The 5 Best Music NFT Platforms for 2023
Here’s how to find the best music NFT platform for selling your music or music collectibles
Music NFTs are opening a whole new world of monetization for businesses and brands. Non-fungible tokens (NFTs) allow music creators and collectible sellers complete control over the sale of their music and assets, offering higher returns and better security than traditional methods.
Whether you’re selling a vintage concert T-shirt or an album of sizzling dance hits, choosing the right music NFT platform for your needs can make the difference between boom or bust.
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Looking to expand your knowledge of music NFTs even further? Check out "The Ultimate Guide to Music NFT Marketplaces."
What is a Music NFT platform?
A music NFT platform is an online service that can be used to mint, buy, and sell music NFTs. They may not be built exclusively for selling music NFTs, though certain features make some platforms better suited for the purpose than others. Regardless of the platform, your music assets can be linked to NFTs through a process called “minting,” which establishes their existence and ownership on a blockchain, creating a permanent record of their purchase history.
Music NFTs can be minted from music tracks or albums, experiences such as front-row seats at shows, or instruments or other collectibles. NFTs that aren’t linked to a physical item can be minted in any number, although the rarer an NFT, the higher its value can be. NFT platforms verify each one’s existence and record of sale on the blockchain, meaning there’s a permanent record of your transaction. This establishes your ownership of your NFT without any ambiguity. Think of it like a certificate of ownership.
The best music NFT platform for you will depend on a number of factors. These platforms vary in size, audience, scope of offerings, speed of transactions, and the fees they charge for minting, buying, or selling. You will also want to keep in mind how each platform mints NFTs and whether they are open to everyone or invite only.
The 5 Best Music NFT Platforms
OpenSea is the most popular NFT platform right now, facilitating the trade of NFTs of all kinds: music, art, collectibles, and beyond. Its wealth of music offerings include NFTs from hitmakers like The Weeknd and Snoop Dogg, as well as a deep selection of tracks from indie artists. OpenSea boasts over $25 billion in NFT sales to date, and also allows the minting of NFTs. OpenSea supports the Ethereum, Polygon, Klatyn, and Solana blockchains.
The big benefit of using OpenSea is its massive reach. It is a great place to get started with NFTs because so many users flock to it. That can also make it a tricky place to sell, as it tends to be quite crowded, making discoverability an issue. OpenSea is an open marketplace, though, so anyone with a crypto wallet can buy and sell there.
Dibbs is putting its experience in creating the only real-time 24-7 fractional collectible market to work in selling physical-backed NFTs of all kinds, making it the perfect partner for musicians and others in the music industry who are considering a practical web3 offering. Dibbs can help you turn your collectible assets, whether they’re signed instruments, posters, concert-worn clothing, ticket stubs or beyond, into recurring sources of revenue from dedicated fans as well as NFT enthusiasts.
We’re excited to use our specialized experience, technology, and proven vaulting solution to keep your collectibles safe while turning them into earners for your business. To learn even more about music NFTs or fractionalized collectibles, partner with Dibbs today.
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Royal is a hidden gem among music NFT platforms, specifically tailored to music creators and fans. Artists can use Royal to sell percentages of their music to fans as NFTs, allowing users to earn a royalty on that music. Creators can also sell experiences, artwork, and other assets on Royal, allowing fans to invest in their favorite artists.
Grammy-winning artist Nas released a collection on Royal, including the songs “Ultra Black” and “Rare,” granting fans an opportunity to own a percentage of the streaming royalties for those songs.
Super Rare is a curated NFT marketplace linked to the Ethereum blockchain, which is becoming a popular choice for minting, selling, and buying music NFTs. Designed for art lovers, Super Rare promotes collecting rare NFTs and building communities around their display and trade. The platform was designed to elevate high-quality NFTs and started as a high-end art gallery with collections curated by its team.
Creators receive a 10% royalty for every peer-to-peer sale of their creation in perpetuity on Super Rare, but its fees are comparatively high compared to other platforms, and it is currently invite-only for sellers.
Nifty Gateway is owned by the Winkelvoss twins, famous for their early involvement both with Facebook and cryptocurrency. In 2021, the artist Grimes made Nifty famous by offering a collection of art and videos set to her music called WarNymph. The collection was auctioned for $7 million.
Nifty offers a custodial option that stores tokens in a proprietary wallet. This means there are no gas fees for buying or selling like there are on other platforms. Nifty also covers 100% of the gas fees when minting an NFT on its platform. These two features combined make Nifty an exciting option for sellers.
Your choice of music NFT platform could determine how successful your brand’s first steps into the web3 space may be. It’s worth taking the time now to measure your options and intentions. This will allow you to determine which platform can best turn your assets into earners, build your brand, and minimize the risk inherent in putting valuable assets out there into a new way of doing business. We’re happy to talk about how Dibbs can serve your music business’ unique needs.