28 Feb NFT resale royalties passed through generations
As the musician who composed own music, you probably wonder, how can you leave your music as the heritage for your kids and grand kids and many more generations, while guaranteeing that they will all always receive some royalties from the resale of your music.
And guess what, today exists a way to achieve exactly that. And the technology for that is called the Music NFT (music non-fungible token). There are many Networks, which could be used to encode an NFT from the music files, such as Wav or MP3 files of your music.
Multiple blockchain networks, which have implemented their versions of the NFT. However the inventor of NFT is Ethereum and that is what we use to mint our music into the NFT. Therefore what we describe in this article is supported by Ethereum blockchain network. You can always check our Music NFT collection and support us by allowing one of our songs into your Music NFT collection, by navigating to:
What minting music into NFT does is it encodes the music file into a non-fungible token. It wraps that same Wav or MP3 file into an encrypted block turning it into an asset that is secured by the Ethereum blockchain. It becomes a sort of unique and exclusive commodity, which can only have a single owner at the time. If one owner, transfers the ownership to someone else, he or she looses the access to that music composition and a new new owner become the sole holder of that particular Music NFT (music non-fungible token). The Music NFT commodity can be sold as well, believe it or not and that is the beauty of it.
What Ethereum blockchain allows is for the original creator of the NFT to set the percentage to be paid to the original owner for each sale of the given NFT forever. Meaning that every time in the future, when your Music NFT will be resold, you will get the percentage of each and every resale deposited to your crypto wallet.
Obviously money will be deposited in the Ethereum currency. And the wallet address, which is specified when Music NFT gets generated, is also hardcoded into the NFT block. Therefore the wallet is what will have to be passed through generations, but the percentage of each sale of the NFT, which was encoded with that specific rule, will be deposited as soon as each resale happens. And if you are one lucky musician who will become an icon and whose music will go on forever as the collectibles, then your music will be sold and resold numerous times throughout generations. Just like collectible rare vinyl record do today. However the original composer’s family does not get royalties for the resale of the vinyl records. Music NFTs however will guarantee that your next of kin will get royalties paid. (When minting your music into NFT, make sure you understand how to configure it correctly so then the royalties for each resale were automatically deducting. This is not a default behavior, but if you choose to set it up this way, there is an option.)
You probably asked: “So then if I want to create one million tokens of my music, should I encode the same song one million times”? And the answer is yes. Each separate music file when encoded into an NFT is its own separate non-fungible token. However that also lets you have a choice. You can either keep your music collection as the limited edition, let’s say only one thousand copies and price those at premium as the collectible song(s), which is only released in NFT format. Or you could create one million NFTs from each one of your tracks, then bundle those up into albums and sell each track for 99 cents equivalent in Ethereum currency, or sell the album bundles for 10 dollars each if for example album had 10 tracks in it. Pricing is absolutely upto you.
More in depth details could be read on the Ethereum’s own NFT description page.
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