So NFT’s a lot of people have been asking me what are NFT’s? And how can you use them as a musician or music producer? So I figured it out and writing this article.
Also, Read 15+ Tool For How to Know Which NFT To Buy.
Index of the Article
- Step by Step Guide on How to Sell Music As A NFT
- If I list Music as an NFT Whoever Buys it?
- Advantage of NFT’s As a Musician
- Case Study of NFT Music
Get answers to all these questions here
Hello to all NFT enthusiasts, Welcome to Make App Like, where we cover NFT in detail. Today, we will explain how NFT is changing the music industry and how individual music artists, directors, and companies can profit from using NFT.
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Also Read: How to Make Money in the Metaverse
So What is NFT Music Industry
The rise of non-fungible tokens, or NFTs, is a developing trend in the music industry. NFT transactions enable audiences to bid on one-of-a-kind content from their favourite artists in auctions.
Independent Musicians Are Making Big Money From NFTs.
In the year 2022. NFT for the music industry flipped the market upside down by eliminating live performances, which were a substantial source of revenue for musicians and their labels. Artists are looking for new ways to connect and produce for their audiences as the world becomes more digital, and NFTs provide them with a new outlet with various advantages. How? Have patience! Explaining for you!
Also Read 50+ Best NFT Marketplace for Photography.
How NFT Works in Music Streaming Market
Anything that can share, stored over the internet can be converted into NFT. It starts from assigning a unique token or unique ID to your Music. How? Wait! Assigning a token or a special ID to that Music in the blockchain world is very simple. Go to any popular NFT marketplace, signup and upload your Music. Now you have a unique non-fungible token id for your Music.
Step by Step Guide on How to Sell NFT Music?
Let’s understand in a practical manner. Like if you would go to a different country and get citizenship, you’re going to get an ID, and that ID is unique to you is what identifies you in that country. And that’s really what NFT is for Music on the blockchain.
Now, if you want to know how they work, you are going to have to do.
- First you got to know that you need to have a crypto wallet, a crypto wallet is something like meta mask, which I’ll get into later, it will allow you to basically purchase Ethereum. And once you have a balance of Ethereum, you can actually, you know, use that balance to bid or purchase NFTs.
- And then once you get the crypto wallet, then you’re going to have to find a NFT Marketplace a place where you can sell or list your music as a NFT for sale. Here we have listed 10 top NFT marketplaces.
- Opensea is one of the trusted marketplace to sell music as NFT.
- End of the article, we will show you how to sell music as NFT up on the computer. So don’t worry.
Also Read: How to Buy Property in Metaverse
How to Take Advantage of NFT’s As a Musician or Music Director in 2023
Now some of the ways to take advantage of NFT’s right now as a musician is that not many people are jumping on it because a lot of people are, so you know, worried about it, you know, like what about my rights? What about like, can they use what if somebody takes my beat and uses it? Well, I would say my recommendation is not to worry about that, right? Now the best is to get your hands and feet wet. And get started with NFT’s; get yourself familiar with that.
And as far as rights, the way we are approaching it is, whatever you put in that NFT, you can set the weights; for example, I’m listing some of this audio as where All rights are reserved. So basically, whoever is going to purchase this NFT are they going to have is, you know, an NFT card of my audio, or they can have an audio file of that beat. But you know, All rights are reserved; they can’t use it for anything else. And, by having an NFT for your Music or songs, you’re protecting yourself because you’re showing you have proved now that you are the first one who minted it.
Anyone can see the history of Music as NFT. Who is the owner, who bought it, who sold it, etc.? So all the tracking all the history is there and will protect you as a music director. And you know, basically kind of copywriting, your Music, and the NFT world.
Case Studies for NFTs as a Music
Now some tactics that you can use, for example, Kings of Leon just released an album completely on as an NFT. And with that, they’re doing some unlockable, you know, something like digital downloads of the whole album. So incentivizing your NFT is by providing some unlockable items; you can also do something like the same.
Now Question is
If I list Music as an NFT Whoever Buys it?
I want to list this beat as an NFT. And whoever buys it gets all the rights; they get to do whatever they want with it. Now you can up the price on that just because it’s valuable at that point. You have to look at it as another source, another outlet to get some leads or possibly make some sales.
Some of the pros and cons about NFT’s are that it’s a pro, it can be pros and cons that are so fresh and new. So I would say I would look at it like a pro because you can jump on it right now and be one of the prime pioneers in the Music NFT world and kind of take advantage of that be one of the first people to put out or be creative, you know, just because there’s not a lot of ideas been implemented around Music and NFT. And you can kind of take advantage of that, too.
As we said, that protects you and provides some trail of ownership that you are the owner of that beat or that audio and NFTs are some of the downsides. I would say that because it is new, there’s not a lot of rules and regulations and what if somebody buys you NFT and gets that audio and then they go ahead and mount it as their own.
There is, really, as of right now, nothing in place that I know of that can kind of track or can analyze that audio and make sure that it’s not doesn’t belong to somebody else. You know, to another one out there and then At that point, it will stop the person uploading a copy of the beat as their own NFT. I don’t know; that’s an idea out there; hopefully, someday, somebody will implement that. But just like anything else new, it has to go through some growing pains. And it’s going to go through these different phases.
And, you know, until it gets more regulated, and there are more rules around it, so that way, everybody’s being protected at that point, but might as well take advantage of it right now. And hype up your beats your NFT’s because that’s really how you get them sold. The NFT community on Twitter is very interactive, and everybody’s so nice, and everybody’s happy to each other up. So make sure to jump on it and get in those.
Let’s Go Into The Computer. And Let’s See How To Sell Music as NFT’s.
So the first thing we need to do is we need to get a crypto wallet.
And I recommend MetaMask just because it’s highly accepted in many marketplaces. And it’s very easy to use.
And the other cool thing about it is that MetaMask comes as an extension for a Chrome browser. The downside is that it only works on Chrome, not Safari, Firefox, or other browsers. But it does work on your mobile device as well. So if you’re on iOS or Android, you can get it on there. So you go there and click on download; as you can see here, you can download Chrome, iOS or Android. So just going to install it for Chrome.
Now the next thing is you need to find a marketplace, what I recommend is Opensea is a very well known and very large marketplace where you can do a lot of different types of NFTs, or there’s digital art, videos, audio, etc. And what’s cool about open see compared to other marketplaces is that as far as gas fees, you only pay gas fees on your first NFT that you meant, and all the NFT’s after that are free.
So when you click Create, it’s going to ask you to sign up through your wallet. And when you click on sign in, as you can see, it launches the extension for Metamask. And here now, we’re just going to put in our password. And there you go.
And that’s how you log in. So now, once we log in, you can see that we have my collections. I already have one collection created is called NFT beads.
But also, when you go to profile, you will see the NFT’s that we have created and the NFT’s that are purchased.
So now, when you go to create, you have to create a collection. So always think about the entities that you’re going to put out think of like a series kind of like just like how there is you know, baseball cards, or Pokemon cards, think of how you’re going to create your collection and what kind of strategy you have behind it.
So when you create Music as an NFT, some basic kind of information that you will have to put there.
So you can click on Create, or what I’m going to do is I’m going to edit this one so that we can see more info on what’s going on in there. It asks for a digital signature so that I can click sign.
And then now on here, you’ll see you can have a logo image for that collection, a featured image, the name of the collection.
You can have a description in there, I forgot to add a description, and you can also add links here. And then what’s cool is here, under permission, you can set up percentage fees. So basically, that means anytime somebody buys one of your NFTs from this collection, and then they end up selling it again, then this is the percentage you will get out of that sale.
So every time one of those NFT’s get resold, you get 10% of that transaction, which is also what’s cool about this is that when that happens, the buyer sees that information. And will, they will see that when they buy it NFT, I believe there’s a 2.5% fee that goes to Opensea.
Video Tutorial to Sell Music As A NFT in 2023
Don’t Forget to Subscribe to the Channel. All credit goes to Adil Constantine. Here they are explaining what NFTs are & how musicians and music producers can use them.
- You can also put something like genre about and then that’s it.
- You can put the number of copies that can be minted, no gas cost to you.
- Quantities above one coming soon. We can set an expiration date, and then what the ending price we want it to be. And then or we can do a schedule for future time.
- And then for privacy, you can set it as you can leave it off, so it’s public, or you can turn it on.
- And basically you specify a link that you know only specific people you provide them that link or that code and then they can get to it and buy it.
- So if you want, you don’t want to list it right now we can set it to be listed in the future.
- So that’s pretty cool. As of right now, I think it’s just one you can only do NFT marketplaces.
So for you to sell it, you’re going to click on sell, we’re going to have three options, you can do a set price. And then you’ll list it, or you can do an auction. Put in the minimum bid for that auction, the reserve price. And then expression days, like how long is the auction that’s kind of like eBay. And then the third was going to be a bundle. And with a bundle is basically if I want to select multiple kinds of Music and sell them as a bundle.
I hope you find this article on NFT for Music helpful. If you have any questions, make sure to put them down in the comments below. We reply to every comment. Below, we are putting a few links to help you do more and earn with NFTs.
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Independent Musicians Are Making Big Money From NFTs. NFT is the process of assigning a Unique token to your Music so that if anyone buys or sells your Music. You will get a royalty.
Opensea and Rarible is the best Marketplace to buy and sell Music.
A Big Yes! NFT can stop piracy. This is the major thing I am linking with NFT for Music.
An NFT offers opportunities from struggling musicians to established music directors. It will be a major change in Music Industry,