Have you ever heard or come across the word NFTs or NFT(Non-fungible token)?
The new medium content creators are using to make millions on the internet.
If you haven’t heard about it, don’t stress it because I am going to give you a brief walkthrough of it is or you can as well read what NFT is.
NFTs or NFT art is the new way people are making million overnight through the sale of graphic design content, artworks, videos, audio files, parcels of virtual land, and even screenshots of tweets just like how the first tweet of Twitter’s CEO was sold out for millions of dollars.
The NFT art is rapidly stretching its ability to what can be sold through it because there is no limitation to what art collectors can buy or sell on the NFT market. There are so many that go under the umbrella of the NFT market, including tangible and intangible items.
NFT is basically powered by the Ethereum blockchain which is the basis on which NFT items are been bought or sold between the buyer and seller.
For starters, you can learn more about all that concerns NFT here and start making money with it in no time.
Rapper Tory Lanez NFT sold out for $1 million
We all know that music is art, right? and NFT has no limit to how far it can go. So today I’m going to be telling you how the music genius -Tory Lanez was able to make such a huge sale with NFT using his music.
Every corner of the hip-hop music industry right now is heated up with the talk of how the 29 years old Canadian rapper made a whooping sale of $1million with his NFT music sale within a minute.
It all started with Tory Lanez’s joint partnership with Emmersive Entertainment company, a company whose intent for artists is to be able to reap the fruit of their labor by having full control of how the revenue generated from their songs gets to their purse through E-NFT.
Tory Lanez made an announcement of his album NFT album on YouTube, calling out his hardcore fans to come and buy his new NFT album that will be up for sale just for the price of $1.
Tory Lanez who has always had his fans by his side, said he thinks that his fans should be given the chance to own his NFT music album for less because he wants them to own a piece of his content and make them feel the same way he feels.
Talking about the “when it’s dark” freestyle, you can view the video below. It’s DOPE.
According to him, he said that he wants to create a strong synergy with his fans, he intends to create a unique kind of bond between him as an artist and his fans, a thing that has never been done before in the history of hip hop.
Tory Lanez placed the price of his NFT album ‘’when it’s Dark “for just $1 and only a million copies of this album will be made. Fans are allowed to purchase only 100 copies per person. And a smart contract will be made that will only allow fans to listen to this exclusive album using a token.
His album later sold out within a minute (57 seconds), a record sale hitting a $1million
“A fu**ing million copies! I just went fu**ing platinum!” he screamed. “I just sold the equivalent units at $1. Sold a million copies flat and I made a million dollars in less than a fu**ing minute. Y’all try to hold me back. You can’t fu**ing stop me, my ni**a.” he said.
Checkout his celebration video below
https://www.youtube.com/watch?v=QxYifs5NX28
Is NFT the new way of making money with music?
Firstly, my answer to that question is a resounding YES! The ideal concept of which the NFT wave is coming has all the potential of making it the new style for artists in the music industry to be able to make money from their records without the help of the record label or a middleman.
We all know musicians to be creatives genius, they make good music, and making good music takes a lot of time and process than we can imagine.
They put in so much work, and sleepless nights in the studio just to create good content for us to listen to, and most times for free.
Sometimes the record label makes it so difficult for some of these artists to do whatever they want to without restrictions.
But, NFT has come to bring a change to those hard rules of the record labels and save artists the stress of making revenue with their record label and believe me, every artist would probably want to have a bite of the NFT music content marketing.
Can I buy NFT music?
I’m going to give another resounding yes to that question. There are NFT sites out there where you can buy or sell your NFT. this includes music, pictures, audio files, 3d art, virtual land parcels and so many upcoming types of NFT eligible content.
Sites like Niftygateways and Opensea, just to mention a few, are mostly for digital NFT assets. Just one known NFT site support NFT music for now, and that is Opulous.
Although more NFT websites are rapidly expanding their platform to support NFT music and they will be fully available for users in the nearest years.
I’m an artist, Can I sell my music?
Once again yes you can! And you can do that using Opulous. Opulous gives you the ability as an artist to sell your music to your fans and let them own a piece of the music audio file which can be resold later to a new holder using a secured means of a blockchain transaction. whenever a resale takes place, you will get a percentage of that sale in the form of royalty.
Opulous makes it possible for artists to upload their content and by choice specify the amount of royalty that they would want to get any time their music is been resold to a new buyer.
Read related article – what is NFT? All you need to know.