NFTs are all everybody’s talking about, these days - and for good reason. This revolutionary new technology is taking the art, music and media worlds by storm, reimagining how digital creatives distribute and monetize their work while having a seismic impact on the industry as a whole. But how do they work?
NFT stands for non-fungible token. Non-fungible means that NFTs can’t be reproduced, they are entirely unique. Any piece of media can be transformed (or ‘minted’, as it’s called) into an NFT, creating an one-of-a-kind “original” of that artwork, video or song, which is irrevocably tied to the blockchain.
This means that, like a painting in a gallery, digital artworks can now be sold as originals, and valued accordingly. One particularly neat feature of the NFT technology is that, due to what’s called a “smart contract”, the creator will receive a portion of the proceeds every single time an NFT is sold and resold - not only in the first instance, like with a traditional auction.
NFTs are upending the art world, but it’s not only visual artists that are getting involved - musicians, producers, DJs and recording artists are getting some of the action too. Many are claiming that NFTs are revolutionizing the music industry, giving artists a new way to sell their work without the involvement of major labels. Huge names are taking an interest - acts such as Kings of Leon, Steve Aoki and Grimes are selling their own NFTs for figures reaching into the multi-millions.
So how exactly are NFTs bought and sold? Typically, these transactions take place on NFT marketplaces and platforms dedicated to the purpose, which allow creators to mint their work and list it for sale online. One of the most exciting NFT platforms we’ve come across is NFTON. Recently launched, NFTON gives musicians and producers the power to mint, list, and sell their music to the public, subsequently making a royalty every time the work is resold, while retaining the original copyright.
The best thing about NFTON is that it makes this process easy. In the early days of the NFT craze, accessibility was a problem - many creatives would have to work with consultants or tech experts in order to mint and sell their work on NFT marketplaces. Thanks to NFTON, those days are gone. Now musicians and producers have the power to create, buy and sell NFTs themselves, independently monetizing their music and maintaining complete control of the entire process.
The steps to creating and selling an NFT are simple. First, you’ll have to create a wallet within NFTON in order to receive funds for the work that’s sold. Then, you’ve got to create your NFT. NFTON takes care of this for you - all you’ve got to do is enter your details and upload your work, whether that’s a song, album or music video. Finally, once the NFT is minted, all that’s left is to list it on NFTON’s marketplace. Once officially listed, collectors will be able to discover your NFTs and purchase with just a few clicks.