Music NFTs: What Musicians and Fans Should Know

Music NFTs are digital assets stored on the blockchain and represent ownership of a piece of music. They’re used to buy, sell and trade music rights and grant owners benefits such as royalties. 

Most NFTs are typically associated with digital art and collections such as Bored Ape Yacht Club; however, their technology can also impact how we buy and sell music. 

The music NFT idea is to give power back to musicians, helping them directly sell and collect royalties through their craft. In the modern music industry, streaming platforms such as Spotify have resulted in 50% fewer album sales since 2010. This has left musicians struggling financially, with groups such as the Union of Musicians and Allied Workers protesting against Spotify for higher payouts. 

Music NFTs let musicians sell directly to their audience, increasing the amount they make from each sale. They also let musicians give back to their fans, for example, the blockchain enables artists to “airdrop” each of their NFT holders exclusive new NFTs. These NFTs could include exclusive songs, gig access, and more. 

This article will cover what music NFTs are, how music NFTs work, the different types of music NFTs, where you can buy them, and whether or not they’ll change the music industry. 

What Are Music NFTs?

A music NFT (non-fungible token) is a unique digital asset representing music ownership. It can be bought and sold like any other NFT and often combines a visual component with a musical one. 

Music NFTs can be purchased on digital NFT exchanges such as Royal. These exchanges let artists create tiered NFT purchase options based on fans’ interests. For example, on Royal, fans can choose between “Gold,” “Platinum,” and “Diamond” NFTs. Each tier offers additional benefits, including VIP tickets, signed vinyl records, and exclusive merchandise. 

Once a music NFT is owned, it can be listened to like a normal piece of music or sold on NFT marketplaces such as OpenSea. 

How Do Music NFTs Work?

Music NFTs work like traditional CDs. A limited number are released, and instead of limited edition CDs,  fans can choose from different tiers based on the rewards offered by an artist. 

They’ve already been used by celebrities such as The Chainsmokers, Snoop Dogg & Steve Aoki. Snoop Dogg, for example, released 25,000 Stash Box NFTs as part of his B.O.D.R. (Back on Death Row) album, selling each for $5,000. He made $44 million in revenue, which is drastically higher than what he’d earn through streaming. 

Once sold, a music NFT can be used to track the use of a song, showing data such as how much it’s played and how often it’s sold, with musicians earning a royalty for each sale. 

What Are The Types of NFT Music?

Music NFTs have two different functions. 

The first function represents ownership and royalty share of a song. Known as Limited Digital Assets (LDAs), LDAs give fans a percentage of revenue from streaming royalties as long as they hold the NFT. This was first used on Royal by 3LAU, who minted the first LDA for his song Worst Case. 

The second function of music NFTs is the right to stream a song. These NFTs give the owner the right to stream a song for an agreed period, but come with no additional benefits.

Artists are also looking for lucrative ways to give back to fans with NFTs. Like Gary Vee’s VeeFriends, artists are giving NFT holders exclusive access to limited edition merchandise, early access to concert tickets, meet and greets, airdrops, giveaways, and exclusive events to interact with the artist themselves. All fans need to do is hold the NFT to earn their rewards. 

For example, in November 2021, American heavy metal band Avenged Sevenfold released an NFT collection known as the “Deathbats Club.” This 10,000-NFT collection gave holders the chance to earn free tickets for life, merchandise, and even the opportunity to hang out with their favorite band members. 

Which NFT Exchange Can You Buy Music NFTs From?

If you want to buy a music NFT, you’ll need to use an NFT exchange. Popular exchanges such as OpenSea offer music NFTs; however, they’re somewhat limited compared to dedicated music NFT exchanges. 

Music NFT platforms provide musicians and fans with features to create, listen to, buy and sell NFTs. Here are four of the best music NFT exchanges to buy your music NFTs from. 

Royalty 

Royalty helps music artists mint royalty music NFTs and lets holders share revenue from sales. All NFTs sold on the platform give buyers a royalty on each sale, ranging from 0.002% to over 1% per sale. The artist can choose what % of royalties go towards NFT holders, with artists such as 3LAU dedicating 100% of all royalty sales to his fans. 

SoundXYZ

SoundXYZ is a music platform founded in 2021 that lets musicians create and sell music NFTs. It has a built-in wallet where users can hold their NFTs once purchased and a marketplace to buy and sell music. As of October 2022, musicians have earned $3,545,770.76 from sales on the platform. 

Opulous

Opulous is a blockchain-based NFT music exchange that also offers DeFi loans. It offers music by artists such as Tyga and Lil Pump as well as music loans for new artists who need a financial boost. 

GlassXYZ

GlassXYZ is a music NFT marketplace that specializes in music videos. Still in early development, the platform has ten music creators and 597 sales on the platform as of October 2022. It’s the perfect platform for music fans who love music videos. 

Final Thoughts: Can Music NFTs Disrupt The Music Industry?

Music NFTs are still a relatively new concept but have shown a great deal of potential for both fans and artists. 

Firstly, they provide musicians with greater control over their music, including how it’s used, how it’s shared, and most importantly, how they can profit from it. With a greater share of the profits, musicians could use NFT purchases to fund additional studio time and boost their overall musical career. 

NFTs also allow artists to give back to their fans and build a stronger fan-artist relationship. They can offer a wide range of gifts to NFT holders, giving loyal fans a chance to meet their favorite band members, collect exclusive merchandise, and even earn free concert tickets. 

By combining traditional album sales, concert sales, and NFTs, artists could begin to increase their income potential and connect with their fans in ways never possible in the past, creating an exciting new trend in the music industry. 

What Are Soulbound Tokens & Why Should You Care?

Soulbound Tokens (SBTs) are permanent, non-transferable NFTs that represent a holder’s identity and reputation. 

They contain data such as an individual’s work history, credit score, education, medical history, and personal certifications, all of which are stored on the blockchain. This data is used to verify information during processes such as going for a job interview. 

However, SBTs have created a divide amongst crypto enthusiasts; some argue that they’d be a great way to verify information, while others have compared them to an authoritarian social credit system. 

This article will cover what Soulbound Tokens are, how they work, the team behind SBTs, and various Soulbound Token applications. 

What Are Soulbound Tokens?

Soulbound Tokens are permanent non-fungible tokens (NFTs) that can’t be given away or stolen from a crypto wallet. 

The idea behind Soulbound Tokens comes from the video game World of Warcraft (WoW.) In the game, “Soulbound” refers to ownership of an item that cannot be traded or gifted to another player. 

Think of Soulbound Tokens like CV’s for everyday life. They display your achievements, such as a professional certification, degree, award, or experience in a particular field. They also include achievements outside work, such as sports teams you’ve played for, events you’ve completed, and medical records for hospital appointments. 

SBTs also include personal information such as your name, date of birth, political parties you support, criminal record, religious beliefs, and just about anything else you want to showcase to the world. If there’s a fact you want to share, it can be done through your Soulbound Token. 

How Do Soulbound Tokens Work?

Soulbound Tokens work by proving a particular statement to be fact. On social media platforms, anyone can claim just about anything. However, with SBTs, claims must be backed by another wallet. 

Each individual has their own “Soul” which is basically a private wallet. Institutions would also have “Souls” (wallets) and would be able to give Soulbound Tokens to prove a particular statement. For example, if you went to Oxford University, the university would have to give you an SBT to prove you have a degree from the institution. In theory, this would make it impossible for someone to make a false statement.

By granting SBTs to individuals, the project team believes they can solve many of the problems associated with decentralized finance. In particular, they believe it could prevent theft and scams, as individuals would be able to verify their identity before any transaction takes place. 

It would also let investors check a project’s reputation before buying. From July 2021 to July 2022 over $100m worth of NFTs have been stolen through rug pulls and other cryptocurrency scams. With SBTs, investors can check if the individuals behind a project can be trusted before getting involved. This will help individuals make better-informed decisions and limit scams throughout the community. 

However, there’s one big flaw in the current system: once an individual has an SBT, they can’t get rid of it. In theory, this means an organization or individual could potentially sabotage an individual’s “Soul” by sending them unwarranted tokens. 

To tackle this, features are being developed that would let individuals hide or destroy an SBT if it doesn’t belong in their wallet. A “social recovery model” has also been proposed, where an individual can appoint “guardians” for their wallet. These guardians can be individuals or institutions who can change the private keys of a user’s wallet. Therefore they could keep a user safe if their wallet is compromised. However, this idea is still in early development. 

Who Created Soulbound Tokens?

 Ethereum cofounder Vitalik Buterin, Puja Ohlhaver, and Eric Glen Weyl created the Soulbound Tokens in May 2022. 

Buterin is a Russian-born Canadian programmer and writer who’s been in the cryptocurrency space since 2011. He co-founded Bitcoin Magazine and is best known as the face of Ethereum. 

Puja Ohlhaver is a lawyer in the crypto space who’s worked with Buterin on previous projects. 

Eric Glen Weyl is an economist and social technologist. He works as a Principal Researcher at Microsoft Research New England and is a Visiting Senior Research Scholar at Yale University, where he teaches an economics-computer science course. 

Soulbound Token Applications

Decentralized Banks

SBTs provide banks with financial data that can be used to grant loans, overdrafts, and other financial incentives. They can help verify an individual’s reputation based on their financial history, including loans already taken out, when they were paid, and if they’ve ever missed a payment. 

DAO Voting

DAOs play an important part in decentralized governance models, allowing users to vote on the future of a protocol. SBTs could be used to prove an individual’s identity and reduce the risk of Sybil attacks. 

CV’s

When applying for a job, everyone needs a CV and cover letter. SBTs could replace these forms by displaying an application’s work experience, qualifications, and employer reviews in one place. They’d work as proof of skill set and prevent individuals from lying on their applications. 

Medical Records 

Getting your hands on your own medical records is a lengthy process and can often take days for a doctor to send over. Instead of relying on slow governing institutions, SBTs can be used to store medical records, replacing physical paper records. When visiting a doctor or hospital, individuals could use their SBTs to show any prior accidents, surgeries, and general medical information. 

Final Thoughts: Could Soulbound Tokens Revolutionize Personal Data?

With Soulbound Tokens planned to be available by the end of 2022, many crypto enthusiasts are asking how they’ll impact how we use and interact with personal data. 

For Web3 users, SBTs are a great way to resolve many issues around scams and fraud, verifying a user’s identity. They’re a great way to showcase skill sets and qualifications and have many applications in everyday life. 

However, will they be adopted by everyone? With cryptocurrency still being somewhat of a fringe subject, it’s unlikely that the general public will currently adopt Soulbound Tokens. Nonetheless, this doesn’t mean SBTs haven’t got potential. 

As the widespread adoption of cryptocurrency continues to grow, so does the potential for mass SBT adoption. To keep up with the latest updates, you can join the Soulbound Discord and Telegram channels, where the developers reveal their latest innovations on the project.

How Is NFT Rarity & Price Calculated?

NFT rarity refers to how common a particular NFT is within a collection; typically, the rarer the NFT in a sought-after collection, the higher the pricetag. 

But how exactly does NFT rarity work? 

When an NFT is minted, it has unique properties, also known as traits, that cannot change. Although NFTs can share a trait, no two NFTs are typically identical in a randomized collection. 

NFTs with a combination of rarer features generally sell for a higher price than those with normal features. As the floor price of a collection increases, the rarer NFTs also tend to increase more in value than the collection average. 

This article will cover the top three ways to check NFT rarity and the top three rarity-checking tools to help you get the most out of your investments. 

How To Determine NFT Rarity

Understanding how to spot rarity in advance will give you an advantage in NFT collecting, informing your purchase decision.

Rating Traits

Rating traits are when an investor compares the rarest individual traits of each NFT in a single collection to determine which asset is the most valuable. 

The easiest way to do this is through OpenSea, where you can create, buy and sell NFTs. On OpenSea, you can view an entire collection when clicking on an NFT. The average collection size is 10,000 items, though this can be lower for some projects. 

When clicking on an NFT, its different traits can be seen below its main image on the left. OpenSea automatically shows what percentage of NFTs share that particular trait, which allows you to determine the rarity. 

However, this technique has a major flaw. It only looks at the rarest attribute of each NFT, ignoring the others. 

Though it is a simple method, its drawback lies in considering just the rarest attribute of each NFT, whereas all other attributes are ignored. For example, when using this technique, an NFT with one super rare feature but five common features may be considered rarer (and thus more valuable) than an NFT with three rare features but no super rare ones. 

This is where the average trait rarity technique can help. 

Average Trait Rarity

Average trait rarity is when the rarity of all traits are added together and then divided by the total number of traits. For example, the average trait rarity for one particular BoredApe would look like this: 

13 + 1 + 17 + 14 + 1 +7 = 53

53 / 6 = 8.83

This number would then be compared with another Ape, for example: 

13 + 2 + 5 + 7 + 14 + 4 + 23 = 68

68 / 7 = 9.7

With this technique, the first ape would be considered rarer than the second due to its lower score. 

The Average Trait Rarity technique is more effective than rating individual traits, as it compares the average of each attribute.

However, it’s not without flaws. With an average being taken, super rare traits can often be overlooked on NFTs, with one super rare trait and the remainder being average. 

This can cause investors to miss out if they focus solely on an average without looking at the individual traits. 

Statistical Rarity

The most popular technique is statistical rarity. This process uses a spreadsheet and is slightly more technical than others in this list. 

To use it, all trait rarities are multiplied to work out the overall rarity of an NFT. 

The two examples above would look like this:

Ape 1: 

13% x 1% x 17% x 14% x 1% x 7% = 0.00000002 

Ape 2

13% x 2% x 5% x 7% x 14% x 4% x 23% = 0.00000001

Using this technique, the second ape would be considered rarer than the first, creating problems for investors who use different methods to test rarity. 

So, what are the alternatives? 

Several rarity tools based on the Rarity Score approach have been created to help investors choose the right NFT. Here are the top 3 options.

The Best Rarity Tools

OpenSea Rankings

OpenSea uses a tool to analyze the volume and floor price of an NFT to display its ranking. 

The collection stats tab lets you view the top-ranking projects based on sales volume, % rise in price, floor price, total sales, and more. When clicking on a project, you can view the rarity of each NFT to help inform your investment decision. It’s free of charge and can be used as part of the platform. 

Rarity.tools

Rarity.tools is one of the most trusted NFT rarity checkers and can be used for free. It works in a similar way to a search engine, with a focus on NFT built on the Ethereum and Solana blockchains

You can filter NFTs based on sales volume, average price, and top collections through the website. It also lets you view upcoming projects, which makes it great for investors who want to move away from the current market leaders. 

Trait Sniper 

Trait Sniper is a relatively new tool that lets you compare NFT attributes. The tool looks at all NFT projects, which makes it great for investors looking to buy from upcoming NFTs with a potential to rise in value. It has both a free and a paid version, with the paid version offering real-time notifications for the latest NFT projects and an overall score. 

What Is The Best Solution To Determine Rarity And Price?

Although there’s no one shoe fits all solution, tools such as OpenSea, Trait Sniper, and Rarity.tools are a great way to kick-start your NFT investments.

They’re easy to use, making them perfect for new investors or experts looking for additional data. 

However, it’s important not to rely on them entirely. They’re tools and should be used as such. You can use them to find out how rare an NFT is; however, this doesn’t guarantee the success of that NFT or the whole project. 

If the market is going through a turbulent period, a whole collection may decrease in price whether you own the rarest NFT. Therefore, it’s always important to conduct your market research and use these tools to supplement your findings. 

Can You Copy an NFT Onto a Different Blockchain?

Things can get a bit complicated when simply “copying” an NFT from one blockchain to another.

As a refresher, a blockchain is a decentralized collection of financial accounts across a peer-to-peer network. It’s used to confirm transactions without needing a central governing body, allowing users to make transactions without a third party. 

NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. They come in the form of NFT art, music, in-game collectibles, and much more. 

Although someone can duplicate an image of an NFT, the code confirms the actual ownership of an NFT. Think of NFTs like a piece of art in a museum. Although the art can be replicated, the museum holds the official ownership rights of the original piece. 

Currently, the NFT market is dominated by Ethereum, with 95% of NFTs being on the Ethereum blockchain. However, many collectors are fed up with high fees and slow transaction times on Ethereum. 

As a result, alternatives such as Solana and Polygon are now becoming popular alternatives for collectors, with investors using bridge technology to transfer their NFTs from one blockchain to another. 

This article will look at how NFT ownership works, how to transfer an NFT onto a different blockchain, and how to use the ​​Polygon Bridge to transfer your NFTs. 

How Does NFT Ownership Work?

When buying an NFT, you acquire a token on the blockchain. You might experience this NFT as a picture of a monkey or something, but in essence, you own a string of programming. This token is unique and represents a particular asset. For example, if you purchased an NFT on OpenSea, you’d own a code that shows you own that particular asset. 

Once you own an NFT, you can use it commercially, for example, printing the art on a shirt or using the design in a video. However, this doesn’t stop other users from saving your image, with saving an image becoming a meme since 2021. 

Not all NFTs give you copyright and intellectual property rights, so checking the details before buying is important. 

How Do NFT Transfers Work?

Originally an NFT would stay on the blockchain it was purchased on. However, a new technology known as a blockchain bridge lets you transfer an NFT from one blockchain to another. 

A blockchain bridge, also known simply as a bridge, is software that lets collectors move NFT across blockchains. These third-party programs actively monitor blockchains to ensure a smooth transaction. 

For example, one such platform, NFTrade lets you move NFTs from one blockchain to another, with six blockchain networks to choose from. 

To start, set up an account and connect your wallet. 

Click My NFTs and choose the NFT you want to move from one blockchain to another. 

On the top right corner of the NFT page, click the three dots and select the new wallet you want to send the NFT to. 

Click Transfer NFT and verify the transaction to complete. You can then disconnect your wallet from NFT trade, and the selected wallet will now own the NFT. 

Another way to transfer NFTs across blockchains is through the Polygon Bridge. 

What is the Polygon Bridge?

Polygon Bridge is a cross-chain bridge between Polygon (formally Matic) and Ethereum that lets users transfer NFTs from Ethereum to the Polygon blockchain. Users can transfer all ERC tokens through a dual consensus procedure using this two-way bridge. This procedure uses a Plasma bridge and Proof-of-Stake bridge to complete the transaction and remain decentralized. 

How Does The Polygon Bridge Work?

When using the Polygon Bridge, no new tokens are created. Instead, tokens leaving a particular network are locked and minted through another network. The new token is then created, and the old one is burned. 

Here’s how you can use the bridge:

  1. Connect your crypto wallet (such as MetaMask) to the Polygon Web Wallet
  1. Sign your wallet through the extension
  1. You’ll be taken to the Polygon Bridge interface. Here you can choose your token (supported tokens include MATIC, ETH, ERC20, ERC721, ERC1155, and several others.)
  1. You’ll be charged a fee for this process which will change based on Ethereum traffic.
  1. If you want to transfer your NFTs back to their old blockchain, click “Withdraw” and choose the tokens you want to return to their old blockchain. 
  1. Once the transaction has been validated, your NFTs will be available to claim in your crypto wallet. 

Alternatively, you can also use the Plasma Bridge to transfer Polygon NFTs and transfer them to ETH, ERC20, or ERC721 tokens. Here’s how:

  1. Open MetaMask and click “Switch to Polygon.”
  1. Your Polygon details will show the Polygon network’s details.
  1. From here, head to the Polygon Bridge, click “Withdraw,” and repeat the process above. 

Three transactions will need to be validated when completing a transfer on the Plasma Bridge. 

The first is to withdraw an NFT from your Polygon Wallet. 

The second starts a 7-day challenge period, where an individual can challenge the transaction (this is for additional security.)

The third is to confirm sending your NFT to the wallet. 

Overall this process is more secure; however not as fast as the normal Polygon Bridge. 

However, some NFT holders may be a bit unsettled by the fact that their original NFT token is “burned” in order to create a new one.

Why Would You Copy An NFT Onto A Different Blockchain?

Although Ethereum dominates the NFT market, it’s far from perfect. One of the biggest issues with Ethereum is the transaction fees. Fees are extremely high, starting at $50-100+ per transaction, which is significantly higher than any other blockchain. 

In addition to this, the fees themselves can fluctuate dramatically. One day you may pay $50 for a transaction; the next, you could be paying over $150. This frustrates NFT collectors trying to budget or profit from their investments. 

Alternative blockchains such as Solana and Polygon have significantly lower fees. For example, the average cost of Minting an NFT in Solana is just 0.00001 SOL ($0.01.) Consequently, Solana and Polygon NFTs are growing in popularity, as shown by the growth in sales. Solana NFT sales volume hit an all-time high in the week ending Sept. 12, hitting almost $50 million (1.5 million SOL.)

Final Thoughts: Is Changing Blockchain Worth The Hassle?

As blockchain technology advances, so will the number of ways you can move an NFT onto a different blockchain. Currently, platforms such as NFTrade and Polygon Bridge are great ways to change blockchain. However, they can appear a little complicated for new investors. 

So, is changing blockchain the best option for you?

This will depend entirely on your reason for buying an NFT.

Changing the blockchain may not be worth the hassle if you’ve purchased an NFT to hold it for the long term. Instead, holding your NFT in its current wallet would be better, and hoping the value increases. 

However, if you frequently trade NFTs, then changing blockchain could help save you some money on network fees. It would also help speed up your transactions, letting you make more daily transactions. 

Before making a decision, make sure you do your research to understand the transfer process and avoid unnecessary fees. 

Why NFTs Need a Scalable Storage Solution

A non-fungible token (NFT) is a physical or digital asset recorded on the blockchain.

In 2022, an estimated four percent of Americans (9.3 million people) said they own NFTs– a 100% increase from 2021 shows that NFT ownership is rising.

As ownership continues to increase, so will the demand for scalable storage solutions. Many of the current storage solutions lack scalability, which limits how many NFTs people can own- particularly if they have larger collections.

In this article, we’ll cover four different storage solutions, which are the most scalable, and the benefits and challenges of each. 

Let’s get started. 

Software Wallets- MetaMask

MetaMask was launched in 2016 by Consensys, a blockchain software technology company based in New York City. It’s the most popular decentralized wallet in the world, with around 21 million monthly active users. 

Although the wallet was created for cryptocurrency, MetaMask is also popular for buying and storing NFTs. It lets users store and manage their private and public keys, connect to decentralized exchanges such as UniSwap and PancakeSwap, and buy and sell NFTs. 

MetaMask is relatively friendly for new investors and can be installed through the Google Store. MetaMask also has an in-depth FAQ Page for investors who want to learn more about the wallet, how to trade cryptocurrency, and how to store NFTs. 

MetaMask is consistently connected to a decentralized ledger and, in theory, shouldn’t have any issues regarding scalability on the backend. As long as the blockchain is scalable, operations between the wallet and the blockchain should be scalable too. 

The only area where MetaMask falls short is when it comes to security. MetaMask is constantly online and, as a result, can never be as secure as hardware wallets (which we’ll cover below.) Though MetaMask has never been hacked, its users have been prone to phishing scams, including one that cost a wallet holder $650,000 after believing they were giving their details to an Apple employee.

Other popular hardware wallets for NFTs include Math Wallet, Coinbase Wallet, and Trust Wallet, which Binance owns. However, for decentralized NFT storage, MetaMask remains the best option. 

Hardware Wallets

Hardware wallets are the most secure option for NFT storage as all digital assets are stored offline- making them impossible to hack. This makes hardware wallets a great option for collectors who want to store their NFTs for the long run. 

The most popular hardware wallets are Ledger and Trezor, which will cost anywhere from $80 to $300+ for the latest models. Once an NFT has been stored in the wallet and the wallet unplugged, nobody can transfer the data to or from the hardware wallet. When you buy a hardware wallet, you’ll also be provided with a secret phrase of 12 words and can set additional passwords if you want even more security. 

However, there are two downsides to hardware wallets. Firstly, if you lose your wallet, you lose your assets. For example, in 2013, James Howells threw away a wallet with 7500 Bitcoins (around $56 million.) He was refused access to the landfill where it was and, as a result, lost his millions. As of September 2022, Howells hasn’t managed to retrieve his wallet.

The other downside to Hardware Wallets is that they’re not scalable. They’re limited to the spec of the wallet you’ve purchased, which could impact NFT storage as NFT files begin to demand more storage space. 

Nonetheless, hardware wallets are the perfect option for collectors planning to make long-term NFT investments. 

InterPlanetary File System

InterPlanetary File System (IPFS) is a relatively new way to store NFTs. It’s an open-source project founded by Protocol Labs and was originally designed for storing and accessing websites, apps, files, and other data. 

With IPFS, users’ NFTs are stored off-chain through platforms like Pinata, significantly reducing the likelihood of their assets being stolen. It also uses content identifiers (CIDs), which are broken down aspects of your data linked directly to your NFT. Instead of your NFT data being stored through an HTTP link, your data is broken down across several storage solutions; this way, if one fails, a different solution backs up your data. 

IPFS solutions are also highly scalable. Additional nodes can always be added to deal with additional data, which means users will never have any problems with storage. 

The only downside is the technology is still somewhat in its early phase and technically wasn’t created for NFTs. This means that although it has a lot of potential, it hasn’t been in the market long enough to be tested.

BitKeep

BitKeep is Asia’s most popular NFT storage method, with over 6 million users, 70 mainnets, and 220,000 supported crypto assets. Much like MetaMask, you can download the BitKeep wallet through the Google Store and use it to store NFTs. 

However, unlike MetaMask, BitKeep has its own NFT store. The store has launched projects such as Kaju Legends and OutSad, and lets users buy other collections such as Bored Ape Yacht Club (BAYC.) 

BitKeep also has a comprehensive education center, where new collectors can learn how to trade NFTs, sell them, and use the BitKeep wallet. BitKeep is connected to a decentralized ledger and shouldn’t have any problems with scalability. It’s only limited by the scalability of the blockchain. 

Final Thoughts: Are Scalable Storage Solutions a Must Have?

As the NFT market grows in popularity, scalable storage solutions will become important for larger collections. However, for the average NFT investor, hardware wallets should be more than enough for a small NFT collection. 

These wallets are a great way for collectors to store their NFTs if they have no plans to sell them. Both software wallets and IPFS are also great ways for collectors to get involved in the industry and offer scalable storage options for larger collections. 

The best option for you will depend entirely on your preferences.