Music NFTs Explained

Overview 

With our music NFT marketplace quickly approaching the launch date, we’d like to bring everyone up to speed with a comprehensive look at what music NFTs are and how they work.

Table of contents 

1. Introduction to Music NFTs
2. A new form of collectable 
3. The legals 
4. Mint on NFTempo

Introduction to Music NFTs

Music NFTs are the latest evolution of digital collectability. XRPL native music NFTs bring new horizons for NFT technology and enable artists to connect with their fans like never before. NFTempo is building the go to marketplace for music NFTs. 

Lets first address what music NFTs are, how they work and what you can do with your NFT.

Last October, XRPL validators passed the XLS-20 proposal, which introduced NFTs to the network for the first time. Music NFTs are not unlike regular NFTs, the only difference is the metadata points to a song rather than an image. NFTempo leverages the XRPL for music NFTs as it offers ultra low cost mints with transaction times under 5 seconds! 

NFTempo enables potential buyers to listen to music NFTs before purchasing them. Holders can enjoy the full song at an even higher bitrate! Music NFTs can best seen as an immutable measure of support, permanent proof on the blockchain that you have been there since day one!

Holders of music NFTs can sell their NFTs at any time on the secondary market where they can experience a full array of tools like auctions, fixed price sales and NFT swaps. 

A new form of collectable 

Music NFTs change the way we collect music, artists can set the rarity of a mint (similar traditional NFTs). Artists can also leverage their music to create a completely new form of rarity through extended mixes, pre-release versions and more! Musicians can attach perks to their NFTs like discord access and even physical vinyls of their song - the possibilities are endless within music!

Music is inherently collectable and music NFTs take this to the next level. By leveraging music's existing collectability and combining this with rarity attributes, we’re taking music and NFTs to a completely new level. 

We’re opening up completely new ways of connecting with and supporting artists. Our mission from day one is to democratise music and this is one of the many ways we’re finally bringing about much needed change!

The legals 

Music NFTs are digital collectables, and can be best thought of as ‘digital vinyls’. All music NFTs on our music NFT marketplace will be sold via a limited licence agreement, which lays out what the user can do with their NFT. Music NFTs do not contain the underlying royalties to the song itself, they represent a digital collectable of a song or album. 

NFTempo ensures all NFT sellers have the correct rights to sell music NFTs. All mints are vetted before launching to further protect the community.

For users interested in buying NFTs with commercial royalties attached, we’re building a module to facilitate the purchase of tokenised music royalties. Artists will be able to create STs (song tokens), a form of NFT which represents the commercial rights behind a song. For a deep dive into the music legals, check out our article here. 

Mint with NFTempo.io 

NFTempo is always looking to list new projects, there's no hidden costs or waiting lists. If you’re a musician, individual or project representative, eager to launch on our marketplace, head over to NFTempo.io and fill out the ‘Mint on NFTempo’ form to get onboard!