Music NFT Marketplace: Exploring BitSong Studio (Part 1)

This guide will help you understand what music NFTs are, how they work, and how you can engage with them on the Music Marketplace.

Introduction to Music NFTs and Setting Up

Welcome to the world of music NFTs on BitSong! Whether you're a fan looking to collect exclusive content or an artist seeking to tokenize your music, this guide is your go-to resource.

What Are Music NFTs?

Music NFTs (Non-Fungible Tokens) are unique digital assets stored on the blockchain that represent ownership or access to a piece of music, exclusive content, or artist-related perks. Unlike traditional music files, NFTs allow for:

• Proven Ownership: NFTs are verifiable on the blockchain, giving you undeniable proof of ownership.
• Scarcity and Exclusivity: Artists can release limited editions or unique music experiences.
• Direct Fan Engagement: NFTs allow fans to connect directly with artists by owning a piece of their work.

On BitSong, music NFTs enable artists to monetize their music in new ways while offering fans unique rewards.

Benefits of Music NFTs on BitSong

For Artists

• Monetization Beyond Streaming: Earn directly from fans by selling music NFTs.
• Royalty Control: Set royalties accordingly to ensure ongoing earnings.
• Creative Freedom: Experiment with unique releases, such as special editions, behind-the-scenes content, or even unreleased tracks.

For Fans

• Exclusive Access: Own rare or one-of-a-kind music and experiences.
• Resale Opportunities: Trade your music NFTs on BitSong Music Marketplace for potential profit.
• Support Artists Directly: Help your favorite artists earn without intermediaries.

Real-Life Use Cases of Music NFTs on BitSong

1. Limited-Edition Albums

Artists can release a limited number of music NFTs for a special album, making it a collector’s item.

2. Fan Club Memberships

Offer music NFTs as digital keys to an exclusive fan club, providing perks like early access to music or private events.

3. Shared Ownership of Music

Allow fans to co-own a piece of a song or album, enabling them to earn royalties alongside the artist.

4. Behind-the-Scenes Content

Release never-before-seen videos, demos, or lyrics as music NFTs.

Prerequisites for Exploring Music NFTs

Before diving into the world of music NFTs on BitSong, make sure you have the following in place:

For Fans

1. Crypto Wallet: A compatible wallet such as Keplr (for Cosmos-based networks) or Leap Wallet.
2. $BTSG Tokens: BitSong’s native cryptocurrency, used to purchase and trade music NFTs. Tokens can be acquired from exchanges or staking rewards.
3. Internet Access: A stable connection to explore the BitSong Music Marketplace and complete transactions.
4. Basic Understanding of Blockchain: Familiarity with music NFTs and blockchain transactions will enhance your experience.

For Artists

1. Artist Profile: A verified account on the BitSong platform.
2. Content to Tokenize: Music, videos, or other digital assets ready to be turned into music NFTs.
3. Creative Perks: Optional but recommended - decide on perks like exclusive content, access to fan clubs, or concert tickets.
4. Crypto Wallet: To mint and manage your music NFTs and receive payments.

How to Get Started with Music NFTs on BitSong Studio Marketplace

Setting Up Your Wallet

To interact with music NFTs, you’ll need a crypto wallet compatible with BitSong, such as Keplr or Leap Wallet (which also supports mobile devices for BitSong).

If you don’t have a wallet yet, visit our How to Create a BitSong Wallet guide.

Once your wallet is set up, you’re ready to visit the Music Marketplace. Click on the “Connect” button in the upper-right corner, choose your preferred wallet (Keplr or Leap), approve the connection, and let the magic begin.

By clicking the profile button in the upper-right corner, you can explore two options: "My Profile" and "My Assets"

• In "My Profile", you can personalize your profile with a profile picture, header image, username, and your email address for exclusive updates. This is also where you’ll see your collected music NFTs once you have any.
• On the "My Assets" page, you can view your BTSG balance and any FanTokens you might own.

But this is just the beginning!

In Part 2, we’ll take you further into the journey by exploring the practical steps to buy, sell, and trade Music NFTs on BitSong Music Marketplace. You’ll also discover how artists can create and launch their own music NFTs, as well as some real-life use cases that showcase the full potential of this groundbreaking platform.