The music industry has seen many changes in the last few years. Music streaming services such as Apple Music and Spotify allow people to pay a monthly subscription fee to access unlimited music. This has also changed how musicians earn from their work.
The blockchain has also provided artists with a new way of making money, NFTs.
Most artists have already seen how NFTs can change the music industry.
With popular artists such as Kings of Leon having shown the way, more and more artists are turning to NFT music.
NFTs (Non-Fungible Tokens) are digital assets that run on the blockchain. Each NFT is unique and cannot be reproduced or duplicated. This makes them ideal for storing audio, artwork, and videos.
When an artist makes an NFT from their artwork, they can sell it. If someone purchases the NFT, they become the official owner and they can use it the way they want.
In the next section, we will be answering the question:
Can you NFT music?
How to sell music as NFT
With so much talk about NFTs going on, most artists are beginning to look for ways how to sell music as NFT. Some have created NFT from their music and sold it in the music NFT market. The buyer becomes the owner of the song and they can listen to it anytime they want.
NFT music may sound like the alternative created by the blockchain for buying music on iTunes. However, after buying music from iTunes, you only get the right to listen to the track you’ve bought. iTunes doesn’t give you the right to own the asset you’ve purchased, you only get the license to listen to the song you’ve purchased. NFT music on the other hand gives the buyer permission to listen to the song they have purchased and also gives them ownership over that file.
NFT music may not make sense. Why would someone buy music they can listen to? It sounds similar to buying JPEGs that anyone can download. However, NFT music is bought by individuals who find value in being the owners of unique and original assets.
One may buy music NFT because they like the artist behind the music. Others buy music NFT to offer financial support to artists they believe will shine in the music industry. If the artist becomes popular, the NFT music the person has invested in may rise in value.
NFT music can generate a lot of income for artists. Haleek Maul, a Bajan rapper, earned $226,800 from NFT music sales on Catalog, while his annual earnings on Spotify were only $178. Maul stated that he had made 81 ETH from five sales.
There are different ways through which NFT music artists can use NFT music. They can use their NFTs as tickets for granting discounted access to live events, meetups with the artist, or access to special areas within live events. This will depend on how the NFT music artist wants to use the NFT music.
How to make music NFT
Now that you have known how to make money from music NFT, it’s a good time to know how to make NFT music.
The process of making NFTs is called “minting.” This requires one to have an original piece of art, which in this case is music. The music can be in the form of an audio file or even a video file.
You can then create the NFT on an NFT platform. Examples of NFT platforms include OpenSea, NFT showroom, and Catalog. OpenSea is the largest NFT marketplace today and it has a catalog dedicated to NFT music. However, most NFT music artists prefer using music-specific NFT marketplaces. The Catalog is a good example of such a platform. It was developed for single-edition music NFTs and it runs on Zora protocol. By February last year, NFT music artists had sold NFT music worth $2 million on the platform.
You will need a crypto wallet to create your NFT music. This will help you store the coins that you will use to pay the fees charged by the NFT platform. You will also receive payments for your NFT music sales through the same wallet.
After creating a crypto wallet, fund it with crypto coins. Most NFT platforms run on the Ethereum blockchain, hence, they only accept ETH payments. So, it will be safe for you to fund your wallet with ETH. You can buy the ETH from crypto exchanges like Coinbase and transfer it to your wallet.
Connect the funded crypto wallet to the NFT platform to start creating the NFT music. You will have to create a new item on the NFT marketplace and upload the music file to be turned into NFT music. You will also be required to give the NFT a name, and a description, and set its price.
For the NFT music price, you can set a fixed price or choose the auction-style for selling the NFT. Once you pay the listing fee, the platform will list your NFT music for sale.
If you chose the auction style for the price, you will receive bids from different potential buyers. You can then accept the highest bid and finalize the transaction with that buyer. The NFT platform will deduct crypto from the buyer’s wallet and transfer it to your wallet. That is how to sell music as NFT.