Data Sources:

Data Sources:Footprint Analytics

2021 is known as the first year of NFT. There has been a wave of NFT craze in the art field and it continues to this day.

All kinds of images are made into digital collectibles for sale, and brands in various fields such as Nike, L'Oreal Paris, and Tencent have entered NFT.

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Footprint Analytics: NFT market share by category (https://footprint.cool/irpe)

According to the "Global Music Report 2020" released by the International Federation of the Phonographic Industry (IFPI), the total revenue of the global recorded music market (only the size of the recorded market music) is US$21.6 billion. The capital market also smells the market potential of NFT music, and there are frequent reports of financing in the music NFT field:

• In June, Opulous, a financing, lending and trading platform for music copyright NFT, announced that it had received US$6.5 million in financing

• In August, NFT Record Catalog completed a financing of US$2.2 million

• In November, Royal, a crowdfunding NFT platform, raised $55 million in Series A funding following its $16 million seed round in August.

• In December, Mint Songs, a music NFT marketplace, received $3 million in seed round financing

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What is music NFT

NFT, Non-Fungible Token, Chinese is a non-homogeneous token. Different from ordinary cryptocurrencies, each NFT can represent unique digital data as a carrier of virtual commodity ownership. In layman's terms, NFTs are unique digital collectibles. Non-fungible tokens can represent many categories of digital files, such as paintings, sounds, videos, in-game items, or other forms of creative work.

Music NFTs are digital collectibles that contain music files. Audio NFTs are technically no different from other NFTs, but they are primarily multi-dimensional by combining music and video.

Looking back at the history of the music industry, we can glimpse the development of sound technology. From physical music carriers such as vinyl records, tapes, and CDs to streaming media such as Spotify, JOOX, and KKBox, to today's music NFTs, every change is human beings' pursuit of music that is more convenient and more in line with the development trend.

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economic benefits

Compared with the cost of listening to ordinary songs, the price of music NFT is very high, which is very attractive to independent musicians. On Spotify, the average "per play" pays artists $0.003 to $0.005, which is equivalent to only $3,000 to $5,000 for 1 million plays. In the field of music NFT, music digital artwork can easily sell for tens of thousands of dollars .

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Additional benefits

In addition to trading the ownership of digital collectibles, music NFTs often have other wonderful "easter eggs" attached to them.

On the one hand, buyers can use music NFT as an equity investment, and the artist will give up a part of the ownership of the song, so that the buyer can get actual investment income.

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proof of action

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Comparison of the three major music NFT platforms

As can be seen from the above chart, there are relatively few public chains currently supported by the music NFT platform. However, many music NFT platforms have accumulated some well-known artists and have different visions, but what they have in common is that music can be shared by everyone and music can connect everyone.

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Footprint Analytics: NFT Transaction Volume 2021 (https://footprint.cool/irpe)

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About Footprint Analytics:

Footprint Analytics is a one-stop visual blockchain data analysis platform. Footprint assisted in solving the problem of data cleaning and integration on the chain, allowing users to enjoy the zero-threshold blockchain data analysis experience for free. Provide more than a thousand tabulation templates and a drag-and-drop drawing experience, anyone can create their own personalized data chart within 10 seconds, easily gain insight into the data on the chain, and understand the story behind the data.

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The above content is only a personal opinion, for reference and communication only, and does not constitute investment advice. If there are obvious understanding or data errors, feedback is welcome.

Copyright Notice:

This work is original by the author, please indicate the source for reprinting. Commercial reprinting needs to be authorized by the author, and those who reprint, extract or use other methods without authorization will be investigated for relevant legal responsibilities.