Music NFTs have been the main topic of conversations in the arts industry lately. Non-Fungible Tokens (NFT) have exploded in popularity among artists and creators, the latest artist being rap legend ILL Bill.
Phantasma blockchain, a custom-built platform for NFTs is launching a new feature on GhostMarket.io, an NFT marketplace, and Hip-Hop producer and label owner, ILL Bill is celebrating the launch with an exclusive NFT release named ILL BILL — SILK ROAD ft. LORD GOAT.
The bid began at 15,150 $SOUL. As an NFT, there will only be one copy of ILL Bill’s song making it as rare as a renaissance painting, and a highly sought-after collectible.
NFTs Are An Appealing Option For The Music Industry
The winner of ILL Bill’s auction will own an NFT that can access unlockable downloads and a full-quality WAV file of the original master recording of “Silk Road ft. Lord Goat”, the full collection of front and back cover album art, and digital stickers. ILL Bill is a lifelong collector of albums himself, and he’s very excited to be one of the first artists in the industry to use this new format of music.
"I already have a bunch of NFTs in the works and, this year, we're just gonna experiment and have some fun with it," he says
NFTs help preserve the artist’s copyright which has been a long-time aspiration of the music industry and can be achieved easily with NFTs. Hence, it’s no surprise that many artists are going the NFT way.
The buyer receives only a unique digital collectible but not the song's rights as they remain with the artist and their label. Over 900 NFTs for sale in the music category indicate that the interest in music NFTs is starting to reach exponential growth.
Phantasma Offers A Powerful Platform For NFT Marketplaces Like GhostMarket
The Phantasma blockchain was built to overcome the high costs, slow transaction speeds, and other platforms' related limitations.
Phantasma establishes a lifelong royalty structure by offering a native marketplace smart contract with royalty features. This helps the artist/original creator ensure that the NFT is sold to a new owner each time, and the original creator will receive their exact exchange value delivered straight to their wallet.
This is one of the reasons why GhostMarket.io has chosen the Phantasma Blockchain to implement its NFT goals. GhostMarket is the only cross-chain NFT marketplace in the world designed by the NFT community for the fans of NFT. It features trustless NFT trading and facilitates smart contracts on all integrated blockchain, making it possible to safely discover, buy, or sell NFT without the risk of lost funds.
The Rise Of The NFT Market
NFTs are currently the most sought-after collectibles right now, in the blockchain world and beyond. Beeple’s "EVERYDAYS: THE FIRST 5000 DAYS," made history as it was the first digital art being sold by the famed fine art auction house Christie’s.
Fantasy Football game Sorare has released NFT game cards, an officially licensed digital collectible of a footballer, stating collectors can now enjoy the attributes NFT offers: it cannot be copied or taken away from the owner. The Sandbox Game offers its players to build, own, and monetize their gaming experiences using NFTs.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.