Until the recent NFT sale of Beeple’s digital art at US$69 million, news about the NFT space usually stay within the tech-savvy community. While this astronomical price sounds absurd to many, transactions on OpenSea, a major NFT marketplace for arts surpassing US$3.4 billion would suggest otherwise.
NFT, or non-fungible token, as does cryptocurrency like Bitcoin, applies blockchain technology to store information. What makes NFT unconventional lies in its uniqueness, as the name implies — non-fungible. While both NFTs and cryptocurrencies are digital assets with value attached to it, cryptocurrencies are like the dollars we hold and NFTs are the houses we buy with them. Every house is different — design, history or location, think of the Iconic Eiffel Tower, however similar its replica is, everyone knows the real one sits in Paris.
Arts, fashion, music and gaming can all be made into NFTs. So long as the object is unique, it can become an asset on the blockchain, enjoying the benefits of immutability, decentralization, high transparency, and being publicly available.
While much attention has been directed to NFTs in the art world, their potential goes far beyond this sphere. The popularity NFTs gained in art actually paves way for the untapped market of the music industry as everyday users began to see its practicality of it. It is a known fact that musicians don’t get paid very well, keeping roughly 10–20% of their streaming revenues after publishers, label companies and distributors have had their cut. NFTs technology helps artists bypass these intermediaries as it enables storage of information such as ownership, artist, composer, recorder, contributors as well as a year of production. With blockchain, artists may now claim ownership and verify originality, publishing their songs hassle-free.
With a mission to empower music talents to distribute and monetize their original work, RiseNode harnesses blockchain and NFT technology to build a peer-to-peer marketplace for artists to connect with their fans, where their fans can stream, buy or sell the music. Everyone can be a music star, all individuals and companies are welcome to join the RISENODE community. For more information, please visit here.