FAQs - Web3 Music and Music NFTs

Web3 music is like the next level of the internet for musicians and fans. Instead of big companies controlling everything (like Spotify or record labels), Web3 lets artists share their music directly with their audience using blockchain technology. This means songs can be turned into special digital collectibles called NFTs, which fans can actually own - like having a limited-edition vinyl but online. It also helps artists earn more money from their music and gives fans cool perks, like access to private concerts, exclusive songs, or even voting on creative decisions. Basically, it makes music more personal, fair, and community-driven.

An NFT (Non-Fungible Token) is like a special digital certificate that says, “This music is unique, and you actually own it!”. 

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Here’s what that means in non-tech talk:

• Digital music, but special: You know how you can stream or download songs? Well, an NFT can be attached to a song or album, making it one-of-a-kind. Why rent or download a mass produced copy when you can own your own limited edition version!

• Real ownership: When you normally buy music, you’re just buying a copy. With an NFT, it’s like having the original, kind of like owning a signed vinyl or a limited-edition poster from your favorite artist.

• One-of-a-kind: Every NFT has its own unique code (like a digital fingerprint), so no one else can claim they own the exact same thing.

• It can be worth more: Because it’s rare, and sometimes comes with cool extras like bonus tracks, exclusive artwork, or even VIP access, people might pay more for it.

• Blockchain magic: The “proof” that you own it is stored on something called a blockchain, basically a super-secure online record that everyone can see but no one can mess with.

• You can trade it: You can keep your NFT forever or sell/trade it later. If the artist blows up or the NFT is super rare, its value might go up.

So, a music NFT is like owning a piece of digital art - it’s yours, it’s special, and it can even give you access to exclusive stuff that regular fans don’t get, like access to your favourite artist.

Owning a music NFT doesn’t mean you own the actual song (called the “master”) or that you’ll get paid when it earns money. It’s more like buying a signed album from your favourite artist - you own that album, but you don’t own the rights to their music or start earning money from their concerts. A music NFT is a special digital collectible that proves you own that unique version of the song or artwork, but the artist still keeps the legal rights to the music unless they specifically say otherwise (and that would be a totally different kind of contract!). So, it’s about collecting and being part of something special - not owning the whole song or making royalties from it.

Big music companies don’t really like music NFTs because they lose control and money. Right now, record labels, streaming platforms, and publishers are the ones in charge - they own the music, take a big chunk of the profits, and decide how it’s sold or streamed. But music NFTs let artists sell directly to fans, keep more of the earnings, and even give fans cool extras without going through the industry middlemen. That scares the traditional music business, because if artists don’t need them as much, their power (and profits) shrink. Basically, NFTs flip the script and the big players aren’t in a rush to give up control.