Whether you’re offering a song or memorabilia as an NFT, here are the best marketplaces for it
Music plays an important role in life, underscoring our highest highs and lowest lows. The personal connections that fans create with their favorite music may even form the basis of their cultural identity — and now that connection can go deeper. Bands and other music businesses can offer their own NFTs to connect with their fans, leveraging digital marketplaces to create recurring revenue streams. No matter how an organization chooses to make its foray into the NFT music world, it all starts with finding the best NFT marketplace for music to fit its needs.
A wide variety of music NFTs are available, each with unique selling points that make them better suited to some marketplaces than others. For instance, some NFTs are strictly digital entities that offer benefits to fans, like a percentage of royalties. There are also collectible-backed NFTs, which are tied to physical assets stored safely in a vault. Organizations should consider the type of NFT they’d like to offer, then pick a marketplace that suits those needs.
Dibbs offers tokenization as a service (TaaS), taking physical collectibles like a commemorative set of vinyl records, limited-edition merchandise, or even memorabilia like a signed guitar and minting physically-backed NFTs that are tied to the object. Dibbs verifies and stores the physical collectibles for safekeeping, insuring them and protecting them in monitored, climate-controlled vaults. The platform also offers comprehensive sales data and consumer insights, helping organizations tune their NFTs to their fans’ desires. Partner with Dibbs today to get started.
Royal allows artists to sell NFT versions of their songs to fans. Anyone that invests in an NFT on Royal is eligible to earn a percentage of the royalties that song generates, with artists determining how much an NFT investor is entitled to when royalty payments drop. Additionally, artists can grant NFT investors other perks, like access to tickets, merchandise, or behind-the-scenes content.
Royal is most notable for its partnership with Nas, one of the most influential rappers of all time. As part of their collaboration, Nas released tracks from his albums King’s Disease and King’s Disease II on the platform, which featured three different tiers of perks, ranging from access to an exclusive Discord channel to VIP tickets to a concert.
Pitbull, DojaCat, and TLC have all worked with OneOf to offer music NFTs. The platform specializes in offering tiers of NFTs that come with unique benefits, the most coveted option being the “OneOf” tier, a one-of-one NFT sold at auction. A OneOf-tier NFT will often include VIP experiences rather than simply providing concert tickets and signed merch as the Platinum tier does.
Sound uses NFTs to open new avenues of collaboration between brands and their audiences, with a special emphasis on letting fans show their early support for a band. Artists release their NFTs on Sound as part of a listening party, dropping an “Edition” of NFTs for their fans to collect alongside it. Artists can subsequently release additional drops, with early Editions being indicative of long-time support. NFT owners can then leave comments on the artist’s track, though the comments will disappear if the NFT owner ever decides to sell.
Sound is geared toward artists that are just starting to grow rather than established acts. If your music business fits the bill, though, it could be a great place to start building a community.
OpenSea remains one of the most versatile NFT marketplaces currently available, and music NFTs have exploded onto OpenSea in a big way with collections from bands such as The Wombats. The platform packs the usual benefits — artists and organizations can opt to have exclusive perks levied to buyers — but OpenSea’s biggest asset for musicians is its ubiquity.
Organizations that partner with OpenSea have the potential for a great deal of exposure. The platform’s high volume of traffic can put more eyes on your NFT offerings, especially if your NFT drop earns a spot on the home page’s spotlight section.
Choosing a Partner
Want your organization to join the best NFT marketplace for music? Dibbs has you covered. Our platform helps you monetize assets you already have, like instruments and merch, in new ways as NFTs. Plus, you’ll have peace of mind thanks to Dibbs’ vault and insurance, which protect your assets. Want to learn more? Contact us today.
Jonathan Barbone is the Senior Director of Partnerships at Dibbs. Jonathan was an avid Magic: The Gathering card collector as a child.