommendation: if you don't know how these types of wallets work, soak up as much knowledge as possible about their use. It is essential in the crypto ecosystem.
The following video, from the YouTube channel “Crypto sphere”, explains how to create one for yourself. In addition to clarifying possible doubts.
Although there are platforms that let us mint our NFTs for free (premium); usually this is not the case; for platforms to let us mint our NFTs. Normally, we will be charged some small expenses associated with the network that we want to use: Ethereum, Polygon, Solana... These fees are paid with the cryptocurrency associated with the network. In this way, it is also essential to load our wallet with funds to pay these transaction costs.
Personally, for convenience, I make the purchase through my Binance account and then send those funds to my metamask. The process is the same, from any cryptocurrency exchange.
3. As point number 3, we need, in digital format, that great success that we want to tokenize. Each platform supports different audio formats. But, in general, the most used are: mp4, mp3 and wav. In my case I have recorded it with my mobile and I have titled it: “The best song in the world”. You can check that I have not squeezed my head thinking.
Last but not least, we need an image that represents our archive on the network, something that identifies it as the great success it is going to become and when people see it they say: ”This is…The NFT I wanted to buy…I love it…”
Once we have everything in order, we are ready to go into action.
Creating our first Musical NFT in Open Sea
The first thing we must do is enter the Open Sea platform, you can enter by clicking here. If you have never used Open Sea, you should know that before you start your first NFT, you need to create a profile on the platform. You just need an email address and a wallet.
Upon entering, on the main page, we find two options: “Explore” and “Create”. As on this occasion, we only want to create an NFT, we will press the “Create” button.
3. In the contextual menu that appears, we select the “Metamask” option.
If everything is correct and the “Metamask” wallet is properly installed; A notification with the title “Signature request” should appear in the upper right corner. This is a disclaimer from Open Sea, in which it invites us to read the terms of service and accept them if they seem correct to us. To continue, we must click on the “Sign” button.
Once this is done, we are ready, the time has come to mint that wonderful NFT, which will take us to the world "TOP". To do this we must click on the image box...
This hyperlink displays a window on our PC screen in which we must select the necessary files to complete the process. The first that we must select is our audio file. To continue with the process, click on “Open”.
Let's go now with the image that will represent our NFT. Click on the selected box.
8. We look for our image and click on the “Open” button again.
We only have two steps left and we will have achieved our goal.
9. The next step: write, in the marked box, the name that we want to title our work. I remind you that, in my case, it was: “The best song in the world”.
10. We are only one step away; the feeling is frantic. A light touch of the mouse and we will have achieved it; we will have fulfilled our objective. Come on, let's do it, press that damn button… Press “Create”.
“Congratulations…! We made it…! We have created our first NFT.
Do you want to hear it!?”
EYE…!!! Before pressing the Play button… I must warn our dear tokeners that: due to the exclusivity of the theme. These, just as they do not have an ear aligned with such a harmonious melody, I recommend caution; they should listen to a short excerpt before listening to the whole piece.
Here we have it: “THE BEST SONG IN THE WORLD”.
Thanks:
I would like to thank, of course. The vocal collaborations of the Somoza brothers (Kike and Lía). As expected… They have been sublime in their interpretation. The fusion of the classical style, with the most avant-garde brushstrokes of the contemporary model that defines the work, is especially difficult when interpreting.
Conclusion:
Musical NFTs are not the panacea to the great economic problems that musicians suffer today. However… They represent a bold solution to the status quo of the major labels, and point to new paths of independence for artists who have long been the prey of the music industry.
These artists are increasingly turning to NFT technology, to bypass the big commercial brands and connect directly with their fans. While the rise of music streaming services has not been as lucrative as it might seem. Musical NFTs create a new monetization model open to the possibilities of any Musician.
In fact, music NFTs put the power in the hands of artists and help them make the decisions and reap all the rewards of their hard work. This dynamic is really enriching, and that is why I have no doubt that musical NFTs are here to stay and will grow much more as technology advances.
If you are a musician and you have a song or work: Create your first NFT… Now!!!!
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Bibliography
Los NFT revolucionan la industria de la música: 3LAU recauda más de $11 millones (Jenifer Maldonado)
¿Qué es Audius, el Spotify en blockchain de la música con NFTs y socio de Tik Tok? (Guillermo Callejo)
¡Para los fans de The Beatles! Borradores de la canción 'Hey Jude' serán subastados como NFT (Agencia de noticias AGP)
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NFT takes art world by storm, music industry hopes to cash in on the digital goldrush.
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