Empoweing Music NFTs with RMRK Modular NFTs
Besides GameFi, the sector that can actually bring crypto to the mainstream masses is Music NFTs. Although the current NFT tech and platforms facilitate the creation and distribution of music NFTs, we need more cutting-edge tech and products that foster efficient music distribution and collaboration among artists. Only then can it become ready for mass adoption. This thread will focus on how RMRK Modular NFTs are the perfect fit for empowering music NFTs. It can be a grand alpha for Music artists and web3 developers building for the Music industry.
So, what is RMRK? RMRK is a set of Modular NFT Standards, which makes NFTs multi-asset (with ERC 5773), nestable (ERC 7401), composable (ERC 6220), emotable (ERC 7409), and soulbound (ERC 6454). Let’s learn about the usecases of Modular NFT in the Music industry.
In Music Distribution
Suppose a music artist is releasing a song in multiple formats like audio mp3, mp4, a blooper video, and a thumbnail jpeg. With regular ERC 721 NFTs, he has to mint four different NFTs for the same song.
With RMRK’s Muti-asset NFTs, he can put all the different assets in a single NFT, i.e., a song NFT will have four resources/assets: mp3, mp4, blooper mp4, thumbnail jpeg. And the output of this NFT will depend on the context where you are loading it.
For example, when this multi-asset music NFT is viewed in a marketplace, the image resource will be displayed; when loaded on Audius, the mp3 file will be loaded; and on Theta, the mp4 files will be loaded. Alternatively, you may view the NFT on the Singular Marketplace to play all formats. This reduces the wallet-cluttered experience and makes music distribution highly efficient.
Empowering music collaboration
Imagine if three artists (singer, lyricist, and instrumentalist) want to collaborate on a song; there is no real way to maintain ownership of their contributions. With ERC 721 NFTs, these guys will create a song, mint that as an NFT, and finally share the royalty manually. And even then, the ownership will only be held with a single artist’s wallet.
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This collaboration problem can be easily solved using RMRK-authored ERC 7401 for Nestable NFTs. This standard allows an NFT to own other NFTs, creating a parent-child relationship.
Now, each artist will mint their contribution as NFT, i.e., vocalist NFT, instrumental music NFT, and lyric NFT. These will then be nested inside the main Song NFT.
In this way, whenever the main song NFT is traded, all the child NFT creators will receive royalties for their contributions in a fully trustless manner. Moreover, you can also adjust the royalty % for each, like 40% for the singer, 30% for the instrumentalist, and the remaining 30% for the song composer. Thus, the royalty distribution becomes trustless, the creator retains ownership, and artist collaboration is empowered.
Music interactions
Audius allows users to react to any music NFT, but the problem is that these emotes are exclusive to the Audius platform. When using ERC 7401, you can emote on any song, and the emote will stay with the NFT forever.
A song with on-chain emotes from a famous celebrity will always carry more value as the emotes are fully verifiable on-chain. For now, you can use emotes.app to emote on any NFT on supported chains; this feature can be implemented in the marketplace.
To sum up, if you’re building a product around Music NFTs like Audius, consider using these powerful Modular NFT standards to surcharge your music dApp and elevate the creator experience.
That’s a wrap!
