At its core, social media is a web-based communication tool that facilitates constant and instant interaction and sharing of information between people.
On one hand, social media enables socialization and promotes togetherness. On the other hand, it can leave your data open to the world and put a person’s privacy and information at risk. If this data could be linked and managed by each individual personally, social media could become a truly decentralized platform that majorly benefits users – rather than third parties. That’s where Non-Fungible Tokens (NFTs) come in.
NFTs are steadily becoming the future of artistic expression and providing real income for users. Creating music and then being able to trade that music and/or be paid royalties when that music is used elsewhere. This development in the digital world completely revolutionizes the world of music production and transforms art/music into revenue for NFT artists.
With all this possible through NFTs, Omni sets its objective to pioneer the future of music through the world of NFTs and return social media powers back to users.
What Are NFTs?
Hailed as the digital alternative to collectibles, NFTs are essentially tokenized artwork linked to a digital certificate of ownership. As opposed to a fungible asset – which, economically, can be interchanged for something else of similar value – NFTs are non-fungible. This means each NFT has unique properties that prevent it from being interchangeable.
NFTs come in many forms ranging from animations to images, to texts and tweets, and more on topic – music. Shaping music into NFTs enables the origin and owner of the music to be tracked, traced, and acknowledged whenever a certain piece of music is used/played. Omni develops a monetizable function out of music NFTs by rewarding creators and owners of music within the Omni platform.
Imagine a musician, highly talented and their music is loved by many…