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Solo Music targets new NFT buyers with CMA Awards collaboration

By Kevin Donovan

22:28, 10 November 2021

CMA Award trophy NFT
CMA Award - Photo: Solo Music io

A new series of non-fungible-tokens (NFTs) launching in conjunction with the Country Music Association’s 55th Annual CMA Awards ceremony being held Wednesday is aimed at new buyers in the space, with a $25 (£18.64) price tag and the ability to purchase using a standard bank credit or debit card.

“People find it frustrating to learn about NFTs,” said Solo Music CEO Barron Solomon. “We need to make it simple, make the checkout process as easy as possible.”

Solo Music, in collaboration with the CMA, is offering a series of 1,000 new NFTs depicting a 3-D representation of the CMA Awards trophy for sale Friday at noon EST.

NFT purchases can then be transferred to any Ethereum-based blockchain for sale on any of the compatible trading platforms, such as OpenSea.

Proceeds go to youth and music

Proceeds from the NFT sale will go to the CMA Foundation, the CMA’s charitable foundation focussed on youth music education throughout the country. “The arts can produce opportunities in non-traditional career paths,” Solomon said.

At Wednesday’s CMA Awards ceremony, the CMA Foundation will honour 30 music educators from across the US. The teachers, ranging from grades Kindergarten through 12, will receive the foundation’s 2020 Music Teachers of Excellence award.

“Day-in and day-out these incredible educators play an integral role in achieving and furthering the CMA Foundation’s mission of creating equitable access to music education programs across the United States,” said CMA Foundation executive director Tiffany Kerns in a statement. “We are thrilled to be able to put the spotlight on these 30 Music Teachers of Excellence who so often shine the light on others.”

US100

18,549.60 Price
+0.020% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

BTC/USD

67,053.15 Price
+0.080% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.53 Price
+0.050% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Gold

2,415.65 Price
+1.590% 1D Chg, %
Long position overnight fee -0.0187%
Short position overnight fee 0.0105%
Overnight fee time 21:00 (UTC)
Spread 1.50

Solo Music to expand to other genres

Nashville, Tennessee-based Solo Music views NFTs as a way for fans to connect with their favourite artists and for artists to engage with fans in new, and lucrative, ways. Formed in April, Solo Music is launching its NFT platform with a country music drop due primarily due to their location in the Music City but plans on expanding across all music genres.

Currently, Solo is offering an NFT series from Grammy-nominated singer and songwriter Eric Paslay. Solomon added Solo Music plans future collaborations with other artists, including one-of-one offerings.

Solo Music plans to expand its NFT offerings past country music. “NFTs allow artists and fans to grow together,” Solomon added. “We want to connect a large group of artists with a large group of fans, create a new way to give access to fans.”

Solomon envisions future NFT offerings to include physical goods and even have music royalties attached. “There are massive opportunities in the hip-hop space for artists to benefit,” Solomon predicts.

The CMA Awards air Wednesday 10 November on ABC.

Read more: Leading Indian film actor to launch NFTs in December

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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