Web3 presents an exciting new opportunity for musicians to expand their reach beyond conventional channels and take control of their revenue. By minting NFTs on the blockchain, bands and performers can create unique digital items for collectors to own or sell, earning revenue with each transaction.
The NFT market is already on track to reach $80 billion by 2025, making it a valuable opportunity for musicians to connect with fans and sell albums, merchandise, and more. Read on to learn more about what music NFTs are, where to sell music NFTs, and which artists have already taken the plunge.
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Bands and Performers on the NFT Train
Music NFTs are digital certificates of ownership of digital or physical media or other objects. NFT is an acronym for “non-fungible token,” which essentially means that the token contains a unique code that distinguishes it from other NFTs. For example, a digital album is the same as every other copy of that album, while an NFT of that album is one-of-a-kind, distinct from other NFTs of that album that may exist. Thus, NFTs can represent a claim of ownership, with a public transaction record available on the blockchain as proof of purchase.
Musicians can take advantage of NFTs in several ways, attaching them to singles or NFT-exclusive copies of a digital album. NFTs can be used to sell live recordings, demos, b-sides, or other rarities. Fans could buy NFTs of music videos or even own one-of-a-kind memorabilia, like instruments, stage costumes or props, or signed albums. These NFTs can then be stored in an owner’s digital wallet, sold or traded on the digital marketplace, or displayed in galleries housed in metaverses like Spatial or Oncyber.
What makes NFTs unique from other digital purchases is how musicians can attach additional value. For example, bands could include special liner notes in an NFT of an album, along with background on when and where it was recorded. NFT purchases can also entitle the buyer to exclusive concert tickets, special artwork unavailable anywhere else, and much more.
Selling a music NFT does not grant the buyer exclusive rights to the creative work but rather gives fans a way to support their favorite artists. Plus, if the owner decides to sell or trade their NFT to someone else, the original artist can receive a percentage of the sale price.
If you’re a musician looking to bring your NFT to market, feel free to fill out our contact form and get in touch. We’d love to use our experience in the NFT space to help find a solution that works for you. Contact us to learn more.
Musicians of all stripes have discovered how NFTs provide new ways to connect with fans while empowering creators with increased revenue and improved ownership of their work. Here are a few who have made the NFT leap:
Before you can sell music NFTs, you first need to find a place to mint them on the blockchain. Some NFT marketplaces allow creators to do this directly on their platforms. Others may require minting on external crypto markets (like Bitsmo) before being listed — be sure to check each marketplace’s FAQ pages for more information.
Once you’re ready, it’s time to make your drop. Here are a few of the best places where you can sell music NFTs:
OpenSea is one of the world's largest NFT marketplaces. It hosts drops from clothing brands, artists, photographers, and musicians, devoting a massive section of its market to acts from a range of genres from across the globe. Popular performers like SnoopDogg, Diplo, Muse, and many more have harnessed OpenSea to connect with fans and provide exclusive songs, artwork, and even physical goodies. OpenSea also allows creators to mint music NFTs and sell them on the marketplace.
Nifty Gateway is the NFT home for music acts like deadmau5, Grimes, and Steve Aoki, who are featured alongside thousands of other performers inside a dedicated hub for music NFTs. Nifty Gateway is a custodial platform, meaning creators can mint NFTs and collectors can buy them without needing external crypto wallets, making transactions cheaper and easier for everyone involved.
Like OpenSea, Rarible offers a huge opportunity for musicians looking to mint and sell their NFTs on the digital market. It also supports multiple blockchains, such as Ethereum and Polygon, which makes it much easier for collectors looking for NFTs to buy.
Web3 moves fast, and partnering with an expert will ensure your musical foray into NFTs makes a meaningful impact. Our experience at Dibbs has helped us connect thousands of fans with the collectibles they love, and we want to do the same for your brand. Contact us today to learn more about how to make your music NFT launch a success.