What Are Music NFTs? NFT Music Explained￼
Token standards are similar to recipes for creating assets that are compatible throughout the ecosystem of a particular blockchain. They offer a set of rules that Music NFTs developers must follow, providing consistency and making them easier to use.
One of the most significant points of contention during the initial phases of Music NFTs development was the ability to standardize these unique assets. The introduction of the Ethereum ERC-721 standard made it possible to mint multiple unique tokens from the same contract address.
This would allow several Music NFTs to bear many of the same attributes while still maintaining rare or unique characteristics that set them apart from the rest. The ERC-721 standard is useful for generating unique one-off assets. However, the ERC-1155 NFT standard makes it possible to sell several unique assets in batches.
An example of this would be in blockchain gaming, where a single Medium NFT could represent an entire suite of armor comprising multiple compatible items across multiple games. Much of the innovation and development in the NFT space has taken place on Ethereum, the number one smart contract-enabled blockchain.
However, there are several variations of the above token standards on other blockchains. For example, the ERC-721 standard has been replicated on Binance Smart Chain (BSC) as the BEP-721 standard. For more info regarding Ethereum competitors, save our “Cardano vs Solana” article for later!
The commodification of music that occurred in line with the introduction of music streaming services and file-sharing platforms has resulted in a continuing decline in sales.
Artist revenue has traditionally been eaten away by costs associated with production and distribution. This, coupled with a rise in technology to expedite counterfeiting and illegal file sharing, is hitting artists harder than ever before.