Black Market Records has officially joined digital music selling platform OpenSea, in a bid to sell music as NFT (Non Fungible Token), and Daddy Andre has been the first Ugandan artist signed under the label to start selling his music on the platform.
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, which is a form of digital ledger, that can be sold and traded.
Following this new development, it means that people across the globe who want to buy Daddy Andre’s music or that of any other artist signed to Black Market Record can easily log onto the Black Market Records OpenSea portal and buy and resell the songs as NFT.
It should be noted that OpenSea is the world’s first and largest NFT market place across the globe that deals in collections of music, movies, art, photography, etc.
So the music bought as NFT (Non Fungible Token) can be traded, resold and considered an investment by the buyers, because the value of the NFT can rise or drop.
That means that people who buy the music on the Black Market Records portal as NFT can resell it any time when the NFT value rises.
Buying and selling music as NFT is a revolutionary way of changing the music business in the industry especially because When you buy on NFT, it doesn\’t change value but maintains the value of what you buy and sell