This article will cover:
- What is an NFT?
- Ownership of digital music
- What can I do with my digital music NFT?
What is an NFT?
- What does NFT mean? NFT stands for non-fungible token. They are collectible digital media and digital music that can be verified for its authenticity and scarcity. They are bought and sold online, often with cryptocurrency. NFTs have unique identification codes creating digital scarcity. The NFT can be traced, differentiating the original from subsequent copies.
- How is an NFT different from cryptocurrency? Fiat money and cryptocurrencies are "fungible" meaning they can be traded or exchanged for one another. They are equal in value, whereas digital music NFTs differ in value as they are different pieces of work.
- How do NFTs work? YoshiDrops NFTs are digital collectibles minted on the WAX blockchain and records transactions of the NFT. It shows the relationship of owner to collector, to the next collector and so on.
Ownership of digital music
NFTs can be seen as an evolution of music collecting by allowing the buyer to own the original item. NFTs can only have one owner at a time. YoshiDrops ensures a Certificate of Authenticity, certifying the music is 100% genuine and authentic and has been minted as an NFT on YoshiDrops using blockchain technology.
Some musicians may include a special release with their NFT. Be sure to read the description of each NFT well.
What can I do with my digital music NFT?
What can the NFT owner do? You can collect, sell or trade your NFT 24 hours a day, 7 days a week. In some cases when noted in the contract, NFTS can be used in other manners but most cases don’t allow for commercial use. We can’t stress enough – be sure to read the description of each NFT you purchase well.