Trading music NFTs and earning BSC, FTM and polygon through NFTs can be very profitable.
The music industry may finally be starting to take NFTs more seriously. A number of artists have launched music NFT projects that have generated fan engagement and generated millions of dollars in revenue. The NFT and crypto space, particularly in music, is still in its infancy, but perhaps the potential for more direct interaction between artists and fans, as well as new ways to monetize digital works without resorting to traditional music publishers, make it promising. technological development.
What are music NFTs?
If you don’t know what NFTs mean, we recommend checking out our previous article on what they are and whether they are permanent.
Now, the music NFT is a proof of ownership of a unique piece of music that can be sold to another party. The owner has the exclusive right to determine how the composition will be used. The term “NFT” applies to any exchangeable (multiple copies available and held by different parties) tokens secured on a blockchain that grants its holder the right to the music, album art or videos created to accompany the music, or to others. exclusive access to content.
Beyond strict definitions of what constitutes an unchangeable or modifiable token, music NFTs help music composers, bands and artists connect and interact with their listeners in new ways.
How do they work?
When producing or selling music NFTs, the principle remains the same as for other NFTs. The musician decides what he wants to sell his fans, whether it’s an audio file, NFT concert tickets or any other NFT product. It then determines on which blockchain to print the music NFT or which music NFT market to use.
Once they’ve identified their chosen NFT marketplace, they’ll notify fans of their music NFT drop’s release and offer them for sale at the value they’re willing to sell.
Because music NFTs (and all other NFTs) cannot be reproduced, they may decide to make a one-time sale of an audio file in which the highest bidder owns the original audio file (but not the copyright). Or they may decide to create a limited number of music NFTs from the same audio file, say 20,000, and offer them for sale in a music NFT marketplace.
Every fan who buys a music NFT becomes the owner of their favorite musician’s work. He can then store the music NFTs in his cryptocurrency wallet or sell it to a higher bidder later on. Although he owns the unique NFT and can sell it, the musician who created the NFT can make money by reselling his work; this is one of the most powerful ways music NFTs empower musicians.
What are they solving?
In addition to monetizing the sale of music NFTs, let’s take a quick look at other ways NFTs can empower musicians:
Musicians who create and sell NFTs will earn from subsequent sales of their NFTs. This would alleviate the problem of musicians not making any money from selling their work or earning only small amounts from centralized streaming services.
Build an active fan base
Music NFTs allow the musician to build an active fan base by creating a space where fans can access unique NFTs related to the artist’s work. For example, events like NFT airdrops allow musicians to reach an audience they weren’t able to reach before.
Musicians can also benefit from unique experiences for their fans, such as giving them the opportunity to meet them virtual or face-to-face. It’s what musicians like Snoop Dogg do during a SandBox session, and Post Malone selling NFTs for people to play beer pong with him.
cut the middleman
One of the main challenges musicians face is that they are often contracted to a record label. On the other hand, most indie musicians make their money through streaming platforms. Music NFTs are a solution for both as they allow musicians to earn money by selling directly to their fans.
Spotify only pays between $0.003 and $0.005 for each stream played, and many record companies pay even less. Later, artists only get 12% of their income from the music industry. A tweet by @LucaLush shows the power of NFTs, as they sell 1/1 NFT of their song for 0.45 ETH ($1734.40), which equates to 2.5 million streams on a major label. Probably nothing, right? Wrong… This is a big boost for Music NFTs because they bring back power to the creator, whatever their size. Fans follow the creators, so it’s only a matter of time before more artists embrace this type of model and bring more eyes and more money to the field.
real world utility
Some of the biggest names in music like Kings of Leon, Wu-Tang Clan, and Nas have had some sort of relationship with music NFTs. The NFT drop of Kings of Leon provided many different tiers, with the lowest providing custom artwork and the most expensive, known as the ‘Golden Ticket’. Each of these tickets guarantees its holder four front row seats to a performance of every Kings of Leon headline tour for life! Currently the cheapest listed on OpenSea with 333 ETH.
How to earn more with music NFTs?
- NFT Marketplaces such as OpenSea and Rarible allow musicians to receive royalties on future NFT sales. This means that for every sale of the musical NFT, the creator or owner of the NFT receives royalties from secondary sales. This percentage is determined when the musician presses their music to the NFT.
- Package NFTs: Platforms like OpenSea allow NFT creators to assemble NFTs and sell them all at once. This provides fast sales for music creators and saves on service fees,
- NFT Collections: You can collect music NFTs from artists you support or believe will grow in popularity over time,
- NFT Funds: For exposure to a whole new frontier in digital arts and culture in a variety of ways, you can look to NFT indices like the Bitwise NFT Index. The fund aims to track an index of the most valuable (as defined by market value) and established NFT collections in the Arts and Collectibles sector.
What are the best NFT marketplaces for music NFTs?
OpenSea is by far the largest and most widely used platform for NFTs. And that includes music NFTs. Founded in 2017 and to date, it has generated over 500 million USD in NFT sales on the platform.
No matter which NFT you want to create or sell, you can sell almost anything as NFT, including music NFTs, NFT games, and other NFT artwork. It is interesting to note that the ERC-1155 and ERC-721 tokens are backed by the OpenSea platform, and every time a consumer purchases one of their products on OpenSea, the creators of NFT receive royalties on OpenSea. Also, the platform allows creators to print NFTs via lazy coin printing; this means you can list NFTs for free without having to pay an ETH gas fee to do so.
The advantages of BSC and Polygon networks over musical NFT are obvious. They are faster, cheaper and extremely popular. This makes AirNFTs one of the best music NFT markets for musicians entering this world for the first time. The low cost of entry is a key factor in attracting customers and creators.
3. NFT Showroom
NFT Showroom is a digital art marketplace built on Hive. This is an NFT market where rare items are sold. If you’re an artist with unreleased songs, this place might be for you. It is important to note that they only sell NFTs and do not offer mintage services. Check out our previous article to discover the best blockchains where you can buy and print your NFTs with low gas fees.
4. Super Rare
SuperRare is a marketplace to collect and trade unique, single-print digital artworks. It is still in its infancy and currently only allows a small number of artists. But the artists are selected personally, which allows to achieve a certain exclusivity. Just know that they pay 85% of the total price paid to you.
5. Stylish Gateway
The Nifty Gateway NFT market is quite large and is geared specifically towards music NFTs. Every sale of a central authority, printing money etc. It is a central market place that it controls. If you’re looking for a highly curated selection of NFTs, Nifty Gateway may be your marketplace of choice. It offers a quarterly discount and has hosted famous artists such as Eminem, Grimes, and The Weekend. However, unlike other more selective marketplaces, Nifty Gateway also offers a space for unverified creators who want to showcase their art.
As Sound.xyz seeks to build a toolkit designed to bring musicians to the so-called “web3” floor, it’s a new startup looking to help emerging artists monetize their work more effectively through NFTs by publishing limited-time releases. .
Rarible is another popular general NFT marketplace and, like OpenSea, allows creators to print music NFTs via lazy coin printing. This is very helpful for beginners as it reduces the number of transactions they need to make and sell music NFTs.
The catalog is a dedicated marketplace for 1-to-1 NFT music releases.
9. Mint Songs
Mint Songs is another music NFT marketplace running on the Polygon blockchain, helping music artists build web3 communities by creating tools that enable music artists to turn their core creative assets into NFTs they can sell and distribute to their communities. Users can push their songs (audio + album art) to NFTs for a $0 gas/network fee.
Audius aims to use blockchain technology to democratize the music industry. It runs a streaming platform similar to Spotify where artists can monetize their music NFTs via the native AUDIO token. It has also begun to slowly enter the NFT space in recent months, allowing its users to link Ethereum and Solana music NFTs to their profiles.
The groundwork could be laid for another transformation of the music industry on the way, with some high-profile artists starting to make serious payments using NFTs last year.
Could NFTs replace record labels and streaming giants? Probably not anytime soon. However, they represent a bold escape from record label status and point to new avenues of self-sufficiency for musicians who have been hunted by middlemen for too long.
Start earning with music NFTs now!