Tag: Music NFT

To upload music as an NFT on OpenSea, follow these steps:

1. Set Up Your Wallet: Install a MetaMask wallet and connect it to OpenSea. Add the Polygon network if you want to mint for cheap gas fee.
2. Prepare Your Files: Convert your music to MP4 format (as MP3/WAV files are no longer supported) and ensure the file size is under 50MB. Create a custom thumbnail image and write a detailed description.
3. Create Your NFT:
   • Log in to OpenSea.
   • Click “Create” from the top menu.
   • Upload your MP4 file and thumbnail image.
   • Fill in details like name, description, properties (e.g., genre, bitrate), and external links if needed.
4. Choose Blockchain: Select Polygon for cheap gas minting or Ethereum if preferred.
5. Mint and List:
   • Click “Create” to mint your NFT.
   • Once minted, click “Sell” to list it on the marketplace.
   • Set your price and listing duration (up to 6 months).
6. Finalize Listing: Sign the transaction in MetaMask to complete the process.

Your music NFT will now be live on OpenSea.

Yes, you can create NFTs on the BitShares blockchain. Several tools and methods are available for this purpose:

1. BitShares NFT Creator (BNFTC): A Python-based tool that allows you to create, audit, and deploy NFTs on the BitShares blockchain. It supports embedding images (e.g., PNG, JPEG, GIF) and requires basic knowledge of Python, JSON, and command-line operations. The process involves creating image files, editing JSON templates, signing objects, and deploying them on the blockchain.
2. BitShares NFT Issuance Tool: This tool integrates with the BEET wallet and supports NFT creation on both the production and testnet blockchains. It requires Node.js as a prerequisite.
3. NodeJS-based Method: Another approach involves using NodeJS to issue NFTs on the BitShares DEX. This method also requires a BitShares account and a Lifetime Membership to reduce network fees.

These tools provide flexibility for creating NFTs while leveraging BitShares’ decentralized exchange and blockchain infrastructure.

Yes, you can create NFTs on the Bitcoin Cash (BCH) network using a feature called CashTokens. Introduced through updates to Bitcoin Cash, CashTokens enable the creation of both fungible and non-fungible tokens (NFTs) on the BCH blockchain. These tokens are distinct from BCH currency and can be transferred and traded on the network.

Key Features of NFTs on Bitcoin Cash:

1. Non-Fungible Tokens (NFTs):
   • Each NFT is unique and contains a “commitment,” a short byte string attested to by its issuer.
   • NFTs can have different capabilities, such as:
     • Minting: Allows creating more NFTs of the same category.
     • Mutable: Enables modifications to the token’s properties.
     • Immutable: Prevents any changes to the token once created.
2. Advantages of Using BCH for NFTs:
   • Low transaction fees.
   • High scalability for faster processing of transactions.
   • Support for decentralized applications (DeFi) and tokenized assets.

To create an NFT on Bitcoin Cash, you would use smart contracts with CashTokens functionality. This process involves defining the token’s properties and deploying it on the BCH blockchain using tools or platforms that support this feature.

The failure of “OurSong,” an NFT marketplace, was a challenging experience for me but also a valuable learning opportunity. Through this, I gained insights into the risks and pitfalls of the NFT space. Here are three key lessons I personally took away from this collapse.

1. High Gas Fees Are Unsustainable

Ethereum (ETH) is incredibly popular and has a vast reach, but its high gas fees can be a major obstacle. When OurSong collapsed, I was unable to move my NFTs to external wallets because the gas costs were too high, leaving me stranded. This experience made it painfully clear that platforms relying on blockchains with high transaction fees are not sustainable for users like me.

Key Takeaways:

• High gas fees restrict mobility and access to assets during critical moments.
• Sustainable platforms must prioritize low-cost blockchain solutions.

2. Popular Blockchains Are Essential

In the beginning, OurSong allowed me to mint NFTs on various emerging blockchains like ThunderCore and Binance Smart Chain. However, these chains lacked user adoption and quickly became irrelevant. Ultimately, Ethereum and Polygon emerged as the dominant platforms, proving that blockchains with a large user base are crucial for long-term success. This taught me that using popular blockchains is crucial for stability and growth.

Key Takeaways:

• Emerging blockchains may seem promising but often fail without widespread adoption.
• Established chains like ETH and Polygon provide better continuity and usability for users.

3. Centralized Asset Management Is Risky

When I minted NFTs on OurSong, they weren’t directly sent to my wallet. Instead, the platform held them until I manually withdrew them, which was already concerning. However, an even bigger issue arose: the NFTs were created under the platform’s name. This meant that if I chose to withdraw and resell these NFTs on another marketplace, the royalties would continue to go to OurSong instead of me as the creator.

This centralized approach posed significant risks in multiple ways:

1. If the platform failed (as it did), I lost access to my assets entirely unless I manually withdrew them and paid high gas fees.
2. Even after withdrawing my NFTs, I had no control over royalties because they were tied to OurSong’s smart contracts.

This experience taught me that decentralized systems are far superior. Platforms where NFTs are minted directly into personal wallets and royalties are embedded into smart contracts controlled by the creator offer far greater security and autonomy.

Key Takeaways:

• Centralized models put users at risk of losing their assets if the platform fails.
• Royalties tied to centralized platforms undermine creators’ control over their work.
• Decentralized systems that give users full control over their NFTs from the start are more secure and fair.

Conclusion

The collapse of OurSong taught me three critical lessons:

1. Low-cost transaction environments: High gas fees can leave users stranded.
2. The importance of popular blockchains: A strong user base ensures blockchain viability.
3. Decentralized asset management: Users need direct control over their NFTs and royalties for security and fairness.

These lessons have reshaped how I approach the NFT space and will guide my decisions moving forward to avoid similar pitfalls in the future. By prioritizing decentralization, low-cost solutions, and established ecosystems, I hope to navigate this space more safely and effectively going forward.

NFTs (Non-Fungible Tokens) and digital art have formed a natural pairing since the NFT boom of 2021, creating new ways to prove ownership and collect digital works. In contrast, the relationship between music and NFTs has been met with skepticism. Why haven’t music NFTs taken off like art NFTs? Here’s a breakdown of the reasons and some thoughts on their potential.

Why Art and NFTs Work So Well Together

NFTs are all about “uniqueness” and “proof of ownership.” Digital art, which can be copied infinitely, suddenly gains value when an NFT certifies which copy is the “original.” This appeals directly to collectors and investors, fueling the NFT art market.

Art culture has always valued “one-of-a-kind” originals. NFT technology fits perfectly with this mentality. Plus, digital art is easy to show off-on social media, as profile pictures, or in virtual galleries-making it a great fit for the digital age.

The Disconnect with Music and NFTs

Music is built on sharing and spreading. Its value grows as more people listen, share, and connect over it. The NFT focus on “uniqueness” and “ownership” doesn’t line up as neatly with music’s core values.

Most music NFTs are sold as single tracks, not albums. This breaks up the narrative and flow that albums offer, making them less convenient for background listening-like at the gym or while working-where streaming services like Spotify or Apple Music excel.

Listening to music is also an active experience. Unlike art NFTs, which you can “show off” visually or use as an avatar, music NFTs are harder to display or share. You need headphones or speakers, and it’s not easy to flaunt your ownership to others.

Unique Strengths of Music NFTs

Despite these challenges, music NFTs have their own potential. For example, they can unlock exclusive experiences: access to private concerts, special events, or fan club memberships. This strengthens the bond between artists and fans and helps build communities.

NFTs also bring transparency to ownership and royalty distribution. Artists can receive direct support and a share of secondary sales, offering a new revenue model for the music industry.

Conclusion: Not a Bad Match, Just a Different Value Proposition

NFTs and art are a natural fit because of their shared focus on uniqueness, ownership, and collectability. Music, on the other hand, is about shared experiences, discovery, and community-so the NFT model doesn’t align as directly.

But that doesn’t mean music and NFTs are a bad match. Instead, music NFTs need to find their own value-focusing on experiences, community, and fan engagement rather than just ownership. The field is still evolving, and whether music NFTs will truly take off depends on new ideas and technological advancements that can bridge the gap between ownership and experience.

Yes, you can create NFTs on the Algorand blockchain. Algorand uses Algorand Standard Assets (ASAs) to create NFTs, which are built into its protocol. Here are the key steps:

1. Understand ASAs: NFTs on Algorand are created as unique ASAs by setting specific parameters, such as:
   • Total units: Set to 1 (to ensure uniqueness).
   • Decimals: Set to 0 (to make the asset indivisible).
2. Choose a Method:
   • Use minting platforms like High Forge or Dappflow, which simplify the process for creators.
   • Directly create NFTs using Algorand SDKs or APIs if you have technical expertise.
3. Prepare Metadata: Include essential details such as name, description, and a link to the digital asset (e.g., image or video).
4. Test and Deploy:
   • Practice on Algorand’s TestNet before deploying on MainNet.
   • Fund your account with ALGO tokens for transaction fees.
5. Optional Features:
   • Fractional NFTs: You can divide ownership into shares by adjusting the total units and decimals.
   • Smart contracts: Combine NFTs with other blockchain functionalities for advanced use cases.

This process is efficient and cost-effective due to Algorand’s low transaction fees and energy efficiency.

Yes, you can create NFTs on the Avalanche blockchain. Here are some key methods:

1. Avalanche Wallet’s NFT Studio:
   • You can use the NFT Studio in Avalanche Wallet to create NFTs without technical knowledge. It provides a simple point-and-click interface to mint NFTs, including creating families and groups of NFTs.
2. No-Code Platforms:
   • Tools like Token Tool and NFTs2Me allow users to create and mint NFTs on Avalanche without coding. These platforms provide easy interfaces to customize NFT properties and deploy them on the Avalanche C-Chain.
3. Smart Contract Programming:
   • For advanced users, you can program custom NFT smart contracts using AvalancheGo’s API or compatible Ethereum Virtual Machine (EVM) tools like Solidity.

Avalanche is known for its low-cost minting, high security, and user-friendly ecosystem, making it an excellent choice for NFT creation.

Recently, I encountered a frustrating issue while trying to create an NFT collection on OpenSea using Polygon. The process seemed straightforward at first, but things didn’t go as planned. Transactions appeared to initiate, but when I checked the blockchain explorer, there was no sign of activity. I tried several different approaches, but nothing seemed to work. Then, after a few days, multiple collections suddenly appeared as if they had been created all at once. Here’s what happened and what I learned from the experience.

What Happened

1. Transactions Seemed Stuck
   When I tried to create a collection on OpenSea, the transaction would appear to go through on my wallet, but nothing showed up on the blockchain explorer. It felt like the process was stuck in limbo.
2. Tried Different Methods
   To troubleshoot, I switched browsers, used WalletConnect instead of MetaMask, and even tried creating the collection from my iPhone. Despite these efforts, none of these methods resolved the issue.
3. Unexpected Outcome
   After a few days of waiting and checking back periodically, I noticed that multiple collections had suddenly been created without any further action on my part. It seemed like there had been some kind of delay in processing the transactions.

What Could Have Caused This?

Based on my experience and research, here are some possible reasons for what happened:

1. Polygon Network Congestion
   Since Polygon is widely used due to its low gas fees, the network can become congested during peak periods. This might have caused delays in processing my transactions.
2. OpenSea’s Recent Changes
   OpenSea has made significant updates to its platform recently, including requiring gas fees for certain actions like creating collections or minting NFTs. These changes may have introduced new delays or complications.
3. Technical Glitches
   There could have been compatibility issues with my browser or wallet. Cached data or conflicts with extensions might have interfered with the transaction process.
4. Server-Side Delays on OpenSea
   It’s possible that OpenSea’s servers were experiencing high traffic or delays in updating metadata for new collections.

What I Learned

After going through this experience, here are some tips that might help others avoid—or at least better handle—similar issues:

1. Be Patient
   Sometimes, delays are out of your control. If your transaction doesn’t appear immediately, give it some time before trying again.
2. Adjust Gas Fees
   Increasing gas fees slightly might help prioritize your transaction during times of network congestion.
3. Clear Cache and Try Different Browsers
   Clearing your browser cache or switching to another browser (like Brave instead of Chrome) can sometimes resolve compatibility issues.
4. Use “Refresh Metadata” on OpenSea
   If your collection doesn’t show up right away, try using the “Refresh Metadata” button on OpenSea to manually update it.
5. Stay Informed About Updates
   Platforms like OpenSea are constantly evolving. Keeping up-to-date with their announcements can help you understand new processes or potential issues.

Conclusion

This experience taught me that patience is essential when working with blockchain platforms like OpenSea and Polygon. While it was frustrating at first to see no progress despite multiple attempts, everything eventually worked itself out—just not in the way I expected. If you’re facing similar issues, stay calm, try different troubleshooting steps, and give the system some time to catch up. Hopefully, this insight helps you navigate any challenges you encounter while creating your own NFT collections.

Lazy minting, while advantageous in reducing upfront costs for creators, has several drawbacks that make it controversial in the NFT space. Here are the key reasons why lazy minting is often criticized:

1. Increased Risk of Art Theft

• Lazy minting allows creators to list NFTs without immediate blockchain validation, which makes it easier for bad actors to upload and sell stolen artwork. Since the NFT is only minted upon purchase, fraudulent listings can persist until reported and removed, creating a haven for art theft.

2. Overcrowded Marketplaces

• By lowering entry barriers, lazy minting floods marketplaces with a large volume of low-quality or opportunistic creations. This can lead to market inefficiencies, as buyers face difficulties distinguishing valuable NFTs from low-quality ones. This phenomenon, akin to “Gresham’s Law,” risks degrading the overall quality of the marketplace.

3. Buyer Costs and Responsibility

• Lazy minting shifts the gas fee burden from creators to buyers. While this reduces costs for creators, it may deter potential buyers who are unwilling to pay additional fees at the time of purchase.

4. Diluted Value of NFTs

• The ease of listing through lazy minting can lead to an oversupply of NFTs, reducing scarcity and potentially driving down prices. This oversaturation can harm both creators and collectors by diminishing the perceived value of NFTs.

5. Challenges in Proving Authenticity

• Since lazy minting delays blockchain encoding until purchase, proving ownership or authenticity prior to sale can be challenging. This could undermine trust in the system and create disputes over original ownership.

While lazy minting offers benefits like reduced costs and accessibility for creators, these issues highlight its potential downsides, particularly in terms of market quality and security.

Rarible has a Multi-Wallet Profile feature to simplify the management of NFTs across different blockchains and wallets. This functionality allows users to add up to 20 wallets from any Rarible-supported blockchain to a single profile, enabling them to view and manage all their NFTs in one place.

Key points of the Multi-Wallet Profile feature:

1. Supports up to 20 wallets connected to any blockchain available on Rarible.com.
2. Users can set up the profile using their most active wallet as the foundation.
3. Wallets can be linked one at a time, from multiple chains or a single chain.
4. When merging wallets, followings, followers, activity, and likes are combined with the main profile.
5. NFTs are not affected or moved during the merging process.
6. Verified profiles can maintain their status when adding non-verified wallets.

This article provides step-by-step instructions for setting up a Multi-wallet profile and explains the merging process in detail. It also covers how to mint and trade NFTs using a Multi-wallet profile, noting that the process remains largely the same as with single profiles, with minor differences in wallet selection when performing actions.

This feature aims to streamline the user experience for those with assets on multiple blockchains, making it easier to manage their NFT collections across different ecosystems.