For so long, many assumed NFT is another name for digital arts — this is largely because they are ubiquitous and have dominated the NFT space since its boom in 2020 — irrespective of the fact that it isn’t the only type of NFT. Music NFT or NFT music is one of the other NFTs that have taken the backseat for some time now.
NFT music accounted for only a fraction of the $25 million NFT sales in 2021. However, the narrative is changing, and a few innovative musical acts are setting the pace and taking decisive steps. After showing a few glimpses of the aces it holds in 2021, music NFTs are getting more attention and will revolutionize the music industry.
What is Music NFT?
They are a type of unique digital collectible like NFT arts. Furthermore, aside from being music in the real sense of it—it also gives the collector a unique right over either a one-off collection or a part of a limited number collection.
For example, owning a piece of NFT music is like being in possession of an artist’s signed art.
Additionally, NFT music offers a new paradigm shift in the ways music artists earn directly from their creative works and subsequently from royalties from secondary sales. It gives fans a unique opportunity to personally invest in the growth, development, and success of their preferred musical acts. Moreover, fans stand to gain a lot in the long run, depending on the utility attached to the music NFT they bought.
Music NFTs promises a far more democratic music industry where the enormous big record label power goes back to the artists and the fans.
How To Create Music NFT?
The first step is deciding on the preferred NFT marketplace. Quite a few exist already, and many more are in development, creating a variety of options for artists. Some are novice-friendly, while some others require some experience with the blockchain.
For example, this article will guide you in creating your first NFT on Opensea. The steps are similar with music NFTs, only the substitution of art for original music.
The above process is relatively consistent with dedicated music NFT platforms and major NFT exchanges that support the music NFTs.
Where to Buy/Sell Music NFT?
Undoubtedly, Opensea is the most popular marketplace for NFTs, including music NFTs. However, it’s not the only option and certainly not always the best.
A few NFT marketplaces dedicated to NFT music already exist, and most artists prefer these to traditional NFT marketplaces. They include:
- Catalog: by far the most popular music NFT marketplace with a sizeable record of music NFTs
- Sound.xyz: a preferred marketplace for exclusive 1/1 music collection
- Groovetime: dedicated to dance music NFTs
Opensea and most major NFT marketplaces also support music NFTs; they include:
Rarible
- Blockchain: Ethereum
- Open-ended creator royalty on secondary sales
- Supported wallet: Metamask, Coinbase wallet, MyEtherWallet, Torus, Wallet Connect, Fortmatic.
- Transaction fee: 2.5% plus gas fees (TBD)
- Sale type: Auction and fixed price
SuperRare
- Blockchain: Ethereum
- Currency: ETH
- Transaction fee: 3% and 15% for minting and marketplace fees, respectively
- Royalty: 10% and 3% royalty on secondary sales to the creator and the marketplace, respectively
- Supported wallet: Metamask, Fortmatic.
- Type of sales: Auction and fixed price
Nifty Gateways
- Blockchain: Ethereum
- Transaction fee: 20% marketplace fee
- Royalty: 5% royalty to creators on secondary sales
- Currency: Credit card and prepaid ETH
- Sale type: Fixed price, auction, and silent auction
- Supported wallet: Nil
- Accessibility: Exclusive
Foundation
- Blockchain: Ethereum
- Transaction fee: Gas fees plus 15% marketplace fee
- Royalty: 10%, from secondary sales only on Foundation and Opensea
- Currency: ETH
- Supported wallets: Metamask and Torus
- Sale type: Exclusively through auctions
Others are NFT Showroom, Royalty Exchange, Makersplace, Mintable, etc.
Music NFT in The Future
Many skeptics have questioned the scalability and future of music NFTs, especially if the Crypto market enters a sustained bear trend.
Nonetheless, the utility embedded in music NFTs already shows some glimpse of sustainability. Collecting a piece of music NFT is like collecting a limited edition art. However, the art will continue to exist in the mainstream—the limited edition will continue to accumulate value over time as the artist breaks new grounds.
It also gets better with NFTs of music master collections. Owing to the freedom it gives to the artists and the accessibility it provides to the fans, music NFTs look well like the future the music industry faces. It may be hard to admit it yet, but it doesn’t stop it from happening.
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