NFT stands for (non-fungible token). It's been all the rage these past few weeks.
The question is: should up-coming music producers, who are still relatively unknown, release their own NFT drum kits, beats, sample packs?
My short and quick answer is: not yet..
Read further so I can explain....
First of all, let's quickly explore what an NFT actually is and why people are going so crazy over it.
The simple explanation is that it's a digital "token" containing information that proves ownership of a digital product. It's public, it's powerful and it works. Never in the history of digital good were we able to prove their authenticity and ownership because it's so easy to copy/paste/duplicate files. Applying an NFT to a digital product will do this. It's a game changer.
Now, I won't get into the nitty gritty details of how NFT's work and what the "blockchain" stands for but you can check out THIS article for further reading on it.
So the real question is, how and why are NFT's relevant to music producers?
Well, for instance, we can bind an NFT to an original "sample melody pack" (which I did HERE that caused a bit of a stir and sold for $6000 USD in ETH) proving ownership to the individual who purchased it. This is huge, especially if the full copyright is transferred to the owner (which in my opinion should be in this particular instance.. just my opinion!)
This is an exciting concept for a few reasons:
1. We can sell digital products that maintain value over time
2. Duplicate copies of these digital products can and will exist, but are useless in the aftermarket without proving ownership using NFT blockchain information/history
3. We can get really creative on what we sell!
Now let me explain why I think up-coming/unknown music producers should think twice before uploading a sample pack/drum kit etc to be sold as an NFT.
Look at NFT's like trading cards. A Michael Jordan rookie card was worthless at one point, until he became the biggest star in basketball. When this happened, the value of his card skyrocketed. Why? There are enough people out there willing to pay a premium for his card(s). Michael Jordan also has a very long history of success over decades and a legacy never to be forgotten. The value of his trading card maintains value over time because it's solid, trusting and true to his story, success and character.
Now, I'm not saying you need to be the Michael Jordan of music producers to start selling your own NFT's. What I am saying is that you need to STILL put the work in to TELL YOUR STORY and create a demand for whatever digital product you decide to sell.
If you're unknown, there's no demand. If there's no demand, no one will buy your NFT. It's that simple.
Throwing an NFT on a drum kit or sample pack doesn't automatically make it "special". Yes, it might be "rare" (1 of 1?), but that doesn't make it worth anything.. yet..
My advice is this: Get your feet wet in the NFT collector community. Get to know non music collectors. Explore different platforms that sell NFTs like Mintable, Superrare, Rarible etc. Educate yourself on crypto, blockchain and learn the basics.
If you want to start building your crypto portfolio and even start buying other people's NFT's, here's a quick and easy starting point:
1. Create an account on COINBASE
2. Convert $ into ETH, or any crypto currency of your choice
3. Install METAMASK chrome extension on your browser
4. Connect your COINBASE wallet to METAMASK
Now when you browse platforms like Mintable or Superrare, all you have to do is log in using METAMASK prompt and you're on your way!
Click HERE for a complete guide on how to release your own NFT on Mintable.
The reason why big EDM DJ's and digital ART COLLECTORS are thriving in this NFT space is because they are educated, established and supportive of EACH OTHER.
If we want the same in our space of music producers/creators, we need to become educated and we need to start innovating.
Start thinking about WHY you want to do this and brainstorm on some different digital products that you think people would want. Put yourself in the buyer/collector's shoes: WHY would anyone want to buy my product?
Keep it simple. Build your brand. Continue to tell your authentic story and use social media to tell that story. Give people a reason to relate to you.
Good luck and happy minting!
Interested in seeing MY NFT COLLECTION?