As millennials, we cannot deny the fact that blockchain technology is the best thing that has ever happened in this 21st century. It is very rare for us to point out any industries without adopting blockchain technology. It also provides the best investment opportunities for entrepreneurs to invest in digital assets.
What is NFT, and why is it gaining high prominence these days?
An NFT or Non-fungible Tokens provides a digitized certification for people who own one of its kind of cryptographic assets. The best part of these cryptographic assets is that they cannot be exchanged or interchanged for other items.
For example, paintings, photos, videos, tweets, etc., can be sold as NFTs on the platforms. These NFTs can be sold or traded on the blockchain, which stores them securely in digital ledgers. People are allowed to own these NFTs and trade digital assets. Whenever the NFTs are identified or posted on the platform, a token of recognition is given to it, mentioning that it is rarely one of its kind.
The decentralized open-source Ethereum blockchain will circulate and verify the NFTs. So, when someone buys or owns an NFT, it will get updated in the NFT stating the ownership of it. However, the information will be circulated to the entire individuals who are on the blockchain.
How does NFT play a massive role in live streaming platforms?
NFTs are digital representations of unique assets that are claimed as one of -its kind or rare piece of elements. Content creators or media personalities will create their own videos and mint them for NFT for their unique token value.
People on the NFT platform can buy or subscribe to those videos. There are also certain people who will purchase the video and claim ownership over it. Unique and rare videos of celebrities, any important global events, or historical content can be posted on these platforms and sold for people.
The marketplaces and auction platforms allow people to buy videos for a huge sum of money. Some platforms will allow users to buy the NFTs in exchange for fiat or cryptocurrencies for their holistic values.
On the other hand, we also have NFT for live streaming platforms where the users can purchase slots or tickets for the live performance of their artists. It can be a music concert or an entertainment show, by purchasing the tickets on NFT, they can watch them on the NFT platforms.
How NFT based music streaming platforms help musicians to earn better income?
While streaming a video or audio on a platform like Youtube or any other platform, the Musicians and artists are left with no royalty. Sometimes due to privacy issues, certain platforms will remove their content. But in NFT, they claim ownership over their music and their content.
Musicians and artists will tokenize their music performances and trade them to the global audience. The users can purchase them through NFTs, and they can also trade them with other users globally. Through these NFT audio streaming platforms, the artists can earn their royalty in cryptocurrencies.
Some alluring features of NFT
They are Unique
The NFTs are known for their uniqueness of the digital collectible. This will help the creators to have control over their ownership and authenticity. There can be no fake profiles or any forgeries.
NFTs are non-fungible, which means a part of them alone cannot be sold to individuals like cryptocurrencies. They have their unique value.
NFTs have become most trusted among artists and people from the entertainment industry. These platforms give them a token of recognition and ownership for their content. On the other hand, the owners of the platforms also get benefited from these platforms. SO, it will be an amazing idea for entrepreneurs like you to invest in developing NFT platforms.