Want to buy a musical NFT? First you need Ethereum, which is available on Crypto.com and eToro.
The non-fungible token (NFT) sector has exploded in popularity over the past 12 months, with support from star athletes, investors and celebrities such as Snoop Dogg, Mark Cuban and Stephen Curry. The use cases and applications of NFTs are endless, providing many financial and creative opportunities for artists and creators. Currently, NFTs have penetrated many industries, including the gaming industry, the art industry, and more recently, the music industry.
NFTs are a perfect complement to the music space, directly rewarding creative work without the help of an intermediary and giving artists another way to monetize their work. Musical NFTs are only scratching the surface of their potential in the music industry, with big names such as Kings of Leon leading the way. The following article will discuss the best platforms and marketplaces for music NFTs.
What is an NFT?
NFTs are a type of crypto token that represents a single asset. NFTs function as verifiable proofs of authenticity and ownership within a blockchain. They were first launched on the Ethereum blockchain, but other blockchains, including Binance Smart Chain and Solana, also support them.
These tokens can represent real-world items such as works of art, real estate, property rights, and individual identities. Because they are blockchain-based, NFTs can cut out middlemen, create new markets, and simplify transactions. To understand the value of NFTs in more detail, it is necessary to understand fungibility.
Fungibility refers to the ownership of an asset whose individual units are interchangeable and virtually indistinguishable from one another. Cryptocurrency and all fiat currencies are fungible. For example, a $20 bill can be exchanged for another $20 bill or two $10 bills; you still have the same value but you exchanged your good and received a new good. As the term non-fungible implies, NFTs cannot be traded or traded on an equivalent basis with each other. As a result, NFTs make digital content irreplaceable and valuable.
What is a musical NFT?
Music NFTs are a unique type of NFT on the blockchain – represented by a fixed amount of tokenized audio files. It is a type of digital certificate integrated into a blockchain network. In addition to the musical component, musical NFTs may also have a visual component; a conventional NFT usually only has visual assets. The main feature is the audio itself, usually represented as a .wav or .mp3 file. Musical NFTs can be sold in editions of any size, usually with a limited supply to ensure they sell out.
The majority of musical NFTs can be interpreted as extremely rare digital collectibles. They contain no royalty rights, no masters, no releases, and no licensing capabilities. They reflect a limited edition of an album or song that is displayed in channel using Web 3.0. In the future, music NFTs may contain proprietary rights. However, today the majority of musical NFTs have no rights to the underlying rights.
Best NFT Music Markets
The best NFT music marketplaces are the platforms that empower creators the most, whether through royalties or other means. Below are the best NFT music markets you can use right now:
- OpenSea
OpenSea is by far the most widely used and largest platform for NFTs, including music NFTs. Founded in 2017 with over $25 billion in NFT sales to date on the platform, OpenSea is extremely versatile, allowing creators to sell anything as NFTs, including music NFTs, game NFTs and other NFT artwork.
ERC-1155 and ERC-721 tokens are supported by the OpenSea platform, and each time a consumer purchases one of their products on OpenSea, the creators of the NFT on OpenSea receive royalties.
Compared to Ethereum, the BSC and Polygon networks are superior for music NFTs because they are cheaper, faster, and extremely popular. This feature makes AirNFT one of the best NFT music marketplaces for musicians entering the crypto world for the first time. The low cost of entry is key to attracting both customers and creators.
NFT Showroom is a digital art marketplace built on Hive. Rare items are usually sold in this market. However, it only sells NFTs and does not provide typing services.
SuperRare is a marketplace for trading and collecting single-edition digital artwork. Nifty Gateway might be your go-to marketplace if you’re looking for a neatly curated collection of NFTs.
Music-focused NFTs are the main product of the major Nifty Gateway NFT market. It is a centralized marketplace where a single entity handles all buying and minting. The platform offers releases every three weeks and has hosted notable artists such as Eminem, Grimes, and The Weekend.
How can NFTs help musicians?
In addition to acting as an immediate source of sales, musical NFTs can empower musicians in other ways.
Active fanbase
By providing a place where fans can obtain distinctive NFTs related to the artist’s work, music NFTs allow musicians to develop a devoted following. For example, events such as NFT airdrops allow musicians to reach audiences they may not have had access to before,
Musicians can take advantage of unique opportunities that may be available to fans, such as offering them the ability to meet virtually or in person. Snoop Dogg achieved this during his session in The SandBox, as well as Post Malone, who sold NFTs for people to play beer pong with him.
Perpetual royalties
Musicians who create NFTs and sell them to consumers will earn on all subsequent sales of their NFTs on marketplaces such as OpenSea.
Cut out the middleman
Record label deals are one of the biggest challenges musicians face. Alternatively, most independent musicians make money from streaming platforms that act as intermediaries. Music NFTs do both, allowing musicians to make money by selling directly to their fans.
Best platforms to create your own musical NFTs
Musicians use several ways to create NFTs. One way is to use a service like NFT Showroom or OpenSea. These services are very simple, allowing users to create and sell NFTs without programming knowledge. However, users also have the option of creating NFTs manually.
Alternatively, platforms like Ethereum or EOS can be used to create musical NFTs. These platforms allow you to create smart contracts, which are programs that can automate the sale of NFTs.
The next step is to determine the blockchain in which the end customer will mint the NFT music or which NFT music marketplace will be used. Minting an NFT means converting digital data into cryptographic collections or digital assets stored on the blockchain. After choosing the appropriate market, the creator should notify his fans about his NFT music release and put it on sale.
Are musical NFTs here to stay?
Overall, music NFTs have immense potential. As a collector, musical NFTs are one of the best ways to build a relationship with your favorite artists. Tokenized music represents an indirect method of betting on an artist’s career. The same way fans collect t-shirts, drumsticks, setlists, and pageant tickets, musical NFTs are the most direct iteration of fandom.
Music NFTs are bigger than a platform. It’s a movement, a new medium. The music industry has transformed many times in the past. The company moved from vinyl to cassettes, CDs and mp3s. In an increasingly digital world, it makes sense to think that NFTs could be the natural successor.
