NFTs stand for Non-Fungible Token which are certificates implying that the token is one of a kind and unique. There are no replicas of the token. The token can represent anything digital. It can represent videos, images, game equipment, memes, tweets, source codes, etc.
The transactions happening in these industries range from just a thousand dollars to millions of dollars. Many artists are selling their art for millions and even retaining their rights of the art to maximize their profits in the future. Recently a cryptopunk which is a pixelated image of punk got sold for more than $7.5 million which was about 4.2K ether.
The transaction history shows that the 1st selling price of that cryptopunk was $76 and now, the highest offered price for that same cryptopunk is $90.5 million, in just 3 years.
Similarly, there has been penetration of NFTs in other sectors to give maximum returns to the artists. One of those Industries is the streaming industry. Yes!! Streaming. With the advent of online games and the dopamine that comes with them, streaming has become huge. This industry had expected revenue of $180 billion in 2020 and is trending even more due to pandemics.
But NFT Streaming platform is not only limited to games. It could be videos, movies, and music. Also considering the disadvantages of traditional streaming media services, NFT streaming platform is trending faster than ever.
Why Do We Need An NFT Streaming Platform Solution?
The problem with traditional media platforms is that it rarely is responsible for artist revenue. They all had a userbase and various ways to monetize their platform and earn money. But this money rarely went to the artist.
The most popular example is that of Spotify and its music streaming service. It has been found that Spotify typically distributes 90% of the royalties to substantially less than 2 percent of the artists. Independent artists receive only pocket change for what they are worth. Other parties need to be paid/ eat up a majority of revenue, like the music labels, distributors of the media, etc.
NFTs remove these types of disadvantages, as these promise a loyal fan base and daily active users, the majority of the earned revenue, and even the rights are reserved by the artists.
Popular Examples of NFT Streaming Platforms:
How Can Artist Earn From NFT Streaming Platform Works?
NFTs can give access to the fans for the content the artist has put. For example, an artist can easily create an NFT of digital content, like music or videos. For getting the rights to experience the music/video, the users will have to pay a certain charge in fiat or cryptocurrency. This will permit them to stream the music and can earn certain royalties in the music piece. The users won’t only get rights to experience the exclusive music/video, but they also get a chance to earn from the media in future transactions.
All this is possible due to the support of blockchain technology. Some of the most popular ones in this industry are Binance smart chain and Ethereum blockchain technology. The artist can even create NFTs associated with the media and generate a revenue stream from selling it on the primary/secondary marketplace.
A platform-specific token is generally created that helps in these transactions. These token value is linked with the demand of the token and will increase as the demand for the platform increases. Some platforms even offer tokens for creators and consumers to stream on their platforms. This again generates a passive stream for both the parties involved.
Guy. J who is a musician has sold 1st royalty right income NFT for a song on Rocki for $24,500. Similarly, Tory lane has launched 1st ever music streaming NFT, which fans can pre-order for just $1. Theta is a video streaming platform that uses and shares unused bandwidth of users to other users to make streaming look seamless and of high quality. Theta is rewarding the users with theta tokens for this and users all over the globe are earning.
Features Of NFT Streaming Platform:
The reason why many users are trying to mint their NFTs is that they have features like,
- Unique Content: The platform creates exclusive and unique content thus a special connection between the users and the creator. This is where stardom meets fandom
- A Global Reach: The problem with traditional systems is that it was not accessible to all in a single place. The presence of the NFT marketplace gives an audience/community to every creator, especially if the marketplace operates for only a specific niche like gaming.
- Freedom For Artists: Earlier, the artists rarely got the chance to hold 100% profits from the transactions. Some of them were received by the intermediary factors who would facilitate the transactions. Like what a music label is to a musician. NFT and its marketplaces remove all those intermediary factors and promise 100% of the profits.
- Smart contracts compatibility: The presence of smart contracts promises advantages like royalties and rights of the NFT in the future to the artist.
- Its digital, secure, and fast: Since it is completely operated on a blockchain network and powered by strong and secure technology like that of Ethereum, the transactions are fast and hackproof.
- Immutable: Once the NFTs are minted on a blockchain network, the NFTs are unmodifiable and become tamper-proof.
- Scarcity: Since the assets are one of one and are unique, it increases the value of the NFTs.
Looking at all these advantages, the population of the NFT market is increasing day by day. To make your platform stand out, some features which are essential to be provided are
- Rewards Mechanism
- Easy Minting Of NFTs
- 24X7 Real-Time Statistics
- Wallet Integration
- Cross Chain Connectivity
- Independent Profile
Some of the examples of NFT streaming platform types are,
- NFT Video Streaming Platform
- NFT Pay Per View
- NFT For Music Streaming
These types of platforms can be easily developed by a team of blockchain developers at Vardhaman Infotech. We have been working on blockchain technology and its application for years and have global partners for the same. Any project’s developers are in charge of creating a high-performance network with minimal job costs. Likewise, if you are interested in developing your own NFT streaming platform solution or if you’ve got any blockchain-powered project in mind, then go ahead and get in touch with our blockchain development gurus for more insights.