For the past few months the entire industry has been raving about non-fungible tokens NFTs which are digital collectibles stored on the blockchain and can represent anything from.

What is the nft craze in the music industry. Interestingly the very first rock sold for 00999 ETH worth around 300 at that time. An NFT is a non-fungible token that represents ownership of a digital asset such as a song photo video clip or digital artwork. NFTs makes it possible to add value to things that exist on.

The asset was a 36-second. The creation of the EtherRocks was inspired by the Pet. It can essentially be anything digital from the audio file to an unreleased song and digital artwork to a video or 3-D sticker.

Think of it as a digital certificate of authenticity. Money for example is fungibleyou can exchange a. The NFT consists of still images of a rock which are all identical in design and shape but with different color tones.

NFTs in the music industry can take on many forms. ETHRocks is basically a collection of digital rocks tokenized on the Ethereum blockchain. Artists will hold the ownership rights to their NFTs through the use of their private keys.

The creation of the EtherRocks was inspired by the Pet Rock toy craze in 1975 and only 100 ETHRocks will ever exist. Introducing blockchain in the music industry means songs and videos can each be stored and programmed as a non-fungible token NFT. Ticket sales for concerts virtual and physical sample packs previews of unreleased songs and art.

Born out of the visual art world NFTs can be used to prove ownership of a specific piece of music art or merch or secure access to live shows. Fungible means interchangeable so it can be replaced by something of equal value. The NFT consists of still images of a rock which are all identical in design and shape but with different color tones.