The internet has been claiming that NFTs are revolutionizing the art space. But is that all? Not at all. Musicians have started to explore the NFT marketplace, and NFT music has already managed to raise millions of dollars. For example, Grimes has recently auctioned 10 NFTs including unseen images and short videos surrounding her music for $6 million. While DJ 3Lau has auctioned 33 NFTs featuring unreleased music and one with a custom song which was sold for $3,666,666.
Nonetheless, to understand the power of NFTs, first, let’s understand how they work.
What is an NFT?
NFTs are digital proof of digital assets. The Digital Assets represent real-world objects, for example, art, music, memes, videos, etc. NFTs, or non-fungible tokens store information within them that is then distributed across a blockchain network. Therefore, NFTs verify the authenticity and ownership of these assets.
Simultaneously, each NFT is cryptographically encrypted, hence they are extremely unique. The information within an NFT cannot be duplicated or edited. That’s why NFT music is a safe and secure way for artists to store and sell their music online.
Let’s talk about NFT music
I mean, sure, you can listen to your favorite artists online, even download their music. However, it differs massively from actually owning the vinyl record of your favorite album. Undeniably, music is especially significant to who we are as people. For instance, a song might hold the nostalgia of a very dear moment or the memory of an, especially loved one. Similarly, we love the artists behind those tunes for giving us something to hold on to. We want to go a mile ahead and celebrate with them.
Henceforth, buying vinyl and CDs is a thing. But as we move on to an internet independent era, is it unthinkable to explore that ownership in the virtual world. NFT music is giving musicians around the world freedom. If you are an artist, not only can you securely sell your music to millions of people online? But you can also connect with your fans specifically.
Fans want to be close to their favorite artists and want to empower them in every way they can. As a musician, you can launch exclusive NFT music with unreleased songs or bonus tracks and let your fans buy and sell them amongst each other. Of course, owning something from your favorite artist that the world hasn’t even seen yet makes your fans feel special, and gives you a real opportunity to actually connect with them.
Increase in global following
NFT music airdrops are a great idea to get those follower numbers rolling. Especially, if you are not an established artist yet, but still want new people to discover your music. How does that work? Well, airdropping essentially means distributing free NFTs to random wallets. When the users download the NFTs, you will also gain access to their email address or their social media links. Hence, you now have a list of people who you know for sure might be interested in your work, and you can market to later too as well. These people will push the value of your NFTs, as well as promote your music for free.
Another cool thing about NFT music airdrop is that your audience will not be restricted by geography. You can send your NFTs to someone in Europe, as well as, someone in Asia. This will expand your reach and help you grow your brand internationally.
So rare that artists, specifically growing artists get the money they deserve. NFT music, however, makes sure that as an artist you are being paid the hight possible amount of money. That’s done through royalty.
For example, you release NFT music and sell it for $2000. However, sometime in the future, the track blows up and now your NFT valuation goes up as high as $1 million. A person can dream. You can be assured as an artist that every time the NFT is sold for a specific sum of money, you are getting a commission based on it. And the best part is, you get to set the percent of the commission, or royalty you would want to receive.
If you’re still here, the next thing on your mind is probably about how you can sell your tracks to global audiences as NFT music. And as usual, we’re here to answer that.
How to sell NFT music?
Download a crypto wallet
The first thing you need to do to get your NFT music out there is to download a crypto wallet that can store your NFTs. MetaMask is a great option. Alternatively, CoinBase and Binance also are very popular in the NFT landscape. A crypto wallet is extremely imperative as not only will it store your NFTs, it will also store the cryptocurrency you will need to cover the gas fees. Speaking of gas fees, what the hell is it?
NFTs are hosted and distributed on blockchain networks. To ensure security, authenticity verification, and ownership proof, all the transactions surrounding any given NFT are recorded on the blockchain. Because the computation power required to record all the data chronologically in the blocks is quite enormous, the blockchain charges a particular “gas fee” to carry it out.
The majority of NFTs are based on the Ethereum blockchain which uses a utility token called ether, or ETH. Because of this, to list and sell NFT music on an NFT marketplace, you will need to purchase ETH first.
Find an NFT marketplace
While there are tens of marketplaces available online to sell your NFTs at, we recommend opening your own store with NFTically. With your very own whitelabel NFT store, you can grow your brand internationally under your own domain. NFTically also allows you to customize your store, which means, you can easily reflect your brand image and brand vision in your storefront.
The best part is, the user-friendly interface of the platform makes it a breeze for anyone without any technical knowledge to navigate the space. Moreover, the NFTically team takes care of all the legal and technological hassles that you may face while setting up your NFT store.
Setting up your NFT store
Last but not the least, after you find an NFT marketplace you feel comfortable with, you need to set up your NFT store. Firstly, connect your crypto wallet to the NFT marketplace. Then, you can move on to minting your NFT. Select the audio or tack you want to mint and transform it into NFTs. You also have the option to form a collection of your music, also known as a collectible. Collectibles are soft of like genres, so users interested in music may come across your creations while browsing collectibles, as well. After you are done minting and listing, pay the cover fees through your wallet. And there you go! You have successfully created your first NFT store featuring your first ever NFT music.
Additionally, you can transfer the cryptocurrency onto an external wallet as well. And exchange it for traditional currency, such as dollars, euro, etc.
NFTically is a Non-Fungible Tokens trading platform. On NFTically, in just a few minutes, you can open your store. NFTically allows minting, selling as well buying options. All you require is to set up a wallet, build your collections, put in your NFTs (which can be an image, song, video clips, etc.), and at last, list those NFTs up for sale.
If you are an NFT enthusiast and discouraged to see the drop in NFT sales due to the winter market in 2022, let us tell you what you wanted to hear! NFTs are going nowhere….
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