NFT music marketplaces allow artists to create and sell their songs and albums to potential buyers.
NFTs are not limited to digital arts, game items, and collectibles. Recently, a big trend has been related to the adoption of music NFTs.
The size of the NFT music market in 2021 was 1240.3 million USD. Furthermore, this market value is expected to reach $42,380.2 million with a CAGR growth of 27.52% by 2032. Impressive right?
Famous artists like Tory Lanez, 3LAU, and Mike Shinoda are popular names to turn their music works into NFTs. The introduction of big players from the music industry also plays a crucial role in the increased acceptance of music NFTs.
Now, let’s explore more about NFT music. Stay tuned!
What is a music NFT?
Music NFT is a trending form that offers ownership to its creator using blockchain technology. Now, musicians may mint their own NFTs to symbolize their creative labor. By doing so, they will be verified owners and will be able to post their music on an NFT marketplace.
In a nutshell, music NFTs can be considered a subdivision of NFTs that only includes music-related digital products. Songs, music albums, and even music videos are included in this category.
Kings of Leon is credited as the first band to release their album as NFT. This gang successfully generated over $2 million from their NFT sales. What’s more, Warner Music Group announced a partnership with Tezos blockchain and OneOf to empower the music industry with the help of NFTs.
Music NFT has different types that cover artists from various music genres. The main subcategories include:
Music Albums and Songs: Albums and songs cover a large part of Music NFT. This category has one of the most fans and buyers in the NFT market. In recent times, artists have taken this opportunity to connect with their fans and make sales.
Event Ticketing: The introduction of the Metaverse has led to the rise of virtual events. Now you can use virtual devices to attend music events and official concerts. Here, musical NFTs are used to sell digital tickets for these events. To do this, musicians create digital posters and album covers as NFTs.Furthermore, fans are also gifted in the form of NFTs.
Digital Photos: Along with musical work, the artwork also plays an important role in promotions and revenue generation. To do this, musicians create digital posters and album covers as NFTs.
Video Clips: After a successful live concert, the event organizers presented the biggest moments of the show as NFT videos. In that case, there will be a limited number of video clips that fans can purchase and store.
Let’s see how the introduction of NFT music benefits the creators.
How do Music NFT artists benefit?
#1. full ownership
Music NFT provides artists full ownership and control over their work. They can list their NFTs on different marketplaces with better prices.
licensing
Furthermore, NFT allows people to identify the original work of an artist. Duplicate copies are prohibited by this feature.
Also, most markets license minted NFTs. You can use this as proof to verify your ownership to sellers.
#2. Royalties
The majority of well-known NFT marketplaces let artists specify a certain royalty percentage for their NFTs.This feature provides a passive income for each sale.
Royalties
Let’s say a creator lists their NFT music with a 10% creator share. In this case, if your NFT sells for 20 ETH, that artist instantly receives 2 ETH as royalties.
Here the creator does not need to participate in any royalty collection process. The artist’s wallet is credited with tokens after each successful secondary trade.
#3. Community
The community plays an important role in the case of music NFTs. Artists now have a huge audience online to showcase their talents.
local community
Building an active fan base can do wonders for emerging artists and their bands. Later, artists can hold virtual events by selling tickets in the form of musical NFTs.
#4. not a middleman
The traditional music industry takes a large percentage of the fees to release an album or song. While the decentralized nature of NFTs removes the middleman between artists and buyers.
Without intermediaries
Simply put, musicians can now list their music NFTs on a marketplace and sell them directly to buyers. In this case, the NFT owner receives the payout right away. develop your own Nft marketplace with Nft Marketplace Development company.
Now, let’s take a look at the best NFT music marketplaces.
Onlymusix
AirNFTs
TuneGONFT
OneOf
PlayTreks
Async
OpenSea
