What It Is and How You Can Grab Ahold of It
Music NFTs are set to change the WHOLE industry.
Streaming platforms definitely have to watch their back!
Let’s maneuver through the music industry to understand why NFTs have been making so much buzz in the music business.
What Does NFT Mean in the Music Industry?
NFT stands for “Non-Fungible Token” — a digital asset stored in blockchain technology that is unique and irreplaceable.
This basically means you have access to one-of-a-kind collectible items such as a song, albums, a piece of artwork, or anything else. Keep in mind that YOU are the only one who has sole ownership of this stuff.
NFTs provide you with a digital certificate to prove its legitimacy, so it cannot be merely copied or screenshotted by others. No one can take it away UNLESS you plan to sell.
Who Benefits From the Music World and Why Are NFTs Better?
Your favorite artists benefit from non-fungible tokens (NFTs) — even your family and friends can too!
In other words, the vast majority can indulge in the wonders of music NFT. Moving forward, the whole NFT market is set in the digital world.
It’s like buying an artwork from an art gallery, but with today’s advanced technology via the blockchain. You can now purchase exclusive content with the click of a button!
Your favorite emerging artists or artist can sell their own music in the NFT space. This is one good way for them to connect with their supporters.
NFTs allow artists to exchange concert tickets, sound bites, and more. There is HARDLY a limit to what item you wish to share with your fans.
When fans buy an album, stream a song, or even buy merchandise, BULK of the money goes to the record company or streaming company. This is why musicians now opt to join the NFT market.
Through NFT sales, money just keeps coming into the pockets of artists while you, as a buyer and as a fan, get to have bragging rights NOW and in the FUTURE!
How to Sell Music NFTs
If you’re an artist, all this information about NFTs sound really impressive. By now, you’re probably asking, “how do I sell my music?”
Well, one site you can visit is the NFT music marketplace. Artists in the music industry just need to follow these steps to have access to this NFT space.
- Upload: Connect your crypto wallet and start securely uploading your tracks while protecting your ownership.
- Monetize: Monetize intellectual property through spot selling, auction listing, or royalties from trades between users.
- Create a Fanbase: Connect with your fans to gain exposure to your personalized community. With every NFT sold, your fans get to experience a deeper connection with you.
TAKE NOTE: Artists will set the price on their record labels.
A musician can instantly earn cash upfront as compared to when they have middlemen such as record companies. It’s no wonder why top musicians engage in NFTs!
Read more: Best Music NFT Marketplace
How to Buy Music NFTs
1. Find a Platform That Sells Music NFT
As mentioned earlier, you can visit the NFT marketplace for music. If you want to test the waters first, you can check out NiftyGateway or OpenSea.
From here, you can start a record label collection that holds sentimental value to your favorite creative musician!
2. Create Your Own Crypto Wallet Account That Holds NFTS
You can download crypto wallets as apps or browser extensions. The easiest and famous wallet to set up now is MetaMask. Another strong wallet that can hold NFTs and is a good alternative to MetaMask is Math Wallet.
IMPORTANT NOTE: When you set up a crypto wallet, you’ll also need to set up a private key and seed phrase to keep your NFTs SECURE.
3. Convert Your Cash Into Crypto
NFTs are a form of cryptocurrency, so you have to exchange your dollars, euros, or any other fiat currency before you can buy music NFTs or any NFT for that matter.
If you have found a platform that sells music NFTs, properly created your crypto wallet, AND you have converted your cash into crypto, you’re pretty much all set!
Are NFT’s Considered Digital Art?
NFTs are pretty much anything you can create into a digital format. If we’re looking inside the music industry, then an album is one good example!
Think of it this way — fans can now buy anything from their favorite artists. Even their upcoming album can be in the form of NFTs!
Fans, or anyone for that matter, can now buy and resell this art. As usual, artists STILL get secondary sales from this.
NFTs continue to create an advanced future where people can still protect their privacy.
With its rising development, it could be a turning point in the music industry as we know it!
Get to know more about NFTs in our info articles and blogs with inputs from our own experts.