Phantasma blockchain is launching a new auction feature on NFT marketplace GhostMarket.io and producer, label owner and hip-hop legend ILL Bill is kicking off the launch with an exclusive NFT release: ILL BILL SILK ROAD ft. LORD GOAT.
Drawing inspiration from Wu-Tang Clan’s $2 million release of Once Upon a Time in Shaolin, only one copy of this song will ever be available, making it as rare as a painting and, therefore, highly collectible. It’s a game-changer for an industry where music is normally treated as a commodity.
As a lifelong album collector, ILL Bill is excited to be one of the very first artists to adapt to this new music format, and he plans to continue releasing NFTs regularly on GhostMarket.io. “I already have a bunch of NFTs in the works and, this year, we’re just gonna experiment and have some fun with it.”
Bids will be accepted in SOUL, the governance token of the Phantasma blockchain, which is traded on Kucoin and Uniswap.
What a NFT is?
NFT means Non-Fungible Tokens, or what is the same the token cannot be recreated or replaced.
Non fungible is the opposite of fungible, or what it is the same, able to be replaced. Non-Fungible, or not able to be replaced, implies that the token is unique.
NFTs use the same blockchain technology that cryptocurrencies do and make digital assets both trackable, verifiable and in most cases, scarce.
These are things that have never existed before. These new things are what enable both digital art and digital collectibles to exist.
The actual NFT is a digital token that points to a photo or video. In the case of ILL BILL SILK ROAD ft. LORD GOATthe Token points both to graphic art and a sountd truck.
NFTs are digitalizing the art and collectibles world more or less in the same way that iTunes and streaming platforms digitalized the music listening experience.
NFTs are sold primarily through secure marketplaces. Thats the case of Ghostmarket.io on Phantasma Blockchain.
And there are different kinds of sale mechanics for the NFTs:
a) Auctions: This varies between platforms, but bids are placed either publicly or in silent auction. ILL BILL SILK ROAD ft. LORD GOAT NFT release will be auctioned.
b) Drawing: Basically a raffle where you enter and only are charged if you are chosen. Drawings are useful to avoid the drops (NFT releases) implemented with iited editions to be purchased by bots.
c) Open Edition: during a specific amount of time (usually 2 – 15 minutes), an unlimited amount of NFTs can be purchased. This could result in 0 purchases or thousands of purchases.
What does the winner of the auction receive?
The unlockable downloads that only the owner of the NFT can access include the full-quality WAV file of the original master recording of “Silk Road ft. Lord Goat,” as well as the full collection of front and back cover album art and digital stickers. Owning the NFT does not give the buyer the rights to the song, however, those remain with the artist and his label.
Preserving the artist’s copyright is part of the vision for the music NFT that musicians are developing independently within the Phantasma community, one which protects the rights of artists while embracing the new technology. And there are indications that interest in music NFTs is starting to reach exponential growth: today there are over 900 NFTs for sale in the music category, up several hundred in just a few days. Not bad for something that only a few months ago didn’t seem to exist except for a few proofs-of-concept.
Adding the collectible layer to digital music trucks
“What’s really exciting, revolutionary and empowering about the music NFT,” ILL Bill says, “is the ability for musicians to sell a 1-of-1 digital song the same way an art gallery would auction a painting by Basquiat (or any other artist). Creatively and financially, the possibilities are endless. The fact that only the sole owner (and whoever he chose to play it for) got to hear the album was intriguing to a huge Wu-Tang fan like myself. RZA blurred the lines between the traditional music industry and the world of high-end collectible art, and the music NFT is the digital evolution of that concept.”
First in a range of music NFT already planned drops on Ghostmarket.io
Other artists planning to launch music NFT auctions on Ghostmarket.io include the Biscodini Trio, the first of several projects from Conan-keyboardist Scott Healy and his label Hudson City Records, as well as LA-based synth-rock group Robot Nature.