The uses and applications of NFTs are endless and offer numerous economic and creative opportunities for artists and creatives. Currently, NFTs have permeated many sectors, including the gaming industry, the art industry, and more recently the music industry.
NFTs complement the music space perfectly as they reward creative work directly without the help of an intermediary and give artists another way to monetize their work. Music NFTs are just scratching the surface of their potential in the music industry, where big names like Kings of Leon are paving the way. The following article reviews the best platforms and marketplaces for music NFTs.
What are NFTs?
NFTs are a type of cryptographic token that represents a unique asset. NFTs act as verifiable proofs of authenticity and ownership in a blockchain. They were first introduced on the Ethereum blockchain, but other blockchains such as Binance Smart Chain and Solana also support them.
These tokens can represent real-world objects such as works of art, real estate, property rights, and people’s identities. Because they are based on blockchain, NFTs can cut out middlemen, create new markets and simplify transactions. To understand the value of NFTs in detail, one must understand fungibility.
Fungibility refers to the property of an asset whose individual units are interchangeable and virtually indistinguishable from each other. Cryptocurrencies and all fiat currencies are fungible. For example, a $20 bill can be exchanged for another $20 bill or two $10 bills; They still have the same value, but you traded your asset and got a new asset. As the term “non-fungible” implies, NFTs cannot be traded or exchanged on an equivalent basis. Consequently, non-fungible tokens make digital content irreplaceable and valuable.
What is a Music NFT?
Music NFTs are a unique form of non-fungible tokens on the blockchain – represented by a fixed number of tokenized audio files. They are a type of digital certificate that is embedded in a blockchain network. In addition to the musical component, music NFTs can also have a visual component; a traditional NFT usually only consists of visual assets. The main feature is the audio itself, which is usually in the form of a .wav or .mp3 file. Music NFTs can be sold in any number of series, with a limited number usually available to ensure they sell out.
Most music NFTs can be considered extremely rare digital collectibles. They come with no royalty rights, no masters, no publishing and no licensing options. They represent a limited edition of an album or song that appears on the chain via Web 3.0. In the future, music NFTs may contain property rights. Today, however, most music NFTs do not claim the underlying rights.
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The best music NFT marketplaces
The best music NFT marketplaces are the platforms that support creators the most, whether through royalties or other means. Below are the best music NFT marketplaces to use right now:
OpenSea is by far the most used and largest platform for non-fungible tokens, including music NFTs. Founded in 2017, OpenSea has generated more than $25 billion in NFT sales on the platform to date. 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 buys some of the products on OpenSea, the creators of NFT on OpenSea receive royalties.
Compared with Ethereum BSC and Polygon networks are better suited for musical NFTs because they are cheaper, faster and extremely popular. These qualities make 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 in attracting both customers and creators.
NFT Showroom is a digital art marketplace powered by Hive. This marketplace usually sells rare items. However, only NFTs are sold and no minting services are offered.
SuperRare is a marketplace for trading and collecting single edition digital artwork. Nifty Gateway can be your first stop if you are looking for a carefully curated collection of non-fungible tokens.
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Music-related NFTs are the main product of the large Nifty Gateway NFT marketplace. It is a centralized market where a single company manages all purchases and coins. The platform offers tri-weekly releases and has hosted notable artists such as Eminem, Grimes and The Weekend.
How can NFTs support musicians?
Besides being an immediate source of sales, music NFTs can also support musicians in other ways.
An active fan base
By allowing fans to purchase distinctive NFTs related to the artist’s work, music NFTs allow musicians to build a loyal following. For example, events like NFT airdrops allow musicians to reach audiences they previously couldn’t access,
Musicians can take advantage of unique opportunities they can offer their fans, such as: B. the opportunity to meet virtually or in person. Snoop Dogg achieved this goal during his session at The SandBox, as did Post Malone, who sold non-fungible tokens so people could play beer pong with him.
Musicians who create NFTs and sell them to consumers profit from all subsequent sales of their NFTs on marketplaces like OpenSea.
Skip the middle man
Record label deals are one of the biggest challenges for musicians. Alternatively, most independent musicians make their money through streaming platforms that act as intermediaries. Music NFTs are a solution to both, allowing musicians to make money by selling directly to their fans.
The best platforms to create your own music NFTs
Musicians use a variety of ways to create non-fungible tokens. One option is to use a service such as NFT Showroom or OpenSea. These services are very simple and allow users to create and sell NFTs without any coding knowledge. However, users also have the option to create non-fungible tokens manually.
Alternatively, platforms such as Ethereum or EOS can also be used to create music NFTs. These platforms allow the creation of smart contracts, i.e. programs that can automate the sale of non-fungible tokens.
The next step is to determine the blockchain on which the end customer will mint the music NFT or which music NFT marketplace to use. Minting an NFT means converting digital data into crypto collections or digital assets stored on the blockchain. After choosing the appropriate marketplace, the creator should notify their fans about the release of their music NFT drops and put them up for sale.
Are music NFTs on the way?
Overall, music NFTs have enormous potential. As a collector, music NFTs are one of the best ways to build a relationship with your favorite artists. Music tokens represent an indirect method of betting on an artist’s career. Just as fans collect t-shirts, drumsticks, setlists and tickets to historic concerts, music NFTs are the most direct form of fan following.
Music NFTs are more than just a platform. It is a movement – a new medium. The music industry has changed over and over in the past. Society has moved from vinyl to cassettes, CDs and mp3s. In an increasingly digital world, it is logical to think that NFTs can be the natural successor.
This post first appeared on Benzinga:
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