The value ascribed to an NFT is based on its collectability as well. This ties back into the rarity factor again. NFTs get their value from the perception of their worth by collectors.
As mentioned before, iTunes or Bandcamp doesn’t really offer a true buy afghanistan cell phone number list way to distribute music. The songs purchased on these platforms cannot be resold or traded, legally anyway.
For the first time in history, musicians can add a collectability factor to digital releases of their music.
Utility
NFT utility is a hot topic in early 2022. It started to become a hot ticket item in 2021 with the surge of music NFT popularity and news. Musicians are still figuring out how to provide utility via NFT. Some are leaning on the utility aspect of music NFTs and claiming it’s really the way they should be used. Others say the utility is simply the music itself. Personally, I think the space is still new and being explored, and we may see some type of utility reimagined in the future.
A few ways utility is being provided are: buyers of a music NFT also receive shirts, passes to shows, paired tangible releases of the music, and all kinds of other crazy strategies.
The value ascribed to an NFT is based on
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