The adoption of NFT is embracing various industries by storm and music is now one of them. Every day more singers, DJs, and bands are starting to use blockchain technology as there are clear advantages both for musicians and their fans to do so. Using NFTs allows for generating economic benefits through certain platforms independently. As intermediaries are eliminated, musicians can sell their products as well as communicate with their fans directly.
Non-Fungible Tokens, or NFTs, are created to be unique digital goods. They are digital assets that simulate actual things like artwork, music, video content, and other in-game elements. In other words, they are digital certificates that are kept on a distributed database that is publicly verifiable. NFTs are to digital assets what a property deed is to a home or a copyright certificate is to an artwork. Specifically, in this industry, music NFT has both a musical and a visual element.
Entering this new revolutionary new industry is Gala Music, a new decentralized, blockchain-based music network. Gala Music boasts a platform for streaming music NFTs, a decentralized distribution network operated by fans, and an NFT shopfront. Unlike traditional labels and streaming platforms, Gala Music gives its artists full control over and ownership of their music in addition to financial rewards from NFT drops and streaming. It makes 3 distinct promises: empowering artists, championing talent, and sharing rewards. But is hard to see how this all works for the user.
Everything within the Galaverse depends on the user-owned Node Ecosystem. Gala is supported by users, who operate the Nodes from their home computers. Users can also purchase music NFT and host it on a Player/Fan Node, sharing in the rewards when that specific song is being listened to.
However, even for the average person that doesn’t want to run a node or buy an artist’s song NFTs, it’s simple to enter the reward system. The platform is listen-to-earn, meaning by streaming the music library that is ever evolving and it is possible to earn from listening to songs. Each artist and group are different so the extra perks will vary depending on the streamed song and artist. Examples of artists joining the platform include Snoop Dogg, Kings of Leon, Bassjackers, and Mount Westmore.
The rewards will come in the form of the platform’s own digital token, called $GMUSIC. The token is being targeted to launch by the end of summer 2022. Genesis mint of $GMUSIC will be shared with node owners. After genesis mint, rewards will be distributed to those who support the ecosystem, based on an algorithm (sharing music for example).
What do you think? Are you interested in listen-to-earn and music NFTs? It is a revolutionary new industry and joining now is looking like a promising investment.