Gala Music recently presented its first music NFT drop. In collaboration with Death Row Music, two tracks from the new album by singer-songwriter Jane Handcock were presented exclusively for Gala Music.
We thought it would be a good idea to give our readers a deeper insight into the NFT music world. And we have therefore compiled a comprehensive report on music tokens and how to invest in, buy and sell these assets.
Announcing: Jane Handcock
Gala Music’s first emerging artist is set to take the stage
It is absolutely a pleasure for us here at Gala Music to kick off our Emerging Artist Discovery Program with another partnership made possible by our friends at Death Row Records. Jane Handcock is dropping a sneak peak of her new album with two NFT tracks entirely exclusive to Gala Music.
Spotlight on Jane Handcock
While Jane Handcock may just now be getting widespread attention in the music business, she’s been a serious influence throughout the industry for years. As a gifted songwriter, Jane’s worked with Dr. Dre, Kelly Rowland, Big K.R.I.T and many other major names in the space.
Through her illustrious career collaborating and contributing, Jane has been refining her own breathtaking voice as a solo R&B artist. Soulful vocals combine with diverse hip-hop influences and pure songwriting mastery to craft her own unique, emotionally resonant sound.
With Death Row Records, Jane has worked on the cutting edge of what the new world of music can do and is ready to dive into the future. Many in our own community may immediately recognize her from her feature on Snoop’s “In the Air” from B.O.D.R. Creating a better music industry isn’t just about finding new ways to enjoy the artists you know though– it’s also about giving a voice that can be heard all over the world to talented, emerging musicians.
The First Drop
The first two singles from Jane’s latest album– “Mad Man’s World” and “The Price Went Up” will be released exclusively on Gala Music today, March 24th. These drops will be extremely limited releases, but will give our community a small taste of what Jane has planned for her next album.
While Jane’s not ready to let you in on exactly when the next tracks will be released, we’ll keep you updated when she’s ready to give up the secret.
Both tracks will have a supply of 210 available for purchase each, with a small supply beyond that allocated to the Player Node Network and Gala Music Vault. This means only 420 total NFT tracks will be available during this sale.
All NFTs of both “Mad Man’s World” and “The Price Went Up” will be priced at $250 each. Every track sold in this sale will be uncommon rarity.
Available starting Thursday, March 24th at 4:20pm PST only at Music.Gala.World!
As the first artist to feature in our Emerging Artist Discovery Program, Jane Handcock’s NFT tracks will enable listeners to earn L2E rewards in the Gala Music Ecosystem. We believe blockchain technology can and should empower both creators and fans alike– kicking off this program represents a huge milestone in cultivating a better future for music.
Any NFT track on the Gala Music Ecosystem released by creators under the Emerging Artist Discovery Program will have the potential for listeners to earn rewards while streaming. These L2E rewards are distributed from a pool that is funded from a small percentage of established artists’ NFT track earnings.
A Bigger Stage
With the Emerging Artist Discovery Program, both established creators and fans can support talented creators who are less widely known in the music world. The world of musical creativity continually grows– new and fresh voices are key to that transformation. At Gala Music we want to continually showcase new creators that can always take music to its next stage of evolution.
The blockchain revolution not only creates an opportunity to enjoy new creative experiences from the artists you love, but also removes many of the barriers that have prevented talented, lower profile musicians from breaking through to a worldwide audience in the past. With Gala Music, we’re able to craft a new music industry where brilliant music isn’t drowned out by an artist simply being unable to get it in the ears of people who will love it.
The new world of music is a place where great music is great music– where no creator with a unique, compelling and authentic sound ever fails to be heard. By featuring talented musicians with original ideas, we can help music fans find new music they love and more artists can find the perfect audience to vibe with.
Composing the Future
Changing the landscape of music takes real action and supporting emerging artists is the first step to crafting an ecosystem in which creativity truly thrives. There is more great music for everyone to love.
This drop is a huge milestone for us, and we couldn’t have asked for a better artist than Jane Handcock to kick off the Emerging Artist Discovery Program. Don’t miss this limited sale– head to Gala Music to pick up your track before they’re gone.
- Where can I get music NFTs?
- The Most Effective Crypto Exchange
- Make use of a cryptocurrency wallet
- Cryptocurrency Prices Right Now
- What is the most effective strategy for me to sell music NFTs?
- The Benefits and Drawbacks of Music NFTs
- What musicians are involved in this?
- What is the goal of NFT?
- What makes people think they can justify paying millions for a digital token?
- Could NFTs pave the way for a more prosperous future for artists?
- Will NFTs to have an impact on the music industry?
- Frequently Asked Questions
Imagine being a recording artist. For a cheap $149, buy one-off beats by top producers to use in your songs.
Where can I get music NFTs?
Primarily, it would be best if you became acquainted with cryptocurrency. But do not let that deter you! Anyone may use cryptocurrency, and more individuals are joining the field every day. To begin, all you need is a device, such as a phone or a computer. Then, all you need to understand is right here if you are inclined to order but lack the necessary knowledge.
1. Locate a source that sells music NFTs: Getting your feet wet in the sphere of NFTs may be as simple as using a platform like NiftyGateway or OpenSea to get started. These websites, on the other hand, sell non-financial tokens (NFTs) of digital artwork. Right now, music NFTs are a little difficult to come by. Only about 150 music NFTs have ever been sold, but that number is expected to rise dramatically in the coming years. When it comes to Music NFTs, Opulous is a platform you must be aware of. Artists can use Opulous to include a real-world percentage of their future music royalties in Opulous Music NFTs, allowing fans to make money simply by possessing them. This type of application demonstrates the inherent worth of NFTs as more than just collectibles. This will be examined in greater depth later on in this article.
2. Get a cryptocurrency wallet that can store NFTs: Because NFTs are held on the blockchain, you will need to download an application to access and keep them. This is called a wallet. Crypto wallets are available as apps or browser extensions. MetaMask is the greatest wallet to use right now, according to us. It is simple to set up and use, even if you only have a rudimentary understanding of crypto, and it is compatible with the great majority of NFT marketplaces. Each wallet has its own unique “address.” Your address is similar to a bank account number in that it is a string of characters that anyone sending you something on the blockchain will need to know. To keep your NFTs safe, you will need to create a private key and seed phrase when you create a crypto wallet. Your private key functions similarly to a password. A combination of numbers and letters gives you access to whatever you have placed on the blockchain, including Bitcoin, altcoins, and NFTs. A seed phrase may also be given to you. This is a series of twelve phrases that must be spoken in a certain order to recover access to your wallet if you have misplaced it. Please keep a record of these words and keep them somewhere safe and secure. Note that if you lose your seed phrase, you will not restore it.
3. Convert your funds to cryptocurrency: NFTs can only be purchased using cryptocurrencies, meaning you will have to swap some of your dollars, pounds, euros, or other “fiat” cash first. Purchasing cryptocurrency is a breeze. There are numerous cryptocurrency exchanges where you may trade your traditional currency for Bitcoin, Ether, or any other altcoin. To buy an NFT, you will need to get some Ether. The cryptocurrency Ether is used on the Ethereum blockchain, where most NFTs are held – while other blockchains, such as Algorand, are rapidly expanding into NFTs. After simple identity verification, you can buy the crypto you need on markets like Coinbase and Binance. You are ready to proceed once you have obtained your cryptocurrency, created a wallet, and registered with a platform that sells NFTs. To make a purchase, follow the on-site instructions. Then sit back and admire your gleaming new NFT in all of its beauty!Since 2016, Gemtracks has sold 1000s of beats to aspiring artists.
The Most Effective Crypto Exchange
Choosing a crypto exchange is similar to choose a stockbroker. Look around for the one that offers the most for your preferred trading style. Unlike stockbrokers, not every cryptocurrency exchange will offer the same coins.All beats from Gemtracks include 100% ownership, master track + WAV stems.
Make use of a cryptocurrency wallet
To purchase and sell music NFTs, you do not need to use a crypto wallet, but it can make the transaction easier and add an extra layer of security to your assets.Since 2016, Gemtracks has sold 1000s of beats to aspiring artists.
Cryptocurrency Prices Right Now
The bitcoin price, Ethereum, and other prominent cryptocurrencies affect NFT markets. So, monitoring cryptocurrency prices might give you an indication of how heated the NFT market is right now.All beats from Gemtracks include 100% ownership, master track + WAV stems.
What is the most effective strategy for me to sell music NFTs?
So, you are a musician, and you want to be a part of the NFT? There are a few venues where you can start minting and selling your own music NFTs, fortunately. A fast Google search will reveal the possibilities that are now available to you. Opulous, on the other hand, is a project you must be aware of. Opulous is a new NFT Launchpad that Ditto Music has been working on behind the scenes, but it is not quite like the others. Opulous is the first platform to introduce NFTs, which pay fans to share music on social media. But what exactly does that imply? When your fans purchase your track as an Opulous Music NFT, they will be entitled to a portion of the future revenues earned through streaming outlets. With each NFT sold, artists may determine the price, kind of sale, and royalty split, and fans can unlock those royalties by simply promoting music on social media. It is a win-win situation for artists, fans, and investors, and it’s a whole new method for them to connect and communicate. Artists may make more money upfront by selling NFTs, while fans can make more money by supporting the music they love. Opulous is a big step toward a healthier music industry, fuelled by genuine fans who support and profit from their favourite artists. Before opening access to all musicians, the site plans to debut NFTs for a few well-known artists.Imagine being a recording artist. For a cheap $149, buy one-off beats by top producers to use in your songs.
The Benefits and Drawbacks of Music NFTs
Music NFTs can revolutionise the music industry. Let us examine the benefits and drawbacks of this new media.
The Benefits of Music NFTs
Increased fan-artist connection: Musicians can use NFTs to develop a special bond with their staunchest supporters by delivering one-of-a-kind, non-duplicable products or personal invitations. Because NFTs are kept on the blockchain, transmitting them from one user to another is simple and painless. Negotiations can be conducted fully online, with no need to ship or store real objects.
The Drawbacks of Music NFTs
The major players win out: Sadly, the main winners in the NFT area right now are musicians like Kings of Leon and Grimes, who already have massive fan bases. Artists that are not well-known and do not have a large fan following may struggle to match the commercial success of more well-known bands. Speculators abound: NFT markets such as NBA TopShot and Nifty Gateway are currently flooded with supply and speculators trying to buy and sell pieces for a quick profit. As a result, prices fluctuate, and real collectors are forced to pay increasingly greater amounts for products they truly desire.Since 2016, Gemtracks has sold 1000s of beats to aspiring artists.
What musicians are involved in this?
Individuals in the music industry who have done a fantastic job with NFTs seem to have had prior ties to the passionate crypto community. Many others, on the other hand, have been experimenting with the format. Deadmau5 began selling NFTs for virtual stickers last year. Like Linkin Park’s Mike Shinoda, Kings of Leon, and Shawn Mendes, other well-known artists have also jumped on board, as has Portugal. “Cryptocurrency is the nouveau rock’n’roll,” the Man recently declared. The disclosure also launched music on Twitch this week and marketed it as an NFT. Jacques Greene, a Canadian electronic music producer, used NFT to auction the publication rights to a new single, pushing the platform’s restrictions even further.All beats from Gemtracks include 100% ownership, master track + WAV stems.
What is the goal of NFT?
While there are no defined guidelines for the collaboration, there are a few examples of how great artists have employed NFTs that younger artists might learn from. These are some of them:
Record releases: In February, 3LAU, a well-known American musician, sold his tokenised album for over $11 million. Although this sales amount is an aberration, other artists can learn from the move. On-chain sales of limited copies of your music can create exclusive material in a fun way. Furthermore, every subsequent sale of the NFTs earns the artists a portion.
Beat Selling: Creators can now offer beats as music NFTs directly to purchasers. Because of the immutability of NFTs, end-users can buy these beats on-chain and exploit them immediately or store them for resale profit. Every resale earns the music producer a royalty.
Merch Sales: Merch can be delivered on-chain in both virtual and tangible forms. They are available for purchase and resale by anyone. Artists also get a percentage of all secondary sales, as is customary.
The layout of a stock-type distribution system: This is another method NFTs can aid the music industry, albeit it has yet to be shown. Consider selling 20% of your forthcoming album’s rights as NFTs. This means that, in addition to on-chain money, fans who own NFTs will receive a portion of off-chain revenue from your tracks, like streaming, TV collaborations, and retail sales. Consider it a tokenised stock certificate that confers album ownership rights. In this manner, you may foster an environment around your work that benefits you and your committed followers. Furthermore, holders have exclusive benefits such as front-row seats at special performances, listening parties, and other events.Imagine being a recording artist. For a cheap $149, buy one-off beats by top producers to use in your songs.
What makes people think they can justify paying millions for a digital token?
NFTs are causing quite a stir, but the flashy sales making headlines are clearly out of reach for those waiting for their COVID-19 relief payments. To date, NFTs have been considered a luxury item available only to the wealthy. Yet, the socioeconomic realities of the art and tech worlds, which came together to create it, are necessarily reflected in the NFT realm, with all the class, race, and other baggage that entails.Since 2016, Gemtracks has sold 1000s of beats to aspiring artists.
Could NFTs pave the way for a more prosperous future for artists?
For music fans, the most plausible scenario for NFTs is to provide musicians with the economic power they lacked in the most recent incarnation of the internet. Unfortunately, despite the optimistic claim that NFTs are democratising access to money for musicians, all they have done so far is generate a few more solitary winners rather than changing the game’s rules.All beats from Gemtracks include 100% ownership, master track + WAV stems.
Will NFTs have an impact on the music industry?
The answer is yes for artists wanting to break free from the grip of streaming and distribution channels. Artists can sell straight to their fans, who can retain their merchandise on the blockchain by eliminating the go-between. In addition, musicians will no longer be subject to record labels or streaming services such as Spotify. Not only will a higher amount of purchases go back to the artist, but the blockchain’s record of authenticity will also eliminate piracy worries.Imagine being a recording artist. For a cheap $149, buy one-off beats by top producers to use in your songs.
Frequently Asked Questions
Q: What is the difference between NFT and copyright music?
A: The buyer of an NFT does not get ownership of the work, only the token that verifies its legitimacy. So, if you buy the King of Leon NFT CD, for example, you do not own the rights to any of the tunes and are unable to record your versions or claim royalties unless you purchase a stake in the royalties through SongVest, in which case you still do not own the song.
Q: Is MP3 audio an NFT?
A: No, it is not. An MP3 is a file on your hard disc that can be copied or replicated as often as the user likes. NFTs are non-copyable tokens kept on the blockchain.