Music-based nonfungible tokens are an emerging frontier in the crypto and NFT space, but the first questions that come to mind are: What are they? And what are their utility?
Music NFTs are relatively new to the scene and cannot be pinned down by one definition. At the most basic level, however, they are verifiable digital collectibles, with a core component being the integration of a song.
One of the first collections was “Audioglyphs,” which cemented itself as revolutionizing the way users consume music, synthesizing an infinite stream of audio for each NFT. Creators and investors began to discover the novelty of music NFTs, as they lessened the barriers of access to artists and consumers.
Electronic DJ and NFT collector 3LAU made history 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 so far. Recently, John Legend announced the launch of his own music NFT platform, suggesting there are more artists interested in the technology.
While the price and popularity of music…