Want to buy a music NFT? First you need Ethereum, which is available at Crypto.com and eToro.
The non-fungible token (NFT) sector has exploded in popularity over the last 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 numerous financial and creative opportunities for artists and creators. Currently, NFTs have penetrated many sectors including the gaming industry, art industry and, most recently, the music industry.
NFTs complement the music space perfectly, directly rewarding creative work without the assistance of a middleman and by providing artists with another way to monetize their work. Music NFTs are only scraping the surface of their potential in the music industry, with big names such as Kings of Leon having paved the way. The following article will discuss the best platforms and marketplaces for music NFTs.
What is an NFT?
NFTs are a type of cryptographic token that represents a unique 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 the Binance Smart Chain and Solana also support them.
These tokens can represent real-world items such as artwork, real estate, property rights and individuals’ identities. Because they are based on the blockchain, NFTs can remove intermediaries, create new markets and simplify transactions. To understand the value of NFTs in greater detail, it is necessary to understand fungibility.
Fungibility refers to the property of an asset whose individual units are interchangeable and virtually indistinguishable from each other. Cryptocurrency and all fiat currencies are fungible. For example, a $20 bill can be exchanged for another $20 or two $10 bills; you still have the same value but you have exchanged your asset and received a new asset. As implied by the term non-fungible, NFTs cannot be traded or exchanged at equivalency with each other. As a result, NFTs make digital content irreplaceable and valuable.
What is a Music NFT?
Music NFTs are a unique type of NFT on the blockchain – represented by a fixed quantity of tokenized audio files. They are a type of digital certificate that’s embedded into a blockchain network. In addition to the musical component, music NFTs can also feature a visual component; a conventional NFT typically just has visual assets. The main characteristic is the audio itself, typically represented as an .wav or .mp3 file. Music NFTs can be sold in editions of any size, typically with a limited supply to ensure they sell out.
The majority of music NFTs can be interpreted as extremely rare digital collectibles. They contain no royalty rights, no masters, no publishing and no licensing abilities. They reflect a limited edition of an album or song that is displayed on-chain using Web 3.0. In the future, music NFTs may contain ownership rights. However, today, the majority of music NFTs have no claim on underlying rights.
Best Music NFT Marketplaces
The best music NFT marketplaces are the platforms that empower creators the most, whether through royalties or other means. Below are the best music NFT marketplaces you can use now:
- Open Sea
OpenSea is by far the most 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, NFT games and other NFT artwork.
Both ERC-1155 and ERC-721 tokens are supported by the OpenSea platform, and every time a consumer purchases one of its products on OpenSea, the creators of the NFT on OpenSea receive royalties.
Compared to Ethereum, BSC and Polygon networks are superior for musical NFTs because they are cheaper, faster and extremely popular. This feature makes AirNFTs one of the best music NFT marketplaces for musicians entering the crypto world for the first time. The low cost of entry is a key element for attracting both customers and creators.
NFT Showroom is a digital art marketplace built on Hive. Rare items are typically sold on this marketplace. However, it only sells NFTs and does not provide mining services.
SuperRare is a marketplace to trade and collect single-edition digital artworks. Nifty Gateway could be your go-to marketplace if you’re looking for a carefully curated collection of NFTs.
Music-focused NFTs are the main product of the sizable Nifty Gateway NFT marketplace. It is a centralized market where a single entity manages all purchases and mining. The platform provides tri-weekly releases and has played host to notable performers including Eminem, Grimes and The Weekend.
How Can NFTs Support Musicians?
Apart from acting as an immediate source of sales, music NFTs can empower musicians in other ways.
By offering a location where fans may obtain distinctive NFTs connected to the artist’s work, music NFTs enable musicians to develop a devoted following. For example, events such as NFT airdrops enable musicians to reach an audience they may not have had access to before,
Musicians can take advantage of unique opportunities that can be given to fans, such as offering them the opportunity to meet virtually or in person. Snoop Dogg achieved this goal during his session in The SandBox, as well as Post Malone, who sold NFTs for people to play beer pong with him.
Musicians who create NFTs and sell them to consumers will earn on all subsequent sales of their NFTs on marketplaces such as OpenSea.
Cutting out the middleman
Contracts with a record label are one of the main challenges faced by musicians. Alternatively, most independent musicians make money through streaming platforms that act as a middleman. Music NFTs are a solution for both, enabling musicians to earn money by selling directly to their fans.
Best Platforms to Create Your Own Music NFTs
Musicians use multiple ways to create NFTs. One way is to use a service like NFT Showroom or OpenSea. These services are very straightforward, 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 music NFTs. These platforms enable 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 music NFT or which music NFT marketplace will be used. Minting an NFTs means converting digital data into crypto collections or digital assets recorded on the blockchain. After choosing the appropriate marketplace, the creator should let their fans know about the release of their music NFT drop and put them up for sale.
Are Music NFTs Here to Stay?
Overall, music NFTs have immense potential. As a collector, music 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. In the same way fans collect t-shirts, drumsticks, setlists and tickets from historic shows, music NFTs are the most direct iteration of fandom.
Music NFTs are bigger than one platform. It’s a movement – a new medium. The music industry has transformed time and time again in the past. Society has gone from vinyl to tapes, CDs and mp3s. In an increasingly digital world, it is logical to think that NFTs could be the natural successor.