The ownership of a material or even the immaterial has long been humankind’s primitive nature or instinct. NFTs align well with this activity because they provide ownership over a tangible or intangible asset as digital tokens. From art to games to real estate to even Music NFT, NFTs’ market valuation spans over $5 Billion.
NFTs’ growth surpassing such a milestone is mainly due to bitcoin or cryptocurrency and blockchain technology development. Collectively these mediums facilitate the means to make NFTs work, revolutionizing numerous industries via Music NFTs, Movie NFTs, etc. Yet, in the world of live streaming music on the go, how do Music NFTs work?
What is a Music NFT?
Contrary to the typical idea that one may get about Music NFT, being a playable media file, Music NFTs are more.
For instance, Music NFTs can be the following things:
- Concert or Music Event Tickets
- Artwork or Creator Credits
- Collectible pieces of the album – editions
- Individual Media file(s)
- And so on
Hence, based on what a crypto NFT artist decides to include in the Music NFT, they can be pretty diverse. Herein, the role of Music NFT Marketplace is crucial to feature the NFT sale as per category or genre appropriately.
Buy From Top Music NFT Marketplace
One may argue that buying Music NFT may be irrational but not quite so when it carries something rare. Sure, anyone can duplicate the asset, but such a copy loses its worth compared to the original file. It can be better understood with a fine example of vinyl that still holds value over copied cassettes and CDs.
So, which are the authentic NFT Marketplaces where you can buy original Music NFTs? Let’s have a look.
OpenSea Music NFT Marketplace
It is one of the largest NFT marketplaces globally, with more than 20 million NFTs available across different genres. The platform remains in the headlines of the mainstream media for several high-profile NFT sales, including those of Music NFTs.
The platform has sold over a hundred million dollars worth of Music NFTs, including exclusive NFT sale of Shawn Mendes Accessories. Other noteworthy names include Quavo, Lil Baby, 2 Chainz, Jack Harlow, 3LAU, etc., whose NFT sales are earning significant royalties.
Nifty Gateway Music NFT Marketplace
The home to highest-grossing celebrity NFT sales is Nifty Gateway, which sold Grimes collection of art. The sale of Music NFTs by The Latin Pop Star Ozuna, Celebrity DJ Steve Aoki, and other globally recognized musicians have also been from the Nifty Gateway.
The NFTs included tracks, albums, album art, etc., which were either sold as multiple drops or singular copies for millions of dollars. What’s more, the platform also supports Royalties that musicians would otherwise earn from local and online sales channels.
Opulous Music NFT Marketplace
It is touted to be the first platform launching music copyright NFTs which rewards both the artist and the fans. While most Music NFT sales offer limited ownership rights excluding reproduction rights, Opulous instead brings something creatively genius.
Owning Opulous tokens lets fans buy a share in the music copyright with their Music NFT purchase. The model benefits the artists whose NFTs will grow in their worth as the artist becomes more successful. Moreover, it allows the artist and copyright owners to track their earnings and withdraw them while allowing NFT trade.
Selling a Music NFT
Becoming familiar with the best Music NFT marketplaces for purchase is well and good. But what about selling your Music NFTs? How do you sell Music NFTs you mint or the ones you’ve traded from other artists?
The crypto NFT industry is not without provisions to allow such Music NFT sales since they’re only beginning their ascend. Yet, like several things should be understood before releasing your music publically, it’s also wise to learn about Music NFT.
Read More: ERC 1155 Tokens – The Crypto Gold?
Music NFT Marketplace Factors to Consider
NFT aggregators are exponentially more than a dime a dozen, and so are the various marketplaces. Along with offering Music NFT sales, some marketplaces may also offer native cryptotokens. Some of those tokens can be traded or only used natively on the blockchain market. Furthermore, there’s also the subject of gas fees, copyrights, royalties, and the life span of NFTs, to say the least.
So, let’s understand a few aspects to consider before vying to get your Music NFT off the ground.
The audience is the number one aspect to consider when looking for a Music NFT Marketplace to sell your NFTs. Many already famous artists like 3LAU, Mike Shinoda, and others have leveraged the sale via their own Music NFT Marketplace. On the other hand, artists like Shawn Mendes and well-known record labels like BAND have collaborated with other Marketplaces.
When you’re a beginner, you must allow yourself to mint Music NFTs on globally popular marketplaces to allow maximum exposure. Otherwise, it will be challenging to sell your Music NFTs into the cryptowallets of users unaware of the release.
Picking OpenSea.io or Nifty Gateway can be your best bet whether you’re a beginner or an established musician.
The primary purpose of selling Music NFTs should not be with leaving your royalties on the table. Although the Music NFT Marketplaces will take a share of your royalties, some platforms let you choose the Royalty percentage.
It is also why most Musicians release their own Music NFT platform to receive all royalties single-handedly. Now, creating a platform of your own can cost enormous amounts of money. Hence, if you cannot dole out such commitment, you can look into marketplaces offering comparatively higher royalty percentages.
For instance, NFT art sales usually warrant anywhere less than 10% in royalties when their NFTs get traded. OpenSea and Nifty Gateway both offer lesser royalties apart from taking an equal share for themselves from the sale. In contrast, Rarible is an equally well-known Global NFT Marketplace that might soon allow you to choose royalty percentage.
The long and short of picking a Music NFT Marketplace is seeking those allowing multiple purchase modes. Such a choice is ideal for the future because it enables users to trade Music NFTs via Fiat Money & cryptocurrencies. Again, some platforms may not support all types of cryptocurrencies or cryptowallets other than popular ones like Ether, Bitcoin, etc.
So, pick decisively because your royalties depend on it, apart from the gas fees you’ll have to pay. Yes, such platforms may charge a higher gas fee to mint Music NFT.
One of the most controversial aspects of NFTs concerns their life span and their impact on the environment. One should not take the latter aspect lightly as the global population is soon adopting greener living means. People conscious about the environment may step back from a purchase from a Music NFT Marketplace that is irresponsible.
However, at the same time, what’s worth looking up is the age of the Audio NFT Platform or its blockchain. An NFT Marketplace with various blockchain uses can bode far better than new platforms that may dunk soon.
Additionally, some NFT Marketplaces facilitate placing the NFTs on an IPFS Network. The Interplanetary File System Network (IPFS) runs on multiple hosts rather than having a singular domain owner dependency. It serves to seek out digital content, which can then be acquired from one of the hosts. Such provisions allow availability and access to NFTs even in the event of temporary failure of internet or server issues.
How to Buy & Sell Musician NFTs
After you’ve done your research, as you should, buying NFT Albums or selling them requires creating an account. Here, you can learn how to mint NFT and follow the procedure to list your first Music NFT.
Beware, do your research with cryptowallets that allow maximum options to hold different types of cryptocurrencies. Alternatively, you can also pick a crypto wallet associated with a strong Decentralized Crypto Exchange Platform.
Top Musician NFTs
After you’ve done your research, as you should, consider the following examples of NFT Music sales of these artists.
• Tory Lanez
The global icon & Rapper Tory Lanez collaborated with Emmersive Entertainment to mint Music NFTs of his exclusive album When It’s Dark. It features 7 tracks with 7 art pieces that users can access only via the E-NFT platform and its app.
He reportedly sold 1 million copies of his NFT album within 57 seconds, according to his social media handle.
• Steve Aoki
The Famous Celebrity DJ announced the auction of 11 authentic Music NFTs on 7th March. They were made in collaboration with Antoni Tudisco, the renowned digital visual artist. The NFTs were created in three tiers, and two NFTs among them, ‘CharacterX’ and ‘Run,’ earned him nearly 3 million.
Later on, by the end of the auction, the final piece was sold for over $800,000. Together, the entire NFT auction collectively earned him over $4 million overnight.
Read More: Top Crazy NFT Sales!
Other lucrative NFT Music sales include the names of the following famous artists:
- 3LAU – $11.6 million.
- Grimes – $7 million.
- Kings of Leon – $2 million.
- Eminem – $1.78 million.