Posted in : Forum : The Music Business
Discuss anything related to the business side of things. getting signed, starting your own label, contracts, distributing your music, licensing tracks, getting paid for gigs etc
As you know I believe in sharing my experiences as an artist and I usually do this on my website and Instagram and just starting Tik Tok but I thought also start on Looperman. I think every artist should look into selling their music as NFTs!
What is selling an NFT?Essential one of a kind collectable (Much like a rare playing card that can't be copied)
Why would someone buy it?
Mainly for bragging rights. and or they can buy into the royalties of your song!
What does this mean for you?
You can reward fans for promoting and sharing your track.
*If you guys find this useful and want the tread to continue let me konw!
Which platform are you using to mint NFT's? I hear on the Etherium chain fee's are really high, and most people at the moment are buying/selling NFT's of digital art.
I'd personally prefer to wait for NFT on bitcoin. I think bitcoin is the only blockchain that is certain of continuing well into the future
Everyone gangsta till I pull up with a Soundcloud NFT downloader
It's possible for copyright protection to go the blockchain encryption route, however by the time the market catches up to these ideas decrypting will surpass encryption do to some recent quantum computing advances, which also threatens the stability of the blockchain encryption theory (as well as all SSL encryption, which most institutions still use).
When this happens, crypto currency heavy portfolios will fall apart, since the mathematical calculation to determine inflation will be no longer relevant, and inflation will be infinite for the crypto currency's value.
There's a solution to this obsolescence problem, involving encryption that relies on the changing states of chains of electrons (Heisenberg stuff), but that's a few years away.
Obviously future prediction is opinion, just my two cents. Great idea, but there are stability concerns.
Sorry for the "rant." This relates to some of the more advanced subject matter of my formal education (my cup of tea) :D
Amazing things you discuss here! We need a blockchain that no-one can hack. (haha)
Encryption based upon the changing states of electrons... that is just mindblowing. Is there an article online that discusses this encryption model?
I heard that the NFT procedure for minting/buying/selling audio is still in its infancy, and few online NFT "stores" host audio. Is that true?
Here is a cursory explanation of quantum cryptography. It based on the state of a photon (not an electron), so I misspoke.
Long story short, institutions are big, messy, and old, and take forever to change, which make them, and often their currency and intellectual property laws (if they have them) stable.
Currency and intellectual property that is technologically reliant is inevitably prone to issues, because tech is fluid, dynamic, and quickly changing.
I'm not knocking the idea. Also, in case you didn't know, ever melody has already been copyrighted.
I also did this when I was a kid (in Q Basic of all things), so if I still had my old computer, I would own every melody since the early 2000s :D
Didn't P.T. Barnum once say "There's a sucker born every minute." I guarantee there are more sucker these days then back then.
Owning just a digital copy of something is a scam. If you're gonna throw your money away, send it to me instead.
I don't think NFTs and other "blockchain" or "crypto" products necessarily bad, or a deliberate scam.
My concern is a much larger one, involving a potential bubble similar to the housing bubble (back when they though they solved debt risk by creating and selling "insured" derivative made up of toxic loans), and the resultant global recession that will result, when institution portfolios weighted with crypto become more frequent, the decryption problem I described above occurs, and the market has to "correct itself."
This is a far more complex subject than what was originally intended, and hopefully my 2 cents didn't sound cynical.
You are right MichaelMayo, you could buy one for bragging rights, similar to a Fortnight skin, but I would rather dress like a noob and kill the ones that look like they have the most V-bucks.
Sorry again if this is all gloom an DOOM (pun intended).
YouTube testimonials are wildly varying in their experience with NFT's. You get one video claiming it's a bunch of useless nonsense for losing money... followed by a guy who says he sold one dumb little animated GIF for $3,000 in one evening....?
One thing's sure: you'll need to make an initial investment of about $250 just to get involved. And ya gotta do a good bit of research ahead of time in order to know what you're doing.
Apparently the artists who get "bought" have carefully packaged themselves as serious artists, and their portfolio is of very similar-themed artworks.
Also "cutesy" is a big draw, apparently: cute little cartoon figures... many of them not even well-drawn.
If some of you aren't sure what an NFT is, here is a simple vid that explains what one is, where it is stored and an option to investing your money called an AFT.
How about we don't pollute the music industry with scams?
1) You don't even own the song you "buy", you just own the website it's hosted on.2) Crypto is terrible for the environment, especially ETH in its current state3) Why? Why waste so much money for essentially bragging rights? You are spending your money on nothing, go donate it to a charity or something4) NFT artists are way more stuck up than even some of the people here on Looperman. I wouldn't wish anyone to become a person like that.
Well LizzyChoppe I don't think it is an intentional scam, but the hype will eventually create an investment bubble, and technological advancement will pop it (due to encryption instability), and if financial institutions have heavily weighted portfolios in crypto, we will experience a financial crisis similar to the toxic home loan problem that started the recession in 2008. I'm guessing it will happen around 2026-2030.
This almost always happen in some form when exotic, non-product, non-service, speculative investments become too popular.
I really, really hope I am wrong.
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