Classical music NFTs have been released by the Dallas Symphony Orchestra.
The NFT have been released on an NFT marketplace called Rarible.
The classical music NFTs are released in celebration of a musical event held last May at the Morton H. Meyerson Symphony Center.
The NFT featuring the full video of the May concert will have an opening bid of $50,000. It will also include behind-the-scenes footage, plus a VIP experience.
Classical Music NFTs Released by Dallas Symphony Orchestra: What You Should Know
The classical music NFTs released by the Dallas Symphony Orchestra will benefit MET Opera Orchestra musicians who have suffered the impact of the ongoing COVID-19 pandemic, according to a report by CoinDesk.
The classical music NFT, with a bid that opens at $50,000, features a performance of Mahler's First Symphony
Per the report, an additional 15 classical music NFTs will feature footage of the first movement, plus an interview with Fabio Luisi, the music director of the Dallas Symphony Orchestra. A ticket to the reunion concert to be held in 2022 is also included.
These NFTs will be priced at $1,000.
25 more classical music NFTs priced at $100 will come in the form of an audio recording of the final movement of Mahler's First Symphony, along with photos from the concert.
What are NFTs and NFT Collections
By definition of non-fungible, each NFT has a value unique to it and cannot be traded for a token of the same value.
People have the misconception that NFTs and cryptocurrency are exactly the same, which they are not. They both have similarities, which include unstable volatility and storing of digital records on a blockchain.
The Ethereum blockchain, in particular, is able to support NFTs.
NFTs can be anything digital. The most common form NFTs come in as of late is digital art, but they can also be digital sneakers, sports cards, collectibles, GIFs, and of course, music.
An NFT collection, on the other hand, is just like any collection of any other thing out there. It is a group of NFTs that usually have the same design inspiration or theme, or the same designer or maker.
An example of an NFT collection is Weird Whales, a collection inspired by an 8-bit stock photo of a blue whale.
The NFTs of the Dallas Symphony Orchestra can be considered as a music NFT collection.
Other Music-Related NFTs
While digital art NFTs are the most common these days, music NFTs are also popular in the market.
An example of a music NFT is an EDM track produced by Elon Musk. The dance music NFT was sold by the Tesla and SpaceX CEO on his Twitter account for 240 million Dogecoin to Beeple.
In 2015, the publishing rights to Lil Dicky's "Save Dat Money" song was sold as a music NFT for $85,000 by an online marketplace called Royal Exchange.
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Written by Isabella James