NFT FM- Developing NFTs for the future of music
The explosion of cryptocurrency technology in recent years has captured the attention of millions. With little to no gatekeeping in place, anyone from working class citizens to long-time stock investors are looking to buy-in. Companies are in an arms race against each other, working to seek innovative and beneficial applications of crypto technology.
With this rapid expansion comes the introduction of NFTs, or non-fungible tokens. NFTs allow for the individual ownership of a digital good (usually in the form of image, audio, or video) in the form of unique tokens living on a blockchain. They have been used to verify individual art pieces in high profile cases, such as the digital auctions held by 3Lau, Grimes, and Steve Aoki, but are NFTs always destined for the collector’s cabinet?
NFTs with a purpose
NFTs as they currently exist are typically no more than simple gifs or images serving to verify a piece of digital work as an original. At the moment, they have little value for anyone other than wealthy investors and collectors to buy and trade pieces. And while NFTs will always be speculative assets capable of appreciation, they have much more potential beyond that.
NFT FM is a music distribution platform dedicated to artists and fans alike, intertwining the music and crypto industries by providing fans a way to directly support the artists they love. On NFT FM, artists have full control over how they distribute their content and receive a majority percentage of all sales.
When uploading a piece of work, the musicians will select the number of NFTs they want to create as well as the starting price they want to sell at. By enabling artists to mint their own NFTs with full-length audio tracks, musicians can put out unique versions, early releases, and exclusive pieces for their biggest fans.
New cryptocurrency applications and platforms are continuously being churned out and it can get exhausting, but NFT FM could provide compelling value from empowering listeners in influencing the direction of the project to compensating artists with equitable pay for their work.
Support new artists and old favorites
The music industry is almost entirely based in streaming at this point. Unfortunately most artists simply don’t get much money from it. Spotify pays artists an average of one-third to one-half of a cent per stream. While this works well enough for A-list artists with millions of dedicated listeners, musicians with smaller followings struggle to make a living off this model. On NFT FM 95% of all purchases go directly to the musicians. By purchasing music as an NFT, users can buy directly from the source and empowering artist to keep making the music their fans love.
Upon purchasing a piece of music on NFT FM the user will get proof of ownership to original art that is verifiably theirs. Think of it like buying an autographed vinyl record that never loses audio quality and can’t ever be damaged. They can listen to it whenever they like and with a limited number of records released and an unpredictable demand for them, original NFT music pieces have the potential to multiply in value.
A musical investment
NFT FM doesn’t just provide users the ability to listen to and support their favorite artists, it enables users to invest in them. When someone buys NFT music, they can also trade it away once it appreciates in value.
Imagine a fan favorite artist is dropping their next album in a month, and they list it early on NFT FM. By purchasing the NFT album, someone could get immediate exclusive access to the album early. Multiple copies could even be purchased, knowing months or years down the line that others will be wishing they did the same. If an artist further grows in popularity, albums purchased for fifty bucks could become worth thousands of dollars.
Global temperatures are rising every year and NFT FM as well as other large players in cryptocurrency recognize the urgency in seeking more energy-efficient methods to support cryptocurrency technology. NFT FM has made a commitment to carbon neutrality by partnering with a cutting edge carbon emissions offsetting platform, Offsetra. Every month NFT FM will be purchasing carbon credits which are used to fund various ecological projects, from forest protection to wind energy.
Users can directly influence the NFT FM roadmap by posting their suggestions on their profiles and voting on their beliefs regarding the development of the platform. Votes are weighed appropriately according to the amount of coin they hold. The Governance Board is monitored and the top 5 responses are addressed monthly – holders are then posed a series of questions which allows the community to mold the platform’s development based on their feedback.
What comes next?
NFT FM is already developed and fully functional. The company is currently in talks with several different labels and artists’ management teams to curate artists to launch with. The NFT FM site will launch on Saturday, May 20th at 12pm CST, which is when never before released music NFTs will be available.
Visit NFT FM at: https://www.nftfm.io/
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.