Music NFTs : Some Explanations

June 16, 2022 by No Comments

Music NFTs, literally stands for “  Non-Fungible Token” . I don’t really know how to translate it into French at the time of writing this article…

”  Fungible  ” is something that has a definite value. Like a 5 euro note. A 5 euro note is equivalent to 5 euros. You can “exchange” this note for another 5 euro note: they have the same value and the same utility.

”  Non fungible  ” means that does not have a defined value. And therefore cannot be “exchanged” with another since a “non-fungible” object is unique.

This can be an item purchased at an auction for example. Or a limited edition, or a collector’s item.

The ”  Tokens” are the digital version of these unique objects, in limited version, collectors. Also referred to as a “token”.

In the “physical” world, one could compare this, for example, to vinyls which are numbered and do not all have the same value (even if it is the same content).

Or for example.. Hendrix’s Stratocaster guitar. Although there are thousands of Fender Stratocasters around the world, the one Hendrix played on is unique. Because he played with it.

Or even an art painting. An array can only exist once in its form. Even if the artist made a copy, each version would be unique.

 

 

How does buying and selling NFTs work?

As in an auction room, you can consult artists’ collections on sites such as, the best known, Solan art or Open sea . With several “items” available, each having a “rank” indicating its rarity in the collection.

You can decide to buy one, if the price suits you, and keep it (we speak of a “hold”) if it has long-term potential to gain even more value.

You can also resell it for more than the “floor price” (lowest price in the collection). Some resell their Medium NFT in auction mode, others in direct purchase.

All transactions are traced on the Blockchain . With each purchase (or resale), a block is created in the Blockchain’s secure cloud and each block … creates a chain.

The Blockchain is therefore a secure cloud tracing the authenticity of NFTs and all transactions and contracts.

See More : https://buypsychedelicscanada.io

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