Music NFT Marketplace: Exploring BitSong Studio (Part 2)
A Deeper Dive into Using Music NFTs: Exploring Features, Buying, Selling, and Creating on BitSong Studio.
Exploring NFTs on BitSong
By clicking on any of the available Music NFT on the Studio’s homepage, you’ll be taken to the NFT details page. Here's a breakdown of the key parameters and data you might encounter:
NFT Title, Creator and Description:
Title: The name of the NFT, often reflecting the song or collection it represents.
Artist: The name of the artist who launched the Music NFT
Description: A brief overview of the NFT, which may include information about the track, its creation, and any special features.
Activity: A chronological record of all actions involving the NFT, including purchases, sales, and transfers. This section allows users to monitor the activity and overall market dynamics of the NFT, promoting transparency and enhancing decision-making for both creators and collectors.
Details included are:
Type: The nature of the activity (e.g., Buy, Sell, Mint, Transfer).
Date and Time: The timestamp of the transaction.
Participant Addresses: Wallet addresses involved in the transaction (buyer and seller).
Media Content:
Audio/Visual Display: An embedded player or visual representation allows users to experience the music or associated media directly on the page.
Artist Information:
Name and Profile: Details about the creator, including their wallet and a link to their BitSong profile, by clicking on the wallet under the “creator” section.
Royalties Address
Definition: The wallet address where royalties from NFT interactions are sent. This ensures the artist earns revenue for every transaction involving their NFT, whether it's a sale or purchase.
Purpose: Guarantees ongoing rewards for the creator, supporting their work beyond the initial sale.
Marketplace Address
Definition: The wallet address of the marketplace (smart contract) that hosts the NFT. This address handles the fees or payments related to facilitating transactions.
Purpose: Tracks the marketplace’s involvement in sales and ensures smooth operations.
Seller Fee %
Definition: The percentage of the sale price that serves as the royalties the artist receives whenever their NFT is bought or sold.
How It Works: Once an artist creates a Music NFT on BitSong, they configure immutable parameters such as exclusivity and pricing dynamics. These parameters dictate the NFT's behavior in the music nft marketplace.
If a collector buys an NFT, its price increases based on the predefined curve.
If a collector sells an NFT, its price decreases accordingly.
Purpose: Provides a dynamic and fair way to distribute NFTs while ensuring that artists are compensated for all interactions, enhancing the value of their work over time.
Referral Fee %
Definition: The percentage of the sale price paid to a referrer if the NFT was sold through their referral.
Example: If the referral fee is 0.50% and the sale price is 100 BTSG, the referrer earns 0.5 BTSG.
Purpose: Encourages users to promote NFTs and the platform, expanding reach and engagement.
Total Volume
Definition: The cumulative value of all transactions involving the NFT or collection, expressed in BTSG tokens.
Example: A "Total Volume" of 4.3K BTSG means the NFT has generated 4,300 BTSG in total sales.
Purpose: Indicates the popularity and demand for the NFT in the marketplace.
Unique Owners
Definition: The number of distinct wallet addresses holding editions of the NFT.
Example: If there are 5 unique owners, five different users own at least one edition of the NFT.
Purpose: Highlights the diversity of ownership and reflects the NFT’s reach among collectors.
Editions
Definition: The total number of copies of the NFT minted. Editions can impact scarcity and value.
Example: If an NFT has 59 editions, there are 59 identical copies of that NFT available.
Purpose: Helps users assess rarity. Fewer editions often mean higher value and exclusivity.