Over the week Catalog, a new NFT initiative to push the music industry forward, revealed itself to the public. The platform is now in beta. Catalog allows artists to create unique music NFTs that can be minted, traded and listened to. Artists get 100 percent of the sale, while also benefiting from resales.
In an elaborate blog post the Catalog team revealed their plans for the music NFT platform. They want their service to become a collectively owned, permanent and interoperable music archive for artists who don’t have big audiences or resources. Yup, it’s aimed at the little guys.
The platform will start small, as it’s working with 20 artists. However, in the future everybody might be able to launch their music on the Catalog platform. Everything is stored on the blockchain, and therefore any third-party can create additional services, tapping into their data.
Every song sold on the platform is unique, and there’s only one copy of it. Owning these NFTs doesn’t mean you have copyrights over it, it just means you’re the only person have an NFT of a song made by a certain artist. There’s a sense of collecting, but also supporting upcoming artists. So far these songs have sold for prizes of around 1000 to 3000 dollars.
Catalog is working on including upgrades like auto-splits on sales, and fractionalized ownership over music records. Ultimately this should mean even more revenue to the artists.
Music NFTs on the rise
As mainstream media and celebrities pay more attention to the blockchain market and NFTs, we are finally seeing developments in the audio space. Music NFTs are slowly becoming a real thing. NFT pioneers like ConnieDigital have been combining various art forms in their NFTs, including music.
Last month Euler Beats made a major splash into the blockchain community, introducing on-chain generated music and art into one single NFT. At the same time Gala Games is planning to let their community create and sell in-game music for the upcoming online game Mirandus.
During the February NFT hype we’ve also seen a variety of famous dj making their moves into the blockchain space. 3LAU has been active for many months, and he made $11.6 million selling art and songs. Deadmau5 has been busy, while Steve Aoki sold some NFT art last week.
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