The advent of NFT into the crypto space has helped restructure the approach taken by content artists in marketing their pieces. Unlike now, the music industry only remits about 12% of the revenue to the artists. Because artists then have little-to-no control over how and when their music is distributed. A lot of rising star artists gave up their journey of making art their source of livelihood due to the complexity and centralized nature of the system. All thanks to the NFTs mechanism which through the adoption of the decentralized autonomous organization (DAO) has helped shape out the excesses and bring artists and fans to the centre stage where they have full control over their works.
NFT, fully called “non-fungible token,” refers to a distinctive digital asset, such as artwork, collectibles, real estate, and so on, with ownership documentation and authenticity checks stored in a blockchain. The NFTs mechanism with smart contracts improves efficiency by getting rid of the middlemen. This promotes a new market for artists, enabling them to sell directly to collectors and earn royalties from each subsequent sale of their work.
Let’s discuss the three NFT tokens suitable for scaling up wealth.
Decentraland (MANA) is an Ethereum-powered decentralized platform that allows users to create and monetize content. The virtual reality network uses MANA as its native token to encourage the payment of items within the ecosystem. Users of the platform can purchase plots of land which they can lease out or sell to make extra income.
The Decentraland (MANA) community was created primarily for content creators, businesses, and individuals seeking means of promoting their talents. The adoption of DAO enables members of the community to vote on any proposal either to accept or reject, and the power of the vote is dependent on the number of MANA tokens possessed by the member.
With its potential, Decentraland (MANA) tokens seem to hit the market soon.
The Sandbox (SAND)
The Sandbox (SAND) is a decentralized gaming community that allows users to create, sell or buy digital assets (in the form of NFTs) with its native token called SAND to fasten transactions. As a gaming platform, it incorporates the play-to-earn (P2E) feature into the blockchain to enhance earnings among users.
The SAND platform uses a proof-of-stake (PoS) mechanism to secure and encourage members to stake and receive rewards. This consensus mechanism proves to be beneficial as it requires less energy to validate transactions.
The game industry is truly an untapped market for crypto lovers. Being part of the ecosystem is a great opportunity as Sandbox (SAND) aims to restructure the market.
Klangaverse (KLG) is a decentralized music-sharing ecosystem that uses blockchain technology to guarantee fair artist payments, a trustworthy payment mechanism, and top-notch music material for the public. In the Klangaverse (KLG) platform, artists can mint and sell their music in the form of NFTs and get paid directly into their wallets with the native token KLG. As a Binance-built smart blockchain, the platform uses the DAO mechanism to enhance controllability by artists and fans.
The Klangavers (KLG) ecosystem seeks to bridge the gap between artists, listeners, and professionals. While with the aid of blockchain technology, the platform utilizes its data for music copyrights, cryptocurrency for quick and on-demand payments, and NFTs as a medium to disseminate music and its connected items. Users of Klangavers (KLG) use KLG tokens to purchase NFTs with a $0 gas fee. Klangavers (KLG) incorporates a lot of features such as play-to-earn (P2E), and a music club forum among others to enhance users’ experience.
It is not news that NFTs are stumping the market as sellers are making huge profits. Get into the moving train and support your artist or mint your song and start enjoying the whooping benefits.