We have seen NFTs being introduced in every field. These NFTs are in the music industry as well. Artists all around the world are using this way to make more connections with their fans. In this post, we will cover what is NFT music.
NFT music is just turning your music files into NFTs. You can easily do so. You can make it directly from your fans and you no longer require someone to launch you. If anyone sells your NFT, then you will get the royalty each time your NFT is resold. This NFT music has opened doors for alot more opportunities for the artists.
We will be discussing more on NFT music. How did it influence the whole music industry? What are its benefits of it? How can you create your own NFT music file and put it on sale? So, without further ado, let’s start.
What Is NFT Music?
Earlier NFT was for artists who could make a painting or 3D art, but now NFT is for singers aswell. Now musicians and artists in this field can enter in NFT world. They have a vast field available. They can make NFT of a single song or for an album. They can also sell their tickets as NFTs. It all depends on what you want.
How Did NFT Music Change The Music Industry?
Music artists suffered a huge loss due to COVID-19. All events were canceled. At that time, NFTs emerged as a way to connect to their fans. The year 2021 was the best year for NFTs with a trading volume of $44.2 billion. It is expected to reach $80 billion by 2025. Many artists started using NFTs to connect to their fans. Kings of Leon became the first NFT album to be released. Today many artists are on this NFT music train.
How to Create Your Own Music NFT?
You can use the same process of minting to turn your music into NFTs. Here is a complete guide on creating your own music NFT.
- Create Your Digital asset:
The first thing you need is to create the music file that you want to keep as your NFT. This music file should be your own file and should now have violated any copyrights. It can be a music file, video, 3D animation, or pretty much anything.
- Crypto wallet:
For minting, you usually have to pay the gas fees. So, you need a digital wallet like Meta Mask to make the gas fees transaction. You need to create an account in the digital wallet. Put some cryptos in it.
- Select the marketplace:
Now you need to select the marketplace where you will put your NFT on sale. There are many marketplaces available out there. OpenSea is the best place and the biggest NFT marketplace. You can choose any marketplace of your choice and start the minting process.
- Mint Your NFT:
There are different ways of minting and these ways are different on different marketplaces. Some marketplaces mint your NFT for free till your NFT is sold. At the time of purchase, they will deduct the gas fees from the purchase amount. This concept is called lazy minting. You can use this or the regular way to mint your NFT.
- Choose the way of purchase:
There are different ways to make a purchase on any marketplace. You can either buy the NFT directly or you can bid for it. You can choose the way here if you want your NFT to be purchased directly or if you want people to bid for it.
How Can You Make Money From NFT Music?
Once you have put your music file as NFT, there are several ways by which you can start earning.
The first way of income in NFT music will be the direct purchase of your NFTs. this amount will go directly into your wallet.
If any NFT holder resells your NFT, you will get a royalty for that.
- Single collectibles
You can create NFTs that will be sold to one person only. Then that person can resell that NFT.
- Multiple collectibles
You can sell NFT to multiple persons and earn huge profits.
Here we conclude our post on what is NFT music. We have provided you with all the information regarding this NFT music. If you are an artist, then you should try it for sure. This will take your earnings to the next level.
Keep exploring our website to know more about NFTs.
Frequently Asked Questions
Q1. What Does NFT Mean In Music?
NFTs can range from art and sound recordings to tickets and more. NFTs generated an impressive $25 billion in overall sales in 2021.
Q2. Can You Buy Songs As An NFT?
First, Binance allows you to mint, sell, bid, and purchase music NFTs from creators across the world
Q3. What Does NFT Stand For On Spotify?
Trying to understand cryptocurrency and non-fungible tokens (NFTs) can be annoying AF, but the amount of cash being made and spent in the crypto space can’t be ignored.