One of the news these weeks is that PDU, Mina’s record label, in addition to relaunching the sale of vinyl with special content, is also opening the Nft Store (https://pdumusic.com/categoria-prodotto/nft/).
Selling Nfts to a beloved Italian artist is a good opportunity to understand what these consist of on a practical level Non-fungible tokensNFTs, in fact, that we’ve been talking about for some time.
Definition of “school” for NFTs
As you may already know, Nfts are “non-fungible digital objects”, that is, facts on the web, on a computer, or on any memory such as a USB drive, which, unlike regular music, text files, or images, are not mirrorable. , but they are unique things, like the paper of this magazine you are holding in your hands now, or the glass from which you drank your coffee this morning. Well, you must have told yourself, though, it’s still a bit of a mystery. So let’s see some examples.
Mrs. Muzini: The voice and the face
Let’s take a look at Nft’s first example: it’s “Mina Foglia d’oro”, the “only” 100 created is digital content with two unreleased songs and a cover art. The second example is “Were Canary #1” which contains the cover art for Mina’s 1994 album and three videos in which the artist who created the image explains how it was done. As you can see, these are digital contents of different genres (multimedia) which are in one case even in a limited edition (therefore designed for general collectors).
How do they buy? First by getting a file Pocket wallet, that is, a digital wallet like the one on which cryptocurrencies are placed, which is nothing more than a dedicated program. Then you need to buy cryptocurrencies for which you can buy Nft on the Nft trading platform, in the case of Mina tablets it is https://opensea.io/. If you take a tour of this platform, you will see that there is a bit of everything, including art and music.
The world of NFTs is a new digital frontier, but underneath are realities we know so well: images, virtual objects like wrappers, and even music. However, it is always important to try to understand what is behind NFTs, and also from a legal point of view: whether it is a property right, a license, a service, etc. They seem like minor things, but they make a difference. When you buy art, for example, it is yours and you do whatever you want with it without owing anything to anyone. For NFTs in MENA it is clear that In the event of a resale by the purchaser and owner of the NFT, a copyright equal to 5% of the resale price will be recognized to PDU Italia srl. In other words, even if it appears to you that you’ve purchased a digital photo or song, you’ve actually ended up in a much more complicated legal situation. Knowing and acknowledging this is essential, as well as for determining the future value of your investment.
Nfts is a way to invest in art, as we talked about recently (see here). Although these are interesting-looking forms of investment, above all because they help diversify the financial portfolio, they are the kind of non-standard products that can be seriously hurt. From an investment standpoint in NFTs and cryptocurrencies, we prefer regular investing in financial markets that are highly regulated, offer standardized products that are relatively easy to analyze, and are generally liquid.