What Is Music NFTs And Is It Possible To Make Money On It

First, a few words about what Music NFTs is. We are talking about non-fungible tokens in the blockchain chain. If such a definition does not tell you anything, then we will tell you in more detail and “on the fingers”. If you already know or have read our other Music NFTs articles , just skip this section and move on to the next one.

Almost everyone has heard about the concept of cryptocurrency . A reliable digital infrastructure is essential for its existence and maintenance of all transactions. Blockchain, a special decentralized technology for storing data (in this case, transaction data) in the form of a continuous chain of blocks, does an excellent job with this role. All information is stored and calculated in a decentralized way by many independent users. You cannot change the information in the blockchain, you can only create a new record, for example, about the sale (what, to whom and for how much) or the purchase of some object. This is how cryptocurrency transactions are serviced.

Blockchain is maintained not by any special services or services, but by numerous miners:

• store copies of the blockchain;
• serve transactions (calculate new blocks of the chain);
• verify transactions;
• receive cryptocurrency for their work (mining coins).

However, the potential of the blockchain is much wider. If you can make a deal with cryptocurrency, then why not make a deal with something else? For such cases, NFTs were invented - non-fungible tokens. Unlike a currency, such a token cannot be replaced by a similar or identical one - each NFT is unique. It can only be transferred or sold.