Selling music as an NFT presents an exciting opportunity for artists and groups to monetize their work uniquely. By creating a one-of-a-kind token, artists can grant ownership rights or shares to the buyer. This provides a new revenue stream and encourages fans to become more invested in the success of their favorite bands.
However, selling music as an NFT may seem daunting for those unfamiliar with blockchain-based cryptocurrencies. The technical aspects of coding and other associated tasks can be overwhelming. But fear not! Here’s a crash course on what it takes to sell your music as an NFT.
First, familiarize yourself with non-fungible tokens and how they work. NFTs are digital assets representing ownership of a unique item or content, such as music, art, or videos. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged for one another, NFTs are distinct and cannot be replaced or exchanged on a one-to-one basis.
An NFT, or non-fungible token, can represent any artwork or digital product, similar to owning the rights to an object. Like brokerage houses on the internet sell digital and physical art pieces, NFTs can be bought and sold online. However, creating your own NFT can be expensive due to gas fees, but there are ways to mitigate these costs and make them a worthwhile investment.
Create Your Files and Performances
To create an NFT for your music, you’ll need to prepare your files and performances. This process is similar to creating physical or digital artwork. You can choose from several options, such as:
- Live Performance: Recording a live version of your song specific to the time and location it was performed. Label it with the date and title to keep it unique. You can also encode entire albums as NFTs.
- Studio Recording: Producing a high-quality studio track, which may require investing in studio time. While it can be expensive, the superior sound quality may be worth it in the long run.
- Music Video: Creating a music video for a new song or collaboration. Music videos have the advantage of being in two different sales areas – music and video – and can potentially go viral, increasing the value of the NFT.
Working with computer files and recording programs may involve coding and require significant time and effort. Taking your time and ensuring that your music and computer work is done to the best possible standard, as poorly produced NFTs may not fetch high prices.
It’s important to note that you should create original music and not infringe on someone else’s copyright to avoid legal issues. If you have any questions or concerns about copyright, it’s advisable to consult with an attorney for guidance.
Choose Your NFT Marketplace
Selecting the right marketplace for your NFT can be exciting but ultimately boils down to personal preference. With numerous options available, each offering different services from creation to sales, there are a few key factors to consider.
- Gas Fees: Gas fees are transaction fees paid to miners on a blockchain protocol for including your transaction in a block. Some marketplaces may charge higher gas fees during peak times, so it’s important to factor this into your decision-making process.
- Collaboration Protection: If you’ve worked with others on your music, choosing a marketplace that offers timestamping or other forms of collaboration protection is crucial to ensure everyone’s contributions are recognized and protected.
- Ease of Use: Coding can be intimidating for some musicians, so finding an NFT marketplace that is user-friendly and easy to navigate can be a significant advantage, especially for those new to the world of NFTs.
Here are a few examples of NFT platforms worth considering:
- Crypto: Crypto is one of the most popular marketplaces for NFT music, offering various apps and websites that allow you to track your listings in real-time and manage multiple listings at once.
- OpenSea: If you’re looking for gas-free minting, OpenSea is a top choice. They offer a system that allows you to mint your NFT without paying gas fees and is known for their user-friendly interface and timestamping projects.
It’s a good idea to start with a few platforms and familiarize yourself with their features and functions. Once you’re comfortable with the process, you can choose the one that best fits your needs and preferences. Keeping it simple and taking your time to make an informed decision can greatly contribute to your success in the NFT market.
Listing Your Music NFT
Before you list your music NFT, it’s important to choose a platform that has a dedicated area for music NFTs. This area will showcase examples of what can be done with this art form and provide information about the tracks, including pricing. Familiarize yourself with the platform’s terminologies to ensure everything runs smoothly during the listing process.
Getting Started with Ethereum
Here are the first few steps to list your music NFT:
- Ethereum Wallet: You’ll need an e-wallet compatible with Ethereum, as it is the most common blockchain for NFTs. Note that the e-wallet differs from a marketplace and is primarily used for storing and creating tokens.
- Buy Ethereum: You’ll need to own some Ethereum to cover gas fees and other expenses. You can purchase Ethereum using a crypto exchange or app, such as Coinbase or others offered by the same company.
I use the Coinbase app for simplicity. I convert dollars into Ethereum and then transfer the Ethereum to my wallet for buying and minting NFTs. However, there are many other ways to do this, and a quick Google search can help you find the best option.
It’s crucial at this stage to know which platform you’ll be using for listing your music NFT. Avoid wasting your Ethereum on one platform before deciding to switch. For example, if you choose OpenSea, there will be fewer fees than Crypto, where multiple Ethereum transactions may occur before bids are accepted.
Earning Money Selling Your Music NFT
The final steps to sell your music NFT are as follows:
- Click the Sell Button: Look for a prominent button on your chosen platform labeled “sell,” which may be displayed in different colors depending on the platform. Clicking this button will open a dialog box, and you should only do so when you are 100% ready to put your token on the market.
- Choose Quantity: Next, specify how many copies of your music NFT you want to sell. You can sell a single copy that gives one person all royalties and ownership or split it into multiple tokens to distribute the ownership.
- Set Opening Bid: Determine the listing price or opening bid for your NFT. Setting the price low may attract more bidders, but you may also earn less money. Be strategic in your pricing, just as you have been in every other step of the process.
- Click Sell: Click the button to set your non-fungible token for sale. This will release your token into the market, and your dreams of earning money independently could be within reach, though it’s not guaranteed.
Once your music NFT is on the market, it’s essential to market it! Spread the word to your friends and encourage them to purchase using their credit cards. Let people know your NFT is for sale and seize the opportunity to generate sales.
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