Music NFT Marketplace: Exploring BitSong Studio (Part 2)
1. Exploring NFTs on BitSong
By clicking on any of the available Music NFT on the Studio’s homepage, you’ll be taken to the NFT details page. Here's a breakdown of the key parameters and data you might encounter:
NFT Title, Creator and Description:
- Title: The name of the NFT, often reflecting the song or collection it represents.
- Artist: The name of the artist who launched the Music NFT
- Description: A brief overview of the NFT, which may include information about the track, its creation, and any special features.
- Activity: A chronological record of all actions involving the NFT, including purchases, sales, and transfers. This section allows users to monitor the activity and overall market dynamics of the NFT, promoting transparency and enhancing decision-making for both creators and collectors.
Details included are:
- Type: The nature of the activity (e.g., Buy, Sell, Mint, Transfer).
- Date and Time: The timestamp of the transaction.
- Participant Addresses: Wallet addresses involved in the transaction (buyer and seller).
Media Content:
- Audio/Visual Display: An embedded player or visual representation allows users to experience the music or associated media directly on the page.
Artist Information:
- Name and Profile: Details about the creator, including their wallet and a link to their BitSong profile, by clicking on the wallet under the “creator” section.
Royalties Address
- Definition: The wallet address where royalties from NFT interactions are sent. This ensures the artist earns revenue for every transaction involving their NFT, whether it's a sale or purchase.
- Purpose: Guarantees ongoing rewards for the creator, supporting their work beyond the initial sale.
Marketplace Address
- Definition: The wallet address of the marketplace (smart contract) that hosts the NFT. This address handles the fees or payments related to facilitating transactions.
- Purpose: Tracks the marketplace’s involvement in sales and ensures smooth operations.
Seller Fee %
- Definition: The percentage of the sale price that serves as the royalties the artist receives whenever their NFT is bought or sold.
- How It Works: Once an artist creates a Music NFT on BitSong, they configure immutable parameters such as exclusivity and pricing dynamics. These parameters dictate the NFT's behavior in the music nft marketplace.
- If a collector buys an NFT, its price increases based on the predefined curve.
- If a collector sells an NFT, its price decreases accordingly.
- Purpose: Provides a dynamic and fair way to distribute NFTs while ensuring that artists are compensated for all interactions, enhancing the value of their work over time.
Referral Fee %
- Definition: The percentage of the sale price paid to a referrer if the NFT was sold through their referral.
- Example: If the referral fee is 0.50% and the sale price is 100 BTSG, the referrer earns 0.5 BTSG.
- Purpose: Encourages users to promote NFTs and the platform, expanding reach and engagement.
Total Volume
- Definition: The cumulative value of all transactions involving the NFT or collection, expressed in BTSG tokens.
- Example: A "Total Volume" of 4.3K BTSG means the NFT has generated 4,300 BTSG in total sales.
- Purpose: Indicates the popularity and demand for the NFT in the marketplace.
Unique Owners
- Definition: The number of distinct wallet addresses holding editions of the NFT.
- Example: If there are 5 unique owners, five different users own at least one edition of the NFT.
- Purpose: Highlights the diversity of ownership and reflects the NFT’s reach among collectors.
Editions
- Definition: The total number of copies of the NFT minted. Editions can impact scarcity and value.
- Example: If an NFT has 59 editions, there are 59 identical copies of that NFT available.
- Purpose: Helps users assess rarity. Fewer editions often mean higher value and exclusivity.
2. Buying a Music NFT
Purchasing a Music NFT on BitSong Studio is an exciting way to own a unique piece of digital art and music while directly supporting your favorite artist. Follow these steps to navigate the process:
Understand the NFT Details
Before purchasing, familiarize yourself with the information available on the NFT page:
- Editions: Check how many copies of the NFT exist. Fewer editions typically mean higher exclusivity.
- Current Price: The dynamic price of the NFT, which increases or decreases based on interactions.
- Royalties: The percentage of each transaction that goes to the artist, ensuring they benefit from secondary sales.
- Activity History: Review past transactions to understand the NFT’s market history and demand.
Check Your Wallet Balance
Ensure you have sufficient BTSG tokens in your connected wallet to cover the cost of the NFT, including any transaction fees. If you don’t have BTSG tokens, you’ll need to acquire them on a supported exchange, such as Osmosis and transfer them to your wallet.
Connect Your Wallet
- Click the Connect Wallet button at the top of the page.
- Select your preferred wallet (e.g., Keplr or another compatible wallet).
- Approve the connection to BitSong Studio.
Purchase the NFT
- On the NFT page, click the Buy button.
- Review the transaction details, including the price and any applicable fees.
- Confirm the purchase in your wallet by approving the transaction.
- Wait for the blockchain to process your transaction. Once completed, the NFT will appear in your wallet.
Monitor Your Purchase
After buying the NFT:
- Check the Activity Section to see your transaction recorded on the NFT page.
- Monitor the NFT’s price changes over time, which dynamically adjust based on further interactions.
Enjoy and Share
- Play the music associated with your NFT directly on Music NFT Marketplace
- Share your new NFT with your friends or on social media to support the artist and the BitSong ecosystem.
3. Selling or Trading Your NFT
Selling or trading your Music NFT on BitSong Studio allows you to participate in the dynamic marketplace, interact with other collectors, and potentially benefit from price changes. Here’s a step-by-step guide to help you navigate the process:
Understand the Dynamic Pricing Model
Before selling or trading your NFT, it’s important to understand how its price is determined:
- Dynamic Price Decrease: When you sell your NFT, its price will decrease based on the bs721-curve model, as defined by the artist.
- Royalties for Artists: A portion of the sale (Seller Fee %) is automatically allocated to the artist as royalties.
- Marketplace Fees: Additional small fees may apply based on the marketplace’s structure.
Prepare Your NFT for Sale
- Access Your NFT: Navigate to your wallet and locate the Music NFT you wish to sell.
- Select the NFT: Open the NFT’s details page on BitSong Studio.
Sell the NFT
Sell Instantly:
- Click the Sell NFT button.
- Confirm the sale at the current price shown on the NFT page.
Approve the Sale:
- Confirm the transaction in your wallet.
- The BTSG tokens will be transferred to your wallet, and the NFT will be burnt.
Selling or trading your Music NFT on BitSong Studio is straightforward and designed to foster a fair and rewarding ecosystem for creators and collectors alike. The bs721-curve model ensures NFTs remain fully liquid, allowing for instant transactions at any time. Every time an NFT is sold, the seller is effectively burning that NFT, while every time a fan buys an NFT, they are minting a new one. That’s how our system works.
How Artists Can Create Music NFTs on BitSong
Sign Up as an Artist
Contact us via this form. Our artist manager will review your request and guide you through a smooth process to create and mint a Music NFT on The Music NFT Marketplace.
Tokenize Your Music
Once your artist profile is approved, you can begin the process of turning your music into a digital collectible:
- Upload your audio files and associated artwork directly to the BitSong Studio platform.
- Set the parameters for your Music NFT, such as royalties and the bs721-curve dynamics to determine price changes over time.
- Add any additional metadata, including track details, descriptions, and perks for NFT holders (e.g., exclusive content, access to events).
- Review and confirm your settings including launch date and time to prepare your Music NFT for launch.
Launch Your NFT After our team has reviewed all details you have provided and enabled your NFT for minting, you’re ready to mint and list your Music NFT:
- Click the Mint NFT button to finalize the process.
- Once minted, your NFT will be available on the BitSong Studio Marketplace for fans and collectors to discover and purchase.
- Share your NFT link with your audience to drive interest and engagement.
By following these steps, artists can seamlessly create and launch Music NFTs on BitSong, connecting directly with fans while benefiting from innovative blockchain technology.
Tips for Navigating Music NFTs
- Research the Artist: Learn about the artist and their NFT offering to ensure it aligns with your interests.
- Verify Scarcity: Check the total supply of the NFT to assess its rarity.
- Understand Utility: Look for NFTs with added value, such as access to events or future perks.
- Engage with the Community: Join BitSong’s forums or Discord channels to stay updated on NFT drops.
FAQs
Q: Do I need $BTSG to buy NFTs on BitSong?:brA: Yes, most transactions on BitSong require $BTSG tokens. You can acquire them through exchanges or staking rewards.
Q: Can I listen to the music I own as an NFT?:brA: Absolutely! Music NFTs often grant listening rights, directly on BitSong Studio player.
Q: Are there fees when trading NFTs?:brA: Yes, there may be minimal transaction fees for minting or trading NFTs. These fees are paid in $BTSG.
Q: Can I suffer financial losses by buying a Music NFT?:brA: Like any investment, purchasing Music NFTs carries some risk. The value of an NFT can fluctuate based on demand, market conditions, and other factors. It's important to do thorough research before buying.
Q: How can I sell my Music NFT?:brA: You can sell your Music NFT directly on the BitSong Studio Marketplace. Simply click on the NFT in your profile and press the “Sell” button and follow the approval flow.
Q: Are Music NFTs transferable to other platforms?:brA: Music NFTs purchased on BitSong Studio are typically tied to the platform. However, in the future Music NFTs on BitSong Studio might be interoperable with other platforms or blockchains.:brWhat you can do instead, is transfer a Music NFT to another BitSong Wallet, by clicking the 3 points next to the NFT artwork in your “Collected” section under your profile and selecting the “Transfer NFT” option.
Q: What happens if I lose access to my wallet?:brA: If you lose access to your wallet, you may lose access to your Music NFTs. It’s crucial to securely back up your wallet and recovery phrases.
Final Thoughts
Music NFTs on BitSong are transforming how artists and fans interact. Whether you're looking to support your favorite artist, invest in unique collectibles, or explore new monetization methods, BitSong's ecosystem provides the tools you need to thrive in the decentralized music ecosystem.
Start exploring today and join the music revolution on BitSong!