Key Takeaways
- Base, in partnership with Sound.xyz, introduces cost-effective music NFT minting on Ethereum's layer 2, revolutionizing artists' access to the NFT market;
- "Based," the first NFT track on Base by Reo Cragun and Heno, captures the essence of blockchain technology;
- The music industry's embrace of blockchain technology and NFTs, as seen with artists like Megadeth and Michael Jackson, signals a transformative shift in how music is produced, shared, and experienced.
Base, the Coinbase-backed blockchain, is joining forces with Sound.xyz, a blockchain music platform, to revolutionize how artists make music, allowing them to mint tracks as non-fungible tokens (NFTs).
One of the significant advantages offered by this partnership is the cost-effectiveness of minting NFTs on Base, thanks to its integration with Ethereum's layer 2.
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This integration substantially reduces gas fees, making it more accessible for artists to tokenize their music. Furthermore, the transactions are lightning-fast, removing potential barriers for artists who may not be familiar with crypto or hesitate to bridge their funds.
The inaugural NFT track, titled "Based," is the brainchild of artists Reo Cragun and Heno. This blockchain-themed song not only marks a significant milestone for Base and Sound.xyz, but also underscores the growing synergy between the music industry and the blockchain space.
The lyrics of "Based" even capture the essence of blockchain technology, with lines like:
We’re bringing a billion on-chain. Some people leave whenever there are tough times, but shout out to the real ones that stuck by.
Sound.xyz believes that one of the most promising aspects of this collaboration is the potential to tap into Base's extensive network, which boasts over 100 million users.
Music, as a universal language, could serve as a gateway for a new generation of users to explore and engage with blockchain technology.
Notably, music icons like Megadeth and Michael Jackson have also ventured into blockchain-based releases, further blurring the lines between traditional and blockchain-based music scenes.
Also, entrepreneurs like Cordell Broadus, known as Champ Medici, are actively involved in bridging the gap between legacy artists and the Web3 era.
Broadus has emphasized the pivotal role of blockchain technology and NFTs in shaping the future of the music industry, hinting at a new musical legacy in the making.
