Music NFTs : How Does Buying And Selling NFTs Work?

Music NFTs, literally stands for “  Non-Fungible Token” . I don’t really know how to translate it into French at the time of writing this article…

”  Fungible  ” is something that has a Music NFTs definite value. Like a 5 euro note. A 5 euro note is equivalent to 5 euros. You can “exchange” this note for another 5 euro note: they have the same value and the same utility.

“  Non fungible  ” means that does not have a defined value. And therefore cannot be “exchanged” with another since a “non-fungible” object is unique.

How does buying and selling NFTs work?

As in an auction room, you can consult artists’ collections on sites such as, the best known, Solan-art or Open-sea . With several “items” available, each having a “rank” indicating its rarity in the collection.

You can decide to buy one, if the price suits you, and keep it (we speak of a “hold”) if it has long-term potential to gain even more value.

You can also resell it for more than the “floor price” (lowest price in the collection). Some resell their NFT in auction mode, others in direct purchase.

All transactions are traced on the Blockchain . With each purchase (or resale), a block is created in the Blockchain’s secure cloud and each block … creates a chain. Hence the name of … Blockchain 🙂

The Blockchain is therefore a secure cloud tracing the authenticity of NFTs and all transactions and contracts.

Blockchain :

The blockchain can be seen as a large database that traces the history of all transactions carried out on a digital object. With “  smart contracts ”.

There are several blockchains. Yes I know, it’s all a bit complicated…

In the virtual world, everything is paid for in cryptocurrency (like Bitcoin – BTC – if that speaks to you).

Regarding NFTs, there are two main currencies: Ethereum (ETH) and Solana (SOL).

To make it easier for you to understand, imagine currencies like EURO, USD, DOLLARS etc… here they are BTC, ETH, SOL.

The Open-sea platform runs on the Ethereum blockchain. The Solan-art platform runs on the Solana blockchain. You must therefore, if you wish to buy NFTs, convert Euros into one of these two currencies depending on the platform used. And if you sell NFTs, you will have to convert your income into Euros afterwards.

The blockchain also brings a revolution for artists for a more transparent management of their rights, faster and fair remuneration.