Not sure about you, but I don’t know anything about NFTs, but I intend to find out and I’ll share what I learn about them on here.
So if you’re a musician, like me, and want to know:
- what are NFTs
- how NFTs work
- how musicians are making money with them
- the answers to other related questions
This is the place for you.
In short, NFTs are unique pieces of data, assets stored on a blockchain. They can be created (minted), bought, sold and exchanged.
NFT stands for non-fungible token, although to define NFTs simply by offering their name in full is a bit like explaining what an MP3 is by saying “MPEG audio layer-3” when we all know an MP3 is basically an audio file format.
As a musician offering a unique digital token, an NFT, you’re giving fans the opportunity to prove their ownership of art that you’ve created.
NFT ownership is managed on the blockchain. It is a decentralised process. Decentralised means no single individual or organisation is in charge. Not only do NFTs offer proof of ownership, they’re also very secure because of blockchains’ nature.
Anybody can create an NFT. There are steps you have to follow and you must first understand the various technologies, features and limitations that are needed before diving head-first into them.
You don’t need programming skills to create them, however you need to be able to have a wallet, invest in crypto, pay the gas fees (to conduct a transaction on the blockchain).
NFTs are already popular in the gaming community but they can also be used to digitise anything considered to have value.