An NFT, or non-fungible token, is a unique digital asset that is stored on a blockchain. Unlike fungible tokens such as cryptocurrencies, which are interchangeable with one another, each NFT is one-of-a-kind and cannot be replicated. NFTs can represent various forms of digital content, including art, music, videos, and other types of creative work. They provide a way for creators to prove ownership and authenticity of their work and for buyers to invest in and collect rare, unique digital items. NFTs have gained popularity in the art and entertainment industries as a way to verify ownership and authenticity of digital content, and have the potential to revolutionize the way creators are compensated for their work. NFTs have the potential to challenge the way the music industry has been operating up to this point.
Traditionally, artists made most of their revenue from album sales in the primary market, but struggled to profit from resales in the secondary market. However, with the emergence of Web3 music, artists can now generate profit from both markets. By purchasing digital albums or singles, fans can support their favorite artists, and because they will own the royalties, artists can profit from any trades or resales in the secondary market. This not only fixes the current problems but also provides a whole new way for artists to earn. NFTs have the potential to challenge the current music industry model by allowing for direct and full redistribution of recording and composition rights to their holders without intermediaries, providing a new and fair revenue stream for artists. Additionally, the community and connection around music provide tools for cooperative creation within an independent and healthy creators economy.
Each ENT Card is composed of a Physical card and an NFT card, and together they create a system that allows for co-ownership by individuals in different parts of the world, while still being part of the same system.