Music NFT Marketplace: All the details that you require
NFT tokens and music
There was a boom in non-fungible token (NFT) sales this year. Digital artists and musicians have begun using NFT auctions to sell NFTs linked to their creations.
The absolute majority of lots in such auctions represent digital art objects (jpg paintings, gif files, videos and even burned original works). Still, musicians are actively using the hype around the new technology, successfully selling their NFTs and receiving hundreds, thousands, and even millions of dollars for them.
So, DJ and producer 3Lau, Linkin Park's Mike Shinoda, singer Grimes and many others have already earned from the sale of their NFT-linked creations. Canadian artist The Weeknd recently announced his intentions to release the NFT of his new song. Given the popularity of the artist, there is every reason to believe that he will gain a significant amount of digital assets from this transaction.
Which musicians should make NFT?
The current situation in the NFT markets already resembles a mass craze: the markets are packed with novice crypto investors and digital artists trying to sell their NFTs. In addition, inexperienced musicians should consider the advantages and disadvantages before joining the fray if there are already dedicated trading platforms for serious investors and collectors of digital art.
Your product's NFT version can be used as a monetization tool if you are:
An iconic musician or artist whose releases or artefacts are always of interest to collectors across NFT markets.
An artist with a group of fans. They know the cryptocurrency market, and maintain and manage cryptocurrencies. In this sense, popular musicians, for example among San Francisco developers who know what NFT music is, are in a more advantageous position.
A musician who mixes music and digital art. The NFT craze started with the digital, primarily visual art market. The showcases of select NFT marketplaces now look more like 3D galleries than streaming service graphics. However, if a musician pays close attention to the visual packaging of his work, his work may be in demand at NFT auctions.
Extremely lucky adventurer. You undoubtedly recall that most financial experts thought the concept of cryptocurrencies was too utopian when they first emerged, much like with Bitcoin. In a sense, the concept remains utopian today, but now one bitcoin costs more than 4 million rubles. And those “adventurers” who mined or bought bitcoins 10 years ago will hardly regret this investment. With NFT music, the situation is likely to be similar.
What can I sell as an Nft token?
Almost any digital artefact you have created can be turned into a digital art object and can be linked to a non-fungible token and auctioned off. However, tangible items, as well as commitments and promises, can be attached in addition to the token.
Additionally, you can release not one NFT music but several by creating multiple original and authorised copies of an object. NFT art market experts have already said that the greatest interest among buyers is not individual NFTs but a series of digital art objects. Recently, the Grimes singer sold a series of works created with her brother, digital artist Mac Boucher. Some of the digital objects were accompanied by original music.
The obvious hype around NFT auctions leaves room for imagination on the subject of what many artists' favourites may turn out to be:
A music track or album
The absolute record holder here is American DJ and EDM producer 3Lau, who made over $11 million in the sale of NFT tokens tied to his “Ultraviolet” release. The release was dated 2018 and was available on all streaming platforms. Buyers of the most premium tokens received limited edition vinyl, unreleased tracks and special mixes, and the most expensive and unique lot gave the buyer the right to create a joint track with 3Lau.
3Lau became a pioneer in another NFT application: he created his own private exchange, where original buyers of NFTs can resell tokens. Under the offer, 3Lau will receive a percentage of each resale transaction of its tokens.
Album design. Files in .jpg and .gif formats or a short static video with the cover of the release can also be linked to NFTs. Linkin Park co-founder Mike Shinoda placed such lots in the Zora NFT auction, earning $6,600 on 10 copies of animated versions of his latest single “Happy Endings.” Incidentally, this was the first time a major label signatory entered the NFT market.
Create Your custom Nft Marketplace with NFT Marketplace Development Company
NFT music royalty
So far, the most interesting and at the same time mysterious area of use of NFT tokens in the music industry. In late February, Canadian electronic musician Jacques Green sold NFTs for 13 Ethers. Not only is a six-second video snippet of their song “Precise” linked but also a portion of the royalties that will accrue for this song. It is assumed that the creator of the composition will independently contact the NFT buyer and separately set the royalty payment obligations for this track, by the laws of Canada. The description of the lot does not specify the percentage of deductions the buyer of the NFT will receive, and there are no references to any attached contract. At the moment, the deal at the NFT auction brought Jacques $23 thousand in digital assets.
Blockchain technology really has enormous potential to optimise the copyright and related rights market. Storing music file metadata on the blockchain will make the mechanics of paying royalties to artists as transparent as possible and will also solve the problem of finding content copyright holders.
Unique physical objects and even ideas.
Technically, physical objects can also be linked to a non-fungible token, even ones that do not exist. For the first time, such a manoeuvre was carried out by art provocateur Banksy, who turned his already destroyed canvas into an NFT.
You can post an NFT linked to a unique trial edition of the vinyl edition of your album, specially released demos, etc. If you fantasise a little, then it will technically be possible to make an artist's promise to never release a token-linked release in an NFT auction, and thus make money from the haters.
All Types of Virtual Merchandise
For example, the right to listen to a new song first, an invitation to a virtual concert, exclusive access to an AR skin on Instagram, a personal video message or virtual badges. The virtual merchandise market is just beginning to develop: before the NFT boom, one of the main marketplaces for musicians was the Fanaply service. Study their website to understand what lots and in what quantities musicians sell in the US, and fantasise about what other virtual goods they can sell to fans.
How to launch in NFT format?
To enter the crypto market, you need to create an Ethereum wallet in which you will place your reward for selling NFTs. You can use MetaMask, CoinBase or Rainbow services as a wallet. Simple and free registration of any wallet will take less than a minute.
Buy yourself some ETH. In order to participate in the auction, you need to have around 0.05 ether (around $92) in your account. These funds will be spent on the so-called gas fee, the energy needed to initialise your NFTs. You can buy ETH on any of the many sites for items or foreign currency, as well as use a QIWI wallet and the Yandex service.
Link your audio file to the IPFS Interplanetary File System. Wikipedia explains IPFS as a content-addressable point-to-point hypermedia communication protocol. Explaining what's happening with your file would take several pages of text, and information about it is easy to find on the Internet (and difficult to understand). Let's say you can do it free using the Piñata website, using this visual instruction.
Select the marketplace where you will create and list your NFT. OpenSea is considered the most popular NFT marketplace. However, for those just embarking on their first venture into the murky waters of non-fungible tokens, the Rarible marketplace is recommended. It is as simple as possible and, thanks to the partner program, the NFTs created on it are freely traded on OpenSea.
Technically, physical objects can also be linked to a non-fungible token, even ones that do not exist. For the first time, such a manoeuvre was carried out by art provocateur Banksy, who turned his already destroyed canvas into an NFT.
You can post an NFT linked to a unique trial edition of the vinyl edition of your album, specially released demos, etc. If you fantasise a little, then it will technically be possible to make an artist's promise to never release a token-linked release in an NFT auction, and thus make money from the haters.
All Types of Virtual Merchandise
For example, the right to listen to a new song first, an invitation to a virtual concert, exclusive access to an AR skin on Instagram, a personal video message or virtual badges. The virtual merchandise market is just beginning to develop: before the NFT boom, one of the main marketplaces for musicians was the Fanaply service. Study their website to understand what lots and in what quantities musicians sell in the US, and fantasise about what other virtual goods they can sell to fans.
How to launch in NFT format?
To enter the crypto market, you need to create an Ethereum wallet in which you will place your reward for selling NFTs. You can use MetaMask, CoinBase or Rainbow services as a wallet. Simple and free registration of any wallet will take less than a minute.
Buy yourself some ETH. To participate in the auction, you need to have around 0.05 ether (around $92) in your account. These funds will be spent on the so-called gas fee, the energy needed to initialise your NFTs. You can buy ETH on any of the many sites for items or foreign currency, as well as use a QIWI wallet and the Yandex service.
Link your audio file to the IPFS Interplanetary File System. Wikipedia explains IPFS as a content-addressable point-to-point hypermedia communication protocol. Explaining what's happening with your file would take several pages of text, and information about it is easy to find on the Internet (and difficult to understand). Let's say you can do it free using the Piñata website, using this visual instruction.
Select the marketplace where you will create and list your NFT. OpenSea is considered the most popular NFT marketplace Development. However, for those just embarking on their first venture into the murky waters of non-fungible tokens, the Rarible marketplace is recommended. It is as simple as possible and, thanks to the partner program, the NFTs created on it are freely traded on OpenSea.