by
Unique Network
What are Multimedia NFTs?
It’s first important to understand that NFTs or the next generation of digital assets (NFTs 2.0) are more than just digitized tokens. Unlike traditional cryptocurrency tokens, such as Ethereum, or physical collectibles like trading cards, NFTs present themselves as an immutable piece of data living on the blockchain that cannot be exchanged on a one-to-one basis.
Each NFT that is created, possesses unique qualities and attributes completely different from one another.
Multimedia NFTs are a unique NFT format that enables the storage of multiple files within a single token. These NFTs seamlessly integrate various files without the need for complex smart contracts.
File types can include:
- Images
- Videos
- Audio
- 3D models
- Text and lots more.
With NFTs increasing in popularity each year, the expected average revenue per user in 2024 is projected to be US $162.1, and by 2028, revenue from NFTs will reach more than 3300 million – an outstanding figure that demonstrates the power of digital assets in the Web3 space.
In short, Multimedia NFTs allow you to store and update multiple media-type files, providing enhanced flexibility and customization.
Benefits of using Multimedia NFTs
Digital content in the form of music, videos, and short-form content (e.g. TikTok) can be offered as one-of-a-kind digital works, rather than just mass-produced digital items.
Musicians and indie artists are turning to blockchain and the power of NFTs as a new channel for digital monetization. In the past, indie artists had more difficulty controlling their artwork or their music, and it wasn’t so easily accessible online. Big platforms like Spotify or Apple Music, control and monitor a large amount of streamed music, making it difficult for any indie artist to make their initial breakthrough.
Despite these challenges, artists continue to leverage these major platforms, such as Spotify, as they provide easy access to large audiences, help increase recognition and simply music distribution. However, the overall financial gain still remains quite low. On average, Spotify pays around $0.0004 per stream, meaning an artist would gain $4 for 1,000 streams and approximately $40 for 10,000 streams.
Now imagine if they used digital assets on the blockchain to take back control of their work and provide an additional revenue stream.
Moreover, Multimedia NFTs enable creators to earn royalty fees as an extra source of income when traded and bought on NFT marketplaces or auctions. Multimedia NFTs allow creators to combine different forms of media, offering a richer and more immersive experience for the audience. Artists can blend visuals, sound, and interactivity to create dynamic and complex artworks.
This encourages innovation, pushing the boundaries of traditional art and storytelling.
Additional key features of Multimedia NFTs include:
- Store Any Digital Files in One NFT: Enjoy maximum convenience by storing diverse media formats in a single NFT or several files of the same format, the choice is yours.
- Add New Files Over Time: Greater flexibility and customization as you can update your NFT with new files whenever needed.
- Seamless Integration: Integrate various media formats and structured data to transform how you share, collaborate, and interact with digital assets.
Tokenization Ideas for Creators
Thanks to the power of the blockchain, the tokenization of digital assets has enabled creators from any background to earn various revenue streams that you wouldn’t normally find outside of the Web3 world.
We’re no longer bound by a static image or pixelated animal profile pictures (PFPs), and moving into a new wave of moveable, digital assets, offering more versatility and customization.
Artists and musicians use NFTs to tokenize digital music files or even demo clips and their latest releases. For example, the popular band Kings of Leon released one of their albums as an NFT. With the utility of Nested NFTs, you can nest your digital music into base NFTs (the albums) and create a connection between the music and the album.
Instead of uploading videos to YouTube, you can utilize NFT platforms, such as Unique’s Marketplace, OpenSea, or Rarible, and share upcoming videos with audiences in the digital realm — having full ownership of the content.
Let’s explore some Multimedia NFT use cases to expand your perspective.
Multimedia NFT Use Cases
It’s important to understand primarily, if Multimedia NFTs are for you. Do they work for your project; vision; goal or specific use case? Sometimes, it’s not easy to know at first, so we’ve made it easier in the hopes you can identify if Multimedia NFTs are going to work for you.
Some points to think about include:
- Advanced NFT Collections: Traditional NFTs typically feature a single image per token. With Multimedia NFTs, we can add elements such as a GIF, 3D model, and even an MP3 file.
- Interactivity and enhanced features: Multimedia NFTs are not only leveraging audio or video file types, but feature interactivity for users and enable storytelling to enrich personalized experiences. By combining another advanced NFT type, such as Dynamic NFTs, users can include programmable elements that react to specific conditions or triggers when they’re met. These will then modify the NFT (functionality or appearance-wise) based on external data input or user interaction.
Not only have creators delved into utilizing Multimedia NFTs for their own, but sensational fashion company, Louis Vuitton introduced their “Louis - The Game”, a mobile game, “incentivizing players to learn about its history with the reward of winning PFP-like NFTs” — which integrates Multimedia NFTs as part of the gaming experience.
Expanding your NFT horizons is another good practice to get an idea of how Multimedia NFTs can benefit you in the long run. Some examples can include:
- Digital Music and Audio Clips
- Memes/Meme clips
- Advertising
- Collectible virtual goods in gaming
- Video content
- Storytelling
- Memory books
- Reels
- Generated stories
Community members in the ecosystem have already started experimenting with Multimedia NFTs on the Unique Marketplace, take a look:
If you're looking for inspiration for incorporating Multimedia NFTs into your project, explore our curated AI prompts to guide your creative process.
Multimedia NFTs have cropped up in the form of AI-generated music, showcasing that Nerds also love Polkadot… inspired by Polkadot’s recent partnership with Heroicgg. Check out the NFT collection from the community here.
Creating your first Multimedia NFT with Unique
This part of the blog will walk you through acquiring your tokens to create and mint, creating a collection, and creating your first Multimedia NFT.
- Add UNQ and/or QTZ tokens to your wallet to create NFTs.
Create your first MultiMedia NFTs on the Unique Marketplace here:
Need any additional help? Check out this step-by-step guide here:
Conclusion
NFTs, now known as Digital Assets, offer a new way for creators to express themselves through Multimedia assets. As Web3 and NFTs evolve, we can expect a surge of new users and innovative ways to integrate digital assets into projects.
At Unique, we embrace the future of NFTs, providing flexible, customizable solutions for a wide range of needs and use cases. Our Advanced NFTs enable innovation with on-chain real data, transparency, decentralization, proof of ownership, and verification of authenticity.
We invite you to join us on the NFTs 2.0 journey and explore how Unique’s Advanced NFTs can achieve your project dreams and vision!
Join the Unique Ecosystem!
Unique Network is the number one next-generation NFT chain for Polkadot and Kusama, bridging the gap between Web2 and Web3 by giving you all the necessary tools and platforms to achieve your dreams as easily as possible.
Step into the world of Web3 with the NFTs 2.0 CodeCraft Grant Fund, complete with unlimited advanced NFT features built for today and the future. Build your unique dApp or Micro dApp, join a community of developers, and get direct support for your project.
Learn more about the dApps and projects actively using Unique Network today:
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dApp |
Description |
Visit Page |
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Conor Daly Insider Pass |
A unique Digital Insider Pass to promote Fan Engagement in Web3 and bridge non-crypto natives to the Web3 world. |
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Sovereign Nature Initiative |
One-of-a-kind Proof of Attendance Badge on the Blockchain, that evolves into an exclusive DOTphin NFT. |
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DED Games |
A brick-breaking game, showcasing NFTs to gamers as they try to complete challenges and reach the leaderboards. |
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Forever Has Fallen |
Bringing Bounty Hunter Tickets as NFTs to gamers, unlocking challenges, riddles, and an exclusive lair to those who seek. |
Stay Up To Date
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