NFTs are making their mark on multiple sectors, and the music industry could be the next frontier they conquer. Monstercat CEO Mike Darlington explains the role “dynamic rarity” NFTs could play in 2022
Music-based nonfungible tokens are an emerging frontier in the crypto and NFT space, but the first questions that come to mind are: What are they? And what are their utility?
One of the first collections was “Audioglyphs,” which cemented itself as revolutionizing the way users consume music, synthesizing an infinite stream of audio for each NFT. Creators and investors began to discover the novelty of music NFTs, as they lessened the barriers of access to artists and consumers.for $11.7 million. He also created the royalty sharing platform Royal, which has raised at least $71 million so far.
CT: What exactly is “dynamic rarity,” and what is its implication for NFTs in general and music NFTs specifically?Dynamic rarity is an evolving trait that changes based on how well the Relic’s original song is performing in the traditional music ecosystem. As a song does well on traditional platforms, the gemstone rarity will also increase on its corresponding Relic. This innovation connects Web2 and Web3 in a novel and healthy manner while not alienating the importance of either.
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