Ramon Ibanga, also known as Illmind, the grammy-winning producer, has released the “first ever NFT-backed sample loop/melody pack” by putting a collection of 10 “melody compositions” up for auction on the Mintable NFT market app.
It has been reported that based on Ethereum, the NFT is titled “Alorium” and contains an exclusive link to a file containing individual audio tracks of the compositions. It also comes with a “royalty-free guarantee” and a contract that gives the NFT owner rights to use the audio files for their own purpose.
Precisely 👍🏽 https://t.co/9Y2p9ozE09 — !llmindPutTheLoopOn (@illmindPRODUCER) February 25, 2021
However, Illmind has a successful career as a music producer that spans three decades. He has produced tracks for several best-selling hip hop artists, including Kanye West, Dr. Dre, and 50 Cent. He is also behind tracks on number-one albums by Drake and J. Cole. In 2018, he won a Grammy award for his production of “Everything Is Love” by Beyoncé and Jay-Z.
The report said that his creation sparked a passionate conversation on Reddit regarding what ownership of digital property implies about rights to the creative property. The sentiment generally agreed upon by those responding to the news includes that the idea is innovative and potentially transformative for the music industry.
NFT's are on the way to disrupt how we engage with digital art and commerce, including the music industry. A really interesting space to watch, and kudos to illMind for pushing the boundaries. https://t.co/6ov2j1NUr4 — Luciano Belete (@LucianoBelete) February 25, 2021
r/MuddyFilter, who went on to explain why they thought NFTs could make big waves in the future of the music business:
“Someone really should make a platform for this. This is actually a use case for NFT that I can get behind and that I genuinely think is better than the way it’s currently done. We can pay the creators of the samples directly instead of paying some sample label.”
Likewise, musicians have been warming up to the idea of blockchain-based technology over the last year. Some have discovered new ways to connect with other artists, such as Deadmau5 and Sutu, who released an NFT based on collaborative efforts in December 2020.
NFTs are here to disrupt the recording industry as @illmindPRODUCER puts 10 melody tracks up for purchase on the @mintable_app. First art, now music has arrived on NFTs. What’s next, food? https://t.co/Mjj6z4lGq9 — Cointelegraph (@Cointelegraph) February 26, 2021
Thus, others have used it to release productions in different media forms, such as Sean Lennon, who sold an NFT artwork piece for $3,000 the same month.
Source: Cointelegraph