GhostMarket’s NFT marketplace offers artists new methods to distribute content and novel ways to interact with fans. GhostMarket founder, Vincent Geneste, and musician, Jesse Gopln, recently joined the Music Entrepreneur Club livestream to discuss the NFT marketplace. The two talked about non-fungible tokens as an alternative method to derive revenue from a musician’s song.
GhostMarket is an explorer and NFT marketplace that offers cross-chain support for the Neo and Phantasma blockchains. GhostMarket is pioneering the NFT space by building a platform that supports multiple networks, something that doesn’t currently exist on the market.
In recent months, GhostMarket launched the uMint NFT Factory that allows users to simply mint custom NFTs.
An NFT is a unique digital item, comprised of code representing an asset on the blockchain, such as a piece of art or a song. It is a way of digitizing asset ownership. For example, musicians can create NFTs for a song or album by including the content, cover art, and a brief description. The creator determines the amount of the asset to make available, minting as few as one NFT or as many as they’d like. This can give musicians more control over distribution and sales.
Artists can control content distribution
In the livestream, Goplen shared his experiences creating an NFT based on a single song and auctioning it on the GhostMarket platform. He touted it gave him the ability to maintain rights to his content and rarify the song to increase its value as a limited edition item.
Throughout the interview, the duo repeatedly referenced the power NFTs put back into the hands of artists. Goplen described the thought process behind the recent minting of one unique NFT for a song:
I think that’s one of the keys. That makes the [NFT] extremely rare, like a painting. And that’s where the real magic can come in. For so long, we treated music as a commodity, one unit of streams, equal to one unit [of income].
GhostMarket allows artists to bake in a royalty fee when minting an NFT. The royalty will distribute that fee to the creator from any future sales of the NFT, creating a new revenue stream for the artist.
However, Geneste and Goplen see NFTs as supplementary to current distribution platforms and services. Goplen noted:
It’s so complementary to everything. In my NFT, I put in links to YouTube and Spotify to listen to the song. The idea with NFTs is that everyone can listen to it, but only [one person] can own it. With music, it’s kind of already that way with streaming. You’re already letting everybody listening to it for free, so why not add the NFT into that mix? It just fits perfectly.
Artists who are interested in minting an NFT on GhostMarket are encouraged to visit www.houseofnft.com. With a Phantasma wallet, public address key, and proof they’re making music, an artist will be given 101 KCAL and three SOUL, enough to mint five NFTs and reserve a username.
A recording of the full livestream can be found below: