How Can We Develop A Multifaceted NFT Platform For Live Streaming?
Author NFT Live Streaming Platform
For the past few years, we all have been taken aback by the storm of digitization. Blockchain truly deserves mention at this stage. As we all know, Blockchain and Cryptocurrency go hand in hand. They both play an incredible part in the NFT marketplace. As commoners, people used to wonder about NFT marketplaces. These marketplaces play a major part in helping the artists, musicians, and entertainment industry people gain their recognition.
We know still, it will be hard for you to believe that Artist Mike Winkelmann sold one of his artworks on the NFT platform for $6.6 million. What even the antiques couldn’t do is made possible by NFT!
What is an NFT platform?
NFT or Non-fungible Token is a unit of data that is stored in a blockchain that can be traded. In simple words, the NFTs provide a sense of ownership for people to own a digital asset. By owning those digital assets, they also have the right to sell them to whomever they want. NFTs are integral parts that can be related to art, music, and whatnot. It is nothing but digitizing the antiques and rare old moments on the NFT platform.
Not everything can be sold in the NFT. The digital version of the things or products which are considered one of their kind can only be sold on the platform. Here, the NFTs are sold in Ethereum built cryptocurrencies. The NFTs are generally sold on two bases. One is through the auction, and the other is through fixing a standard price for the NFT.
Artists and musicians find it a great platform for earning their recognition these days in NFTs; we could find more buyers present in the platform than the sellers. By selling NFTs, they can largely earn their revenue.
What is so unique about these NFTs is that they are not interchangeable, and each token will have its own unique value added to it. When you share or send your cryptocurrency to some one else in the blockchain, a ledger entry is made. By making an entry, the file gets an address for it. This establishes the ownership of the tokens.
What is an NFT live streaming platform?
Whenever we discuss NFTs, they are not only restricted to artworks, in due course of time, it has taken a new dimension. The NFTs also provide a scope for musicians and people from the entertainment industries to tokenize their live performances. This can be better illustrated with an example related to the current pandemic situation.
In this current situation, stepping outside our places is still a no better option. In several parts of the world, the restrictions on events still continue. Because of this, live concerts and performances of the artists are stranded. In such situations, live streaming platforms are the perfect mediums to organize events. In NFT live streaming platforms, the artists can tokenize their live events and sell them to people through cryptocurrencies.
Generally, in conducting physical events, there are several underlying challenges. Amidst the pandemic, getting permission from concerned authorities is a big deal. There are many uncertainties lined up. After the Pandemic, digitization has become a tool to take us forward.
By digitizing live concerts, people can enjoy their piece of entertainment from their comfort zone. They need not necessarily have to step out to enjoy the concerts or events.
Become a tech giant by launching your own NFT marketplace
Connect on WhatsApp Benefits of NFT live streaming services
Increases market visibility
It is a perfect platform for both the fans and crypto enthusiasts to gather at a single destination. Celebrities can easily allure their fans to the platforms and generate revenue in the marketplace.
Celebrities can claim their ownership.
The celebrities and those artists who sell their tokens on the platform will have full control over the platform. This will also help the users to enjoy maximum on the platforms.
How do NFTs provide significant recognition for artists and musicians through their platform?
Can there be anyone who does not love music? It is universal and can touch a soul very easily. But most of the time, the artists feel like they do not get the right recognition. Here, the royalty issues arise.
But, NFT provides a space where musicians can create their own music and tokenize them. These tokens can be sold to people either through auctioning or by fixing a markup price. In NFT platforms, they can get their lifetime revenue for minting the music.
Usually, when musicians compose their music tracks, they will sell them through music companies. These companies will find good profits when compared to the musicians. But in the case of NFT, there is no need for any third parties or middlemen to sell their music. They can directly mint them tokens and find their market.
Benefits of an NFT music streaming platform
Royalty
Owning an NFT is like icing on the cake for the artists and buyers, as they will receive their profits for many years down the road.
Marketplace audience
The artists can find those platforms or channels where there are a larger number of fans to market their music. This will result in more fan base, and they can also find their buyers from this large base.
Wrapping up,
The new era of digitization has opened the doors for celebrities and artists to enter the NFT marketplace. By owning your own NFT, you can become a tech giant and establish a platform between the users and celebrities.
Appdupe is a well-known tech giant with hands-on experience. Our expert team will guide you through every phase of the project and, for sure, will set a perfect launchpad. You can also make an appointment with our team to discuss further.
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Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.
