NFTs & Music

Non-fungible tokens (NFT) are digital assets issued on-chain. Unlike fungible tokens, which are often used as a utility token to power for transaction fees, service fees, or rewards. NFTs are usually digital assets such as images, music, or text. Due to the nature of blockchain, NFTs are unique, immutable digital assets.

Recently more entrepreneurs have been receptive about the potential of NFTs. Often we will see influencers and entrepreneurs stating that the NFTs are the future. At MeMusic, we also believe in the potential of NFTs. However, companies and developers need to acknowledge the clear limitations of the current use cases of NFTs.

With NFTs, the primary issue is that regular uses cannot distinguish the differences between a copy of an image and a NFT. Therefore, most digital assets are vulnerable to piracy issues. In addition, the clear benefit of owning a digitized asset is somewhat unclear to a regular person.The same challenge rises with Music. Users will question the difference of owning a master to a Music and streaming the music for less cost on an application.