What Technology Powers NFT Music?
NFT music is primarily powered by blockchain technology, which serves as a decentralized and immutable ledger. The most commonly used blockchain for NFTs is Ethereum; however, other platforms like Binance Smart Chain, Flow, and Tezos are also gaining traction. These blockchains allow artists to mint non-fungible tokens (NFTs) representing their music, ensuring unique ownership and provenance.
Smart contracts play a crucial role in NFT music, as they automate transactions and ensure that artists receive royalties each time their music is resold. This technology empowers creators by eliminating intermediaries, allowing them to retain more profits from their work.
Additionally, IPFS (InterPlanetary File System) is often used to store the actual music files linked to the NFTs. This decentralized storage solution ensures that the content remains accessible and isn't reliant on a single server, enhancing the longevity of the NFT music assets.
Overall, the intersection of blockchain, smart contracts, and decentralized storage technologies is revolutionizing how music is created, distributed, and monetized, providing artists with new opportunities in the digital landscape.