What exactly is NFT Music? How to Purchase and Sell Them
NFTs, according to the internet, are transforming the art world. But is that all there is to it? Not in the least. Musicians have begun investigating the NFT marketplace, which has already raised millions of dollars. Grimes, for example, recently sold 10 NFTs for $6 million, which included unseen photographs and short videos related to her music. DJ 3Lau, on the other hand, auctioned 33 NFTs with unreleased music and one with a custom song for $3,666,666.
However, before we get into the potential of NFTs, let’s have a look at how they function.
What is a non-financial transaction (NFT)?
Non-fungible tokens, or NFTs, are data storage devices that are then dispersed throughout a blockchain network. NFTs are a type of digital asset proof. Art, music, memes, films, and other real-world artifacts are represented as Digital Assets. As a result, NFTs confirm the assets’ legitimacy and ownership.
Each NFT is cryptographically encrypted at the same time, making them incredibly unique. An NFT’s information cannot be replicated or changed. As a result, NFT music provides a safe and secure environment for musicians to store and sell their music online.
Let’s chat about NFT music for a moment.
Sure, you can listen to and even download your favorite artists’ songs online. It is, however, a far cry from owning the vinyl record of your favorite album. Music is undeniably important to who we are as individuals. For example, a song may evoke nostalgia for a wonderful occasion or the remembrance of a special person. Similarly, we appreciate the musicians who created those songs for providing us with something to hold on to.
Purchasing vinyl and CDs are no longer an option. As we go into an internet-free period, is it inconceivable to investigate that ownership in the virtual world? NFT music is allowing musicians all over the world to express themselves freely. Not only may you sell your music to millions of people online if you’re an artist? You can, however, engage with your admirers individually.
Fans want to get close to their favorite musicians and support them in every way possible. You can create original NFT music with previously unreleased songs or bonus tracks and sell them to your fans as an artist. Of course, having something from your favorite artist that the rest of the world hasn’t seen yet makes your followers feel unique and allows you to connect with them on a deeper level.
Increased global popularity
NFT music airdrops are an excellent way to boost your following count. Especially if you aren’t yet a well-known artist but still want others to hear your songs. What’s the deal with that? On the other hand, Airdropping entails giving free NFTs to random wallets. You will receive access to the users’ email addresses and social media links when they download the NFTs. As a result, you now have a list of people who you know will be interested in your work and who you may market to later. These folks will promote your songs for free while also promoting the worth of your NFTs.
Another advantage of using NFT music airdrop is that your audience is not limited by region. You can send your NFTs to someone in Europe or Asia. This will broaden your reach and aid in the internationalization of your brand.
It is extremely rare for artists, particularly emerging artists, to receive their compensation. NFT music, on the other hand, ensures that you are paid the most money possible as an artist. This is accomplished through royalties.
One example is when one releases NFT music and sells it for $2000. However, the track runs off the rails at some point in the future, and your NFT’s value skyrockets to $1 million. A person can fantasize. As an artist, you may think that you will receive a commission every time the NFT is sold for a certain amount of money. The best thing is that you get to choose what percentage of the commission or royalty you desire.
If you’re still reading, you’re undoubtedly wondering how you can sell your recordings as NFT music to a global audience. And, as always, we’re here to help.
What is the best way to market NFT music?
Install a cryptocurrency wallet.
To get your NFT songs out there, you’ll need to first download a crypto wallet that can store your NFTs. MetaMask is a fantastic choice. CoinBase and Binance, on the other hand, are quite popular in the NFT space. A crypto wallet is essential because it will store your NFTs and the cryptocurrency you’ll need to cover the gas expenses. What the hell is it when it comes to petrol fees?
Blockchain networks are used to host and distribute NFTs. All transactions involving any specific NFT are recorded on the blockchain to ensure security, authenticity verification, and ownership confirmation. Because the amount of computing power necessary to record all of the data chronologically in the blocks is so large, the blockchain charges a “gas cost” to do so.
The bulk of NFTs is built on the Ethereum blockchain, which employs the ether (ETH) utility coin. As a result, in order to list and sell NFT music on an NFT marketplace, you must first purchase ETH.
Look for an NFT market.
While there are many online marketplaces where you can sell your NFTs, we advocate starting your own with NFTically. You can expand your brand abroad under your own domain with your own Whitelabel NFT store. You can also customize your store with NFTically, which means you can simply express your brand image and vision in your storefront.
The best thing is that the platform’s user-friendly UI makes navigating the area a pleasure for someone with no technological skills. Furthermore, the NFTically team handles all legal and technological issues that may arise during the setup of your NFT store.
Getting your NFT store up and running
Last but not least, once you’ve found an NFT marketplace you like, you’ll need to create your own NFT store. Connect your cryptocurrency wallet to the NFT marketplace first. After that, you can start minting your NFT. Choose the audio or tack you’d want to mint and convert it to NFTs. You can also compile a collection of your songs, which is known as a collectible. Users interested in music may come across your creations while searching for collectibles, as collectibles are typical of similar genres. Pay the cover fees with your wallet when you’ve finished minting and listing. And there you have it! You’ve launched your own NFT store, complete with your very first NFT song.
Additionally, the cryptocurrency can be transferred to an external wallet. And then swap it for traditional currencies like dollars, euros, and so on.