An Effective Way To Earn Cryptocurrency: Creation Of Nft Music #011
Hello great minds,
It is another beautiful day to come before you all today to discuss on an issue of great importance in the cryptospace.
I trust you are doing perfectly fine and are enjoying your activities in the cryptospace as you actively promote steemit on various social media platform.
Today, we shall be learning Interesting ways in which we can earn cryptocurrency from nft music.
HOW TO EARN CRYPTOCURRENCY FROM NFT MUSIC
There are different ways in which we can earn cryptocurrency from nft music, and in our last discussion, we learnt about how tokenization of royalties helps artists to earn cryptocurrency.
And in our discussion today, we will learn about a different means to earn cryptocurrency from nft music.
- VIRTUAL CONCERT:
Virtual concert and nfts has shown to be effective ways to reshape the music industry, hereby giving artists new ways to monetize their work.
The combination of these two elements can create a new ecosystem where cryptocurrency can be earn by artist through nft music.
This convergence will play a huge role in opening opportunities for both fans and artist.
Explained below are ways in which nft and virtual concerts creates new streams of income for musicians.
TOKENIZING VIRTUAL CONCERT
Virtual concerts can be tokenized by artist through the creation of unique nfts that represents specific performances.
These nfts can be directly sold to fans or through specialized platform that are involved with the operation of nft music.
And each token function as a digital certificate of ownership that gives fans the opportunity to have a stake in the virtual concert experience.
SMART CONTRACT AND ROYALTIES
Smart contract which are known as self executing agreements with it's code of agreement written into the blockchain, plays a huge role in the automation of royalty distribution.
When an nft is created by an artist for a virtual concert, with the smart contract embedded, the artist can be sure that he would receive a percentage of the resale value everytime a the nft changes ownership.
This helps in providing a continuous stream revenue for artists, even after the first sale has been made.
DECENTRALIZED AUTONOMOUS ORGANIZATION
Daos helps for a collective decision making within a community.
By issuing governance token as nfts, daos for fanbase can be established by the artist.
Decisions regarding any upcoming concert can be influenced by fans that possess these tokens, and they can also influence the decisions of other aspect of the artist career and in return, they may receive additional rewards.
EXCLUSIVE ACCESS AND LIMITED EDITION
Inorder to boost their value in the space, artist can offer limited edition or exclusive access of virtual concert nfts.
These nfts sometimes include perks, such as personalized shout out, virtual meet and greet.
Exclusivity and scarcity can greatly influence demand thus increasing the resale value of these nfts in the secondary market.
We have examined Interesting ways in which we can earn cryptocurrency through virtual concert in the space of nft music.
As we proceed, we shall learn more interesting topics.