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Your private key would be used to sign a message that proves your public key. But your public key is all that's needed to validate which NFTs you own or whether
by chrisco255 5y ago
Your private key would be used to sign a message that proves your public key. But your public key is all that's needed to validate which NFTs you own or whether you hold an NFT from a particular collection.
> The nft would be authorization, which sounds a lot like digital rights management to me
The NFT can be used as a token to access a particular service. But by no means is it anything like DRM.
An NFT is recorded in a smart contract. The record of an NFT's purchase and transfer history is immutable and on-chain. It's not revokable by a record company if they sold it under some particular terms to begin with.
At this point, however, it's far more likely that a music NFT has been produced and sold by the artist themselves, rather than a record label (3LAU https://nft.3lau.com/#/auction https://nft.3lau.com/#/auction), Euler Beats (https://eulerbeats.com/genesis/21575894274 https://eulerbeats.com/genesis/21575894274), RAC (https://rac.fm/nft https://rac.fm/nft) as some examples. That's part of the beauty of this system, though, in my mind. An artist can have a direct relationship with their fans and keep nearly 100% of the revenue. They may even focus on obtaining 1000 high dollar mega-fans rather than hoping for a billion plays on Spotify, for example. And that's going to be perfectly ok as a business model in Web3.