Chapter 4: Music

Musicians around the world are beginning to embrace this innovative medium, injecting new vitality into the music industry. From unreleased songs to exclusive full albums, artists can now release their music directly in the form of NFTs and earn revenue directly from fans without the intervention of any intermediaries.

Without dealing with intermediaries such as record labels, distributors, and publishers, musicians can now receive their rightful share based on users' true willingness to pay. For example, Mike Shinoda of Linkin Park received a $10,000 bid for one of his NFTs, stating that after deducting related fees, he could never get "close to $10,000" from digital service providers, further emphasizing the potential of NFTs.

In this chapter, we will discuss how decentralized music streaming platforms like Audius empower content creators and how Euler Beats and other audio-based NFTs are better changing the landscape of music copyright.

Euler Beats

We are used to musicians creating music through instruments, but what if music is randomly generated using the power of mathematics? Euler Beats allows users to create a limited series of unique NFTs based on Euler's numbers and the Euler φ function. The art and music of each piece are generated algorithmically using data such as the creator's wallet address and the block hash at the time of minting.

Euler Records consists of two limited series called Genesis and Enigma, each containing 27 NFTs.

Mirroring the old master records, each NFT set has a unique, non-fungible original token and a series of fungible copies known as prints.

A total of 119 and 160 print tokens can be minted for each original NFT of Genesis and Enigma, respectively. When sold, print token holders can choose to receive a refund of up to 90% of the current print cost by destroying their prints. 8% of the price of each print is sent to the original holder, while 2% goes to the Euler Beats project.

The NFTs of Genesis and Enigma are priced using a key curve mathematical formula. Thus, as print token holders create new prints from the original tokens, the prices of subsequent prints grow exponentially.

For example, the original NFT of the Genesis series was initially priced at 0.271 ETH, but at the time of writing, the price of minted print tokens ranges from 1 ETH to over 3 ETH, as shown above.

On the other hand, the Enigma series is primarily sold through auctions on OpenSea, starting at 2.71 ETH. 25 original Enigma tokens are sold in this manner, while the remaining two are reserved as DAO donations and for the Euler Beats team.

These NFTs not only sound good but can also be used for the staking program of Euler Beats' print plan. To start staking, you need a matching pair of LP versions of Genesis and Enigma sets. For instance, Genesis LP01 print must be paired with Enigma LP01 print, and the originals cannot be marked. Participants will receive 100% of the print royalties. Rewards accumulate in ETH and can be claimed at any time.

In summary, Euler Beats combines many innovative technologies to create truly unique NFTs that are not only aesthetically pleasing but also fit any playlist. Even renowned entrepreneur Mark Cuban has expressed his admiration for these masterpieces! Many subsequent NFT projects have mimicked this mechanism, such as combining curves and burn processes, but Euler Beats remains the longest-standing one, providing a comfortable and enjoyable musical experience.

Audius

Audius is a music streaming and sharing platform where artists can upload their works for others to enjoy. While it looks similar to Spotify or SoundCloud, it is a decentralized platform that stores artists' content on a public blockchain, making it accessible to everyone. One advantage of using this platform is that no one can alter the content unless the creator allows it, thus preserving the creator's rights. Additionally, producers have the opportunity to create the type of music they want.

Audius functions similarly to any other music streaming service. Users can discover popular sounds from world-renowned artists or unknown creators based on their music preferences. Users can also choose to listen to curated playlists or create their own.

The main difference lies in Audius' rewards and governance token, AUDIO, which empowers listeners and musicians. Creators can earn AUDIO tokens by uploading their works, whether music or other applications, to enhance the Audius experience and then use AUDIO tokens to vote in support of new improvements to the platform.

Token holders can also earn profile badges to show off to their friends. These badges are divided into four tiers based on the number of AUDIO tokens held on Audius. Each tier has its special benefits, such as Discord roles, NFT collectibles, and more. Most importantly, users can even vote to decide the benefits they receive from each tier through governance.

The platform has also launched Audius collectibles, allowing artists to showcase their NFTs directly on their profiles. Audius gathers all artists' NFTs in one place to showcase them to listeners. This feature provides another way for artists to personalize their profiles and monetize their works through exclusive releases.

Famous Music NFTs

The growing popularity and interest surrounding the NFT space have transcended the realm of celebrities and artists. Renowned bands and DJs have taken their first steps by releasing their songs, and even entire albums, as exclusive NFTs! Here are some of the more notable audio NFTs that have been released:

Death of the Old by Grimes

Grimes, a musician from Canada, released this album with her brother Mac Boucher as part of her first album's first volume. She collected 10 digital art pieces, three of which accompany her music. This unique piece, "Death of the Old," the best-selling music NFT, sold for $389,938, featuring numerous flying cherubs and ultimately approaching a glowing cross.

The remaining two music videos, "Earth" and "Mars," were released under different plans, with a maximum of 9,999 copies available during the album's open period. "Earth" and "Mars" sold for $7,500 each, with over 300 copies minted for each collectible. These collectibles collectively sold for nearly $6 million, with a portion of the proceeds donated to the NGO Carbon 180, dedicated to reducing carbon emissions.

One Hundredth Stream

by Mike Shinoda

This NFT was created by Mike Shinoda, a member of the American rock band Linkin Park. It features a minimalist representation of a skull along with the accompanying track. At the time of writing, the NFT is still available for purchase on Zora, but be prepared to have enough cash, as its current listing price is 200 WETH, or about $400,000.

When You See Yourself

by Kings of Leon

This iconic band released their entire album "When You See Yourself" as an NFT, becoming the first band to do so. The NFT was initially priced at $50, which included an animated album cover and a limited edition vinyl record. However, this token is just part of a series of games called "NFT Yourself," with each series offering unique benefits. The first offers a special album package, while another provides front-row lifetime seats, and the third includes unique audiovisual art.

Jenny by Steve Aoki and 3LAU

"Jenny" is an unreleased song produced by world-class DJs Aoki and 3LAU, featuring stunning visuals by Pet Hegarty and utilizing AI voice samples. This piece was specifically designed to celebrate the launch of JennyDAO, an organization where users can invest in NFTs through shared ownership. Members can come together to decide which NFTs to invest in and propose how to manage the treasury. JennyDAO has purchased this song for $1 million as its first NFT in the collection.

BeatBoxes by Zeblocks

Beatboxes is an immersive audiovisual experience consisting of 841 unique algorithmically generated rooms. Owners can walk around, interact with many different elements in virtual reality, and enjoy generative art and sound in these rooms. If you don't have a virtual reality device, you can still enjoy these works from your computer. The collection was auctioned under the Art Blocks Factory in the Netherlands, starting at 14.2 ETH.

Project Examples

POWNFT

POWNFT is the first mintable NFT that allows users to create Atomnfts with unique attributes. Generated from the marked hash and the atomic number of atoms, each NFT has different elements, such as varying palettes, electronic positions, and its unique music.

JingleBe NFT Collection

Created by two musicians, each music NFT grants full ownership of the song and features a unique cover. The cover includes unique artwork and a face entirely generated by artificial intelligence. In other words, the 100 people you see on the cover are not real.

Nifty Sax

The Genesis series of Nifty Sax includes 100 different auditory experiences, featuring unique saxophone solos created through a "human" generative process. Each piece has three different characteristics and unlockable content, including audio files of the original works and original, unprocessed versions.

DAOrecords

DAOrecords plans to build the future of the music industry through audio NFTs and virtual events. They have released over 150 NFTs from more than 100 artists and organized various virtual parties in the metaverse.

Conclusion

Music NFTs are giving creators around the globe more control, allowing them to be more proactive in choosing what they want to create and how they want to release it to their fans. By eliminating intermediaries and censorship, artists and musicians worldwide may provide a more unparalleled experience directly to listeners, not only in music but as a unique once-in-a-lifetime experience. Through NFTs, not only can fans directly support their favorite creators, but they may also receive additional content or benefits.

With the power of blockchain technology, creators can access a broader range of new tracks and sounds while still infusing their specific styles. The combination of generative art and modern sound production technology offers fans the opportunity to choose from different NFTs, unleashing greater creativity and unexpected results than ever before.

NFTs have also become a new beacon for independent musicians who rely on performances, especially now that hosting shows has become fraught with challenges due to the COVID-19 pandemic. In May 2021, over 57% of music-related NFT sales were created by independent artists. In other words, these artists are no longer bound by traditional record labels and can freely promote their audio creations directly to their fans.