NFTs are disrupting many industries, and the music industry is no exception. Many music stars are already minting their music NFTs, making it easy to reach their audience without dependence on any intermediary. While top musicians may have a working knowledge of NFTs and how to leverage it, it is not the case for every artist, especially the emerging ones.
What are Music NFTs?
To begin with, NFTs, short for non-fungible tokens, are digital tokens representing real-world or digital assets through blockchain technology. From the name, ‘non-fungible,’ NFTs are one-of-a-kind assets hence irreplaceable and cannot be exchanged for another.
NFTs act as immutable digital certificates for items they are attached to. They can be attached to a wide variety of assets, including art, tweets, videos, memes, gifs, and music.
Musicians can tokenize their music items and sell them exclusively for what they are worth to fans worldwide. Some musicians who have already ventured into the NFT music include electronic dance music producer and DJ 3LAU, British rapper Big Narstie, and Australian singer and songwriter Sia.
How do Music NFTs help artists?
You add scarcity and authenticity when you mint NFT music to your song. With many duplicated copies of songs out there, a scarcity of a piece of music will add to its value, which may even increase with time.
NFT mints also mean cutting the red tapes in the supply chain, which makes business better. Currently, many artists are struggling to sell their music assets. They depend on intermediaries such as record labels, who charge high fees and may not be accessible to upcoming artists. NFTs, give the power back to the artists by allowing them to sell their songs to their fans directly, earning more money.
Additionally, most NFTs come with royalties, which allow musicians to continue earning every time their music is sold.
Where to mint Music NFTs?
Some of the things you need to get before you can mint music NFTs are a digital wallet for storing your NFTs, cryptocurrency for paying the gas transaction fee, and an NFT market for minting and listing your NFT.
OpenSea is one of the popular music NFT marketplace that supports minting. Generally, OpenSea is the largest NFT marketplace in the world. It has many NFT projects. The peer-to-peer NFT marketplace platform supports various blockchains such as Ethereum, Polygon, and Klatyn. The platform allows users to mint MP3, MP4, and WAV.
Rarible is another top platform supporting NFT mints. The marketplace has an attractive interface and supports all types of MP4 and MP3 files. It has its own ERC-20 token that supports the activities within the ecosystem.
Nifty Gateway is an NFT marketplace by Gemini cryptocurrency exchange. The platform is popular among musicians since it focuses on quality content. Unlike most platforms, you have to apply to join Nifty Gateway to add your NFT collection. Some popular music artists who have used this platform for their NFT drops include deadmau5, Grimes, and Steve Aoki. Additionally, Nifty Gateway accepts credit cards for payment, making them accessible to a wider audience.
Async Music is an invite-only marketplace that focuses on programmable music. The platform allows users to create NFTs for their MP3 files. This NFT music platform allows users to create “Master Track NFT”, which comes with individual components, “Stem NFTs.” It allows the number one fan to own the 1/1 Master when other fans buy the Stems.
Other NFT music platforms include SuperRare, Foundations, Sound.xyz, Audius, and Myx.
Steps to mint your music NFT
You can mint NFTs music after identifying the NFT market, creating an account, and connecting your crypto wallet. Here are the steps to mint your music NFTs. This example will use the OpenSea platform. Otherwise, you can use the platform that best suits your need.
- i. Click on the ‘Create’ button at the top right corner. An NFT item creation page will appear.
- ii. Upload your file; add a name, description, and external links.
- iii. Define the features of the NFT by adding properties, unlockable content, stats, royalties, and more.
- iv. Select the blockchain you want to mint your NFT on. There are many options, including Ethereum, Polygon, and Klatyn
- v. Click ‘Create’ to finish up the minting process.
- vi. You can begin selling your NFT by simply going to your profile, selecting the NFT, and clicking on ‘Sell.’ You can set the price, type, and sale duration.
Here are some common questions about Minting NFT music:
Can you mint music NFT?
Yes. Just like any other art, you can mint your music NFT. Leading NFT minting platforms include OpenSea, Rarible, Nifty Gateway, Foundation, and SuperRare.
How do I mint a series of NFT?
To begin minting a series of NFTs, you need to have a wallet, identify a platform that supports minting, some cryptocurrencies for paying the gas fee, and a marketplace for minting and listing your NFT. You can follow the simple steps on the platform you have chosen to mint your NFTs.
What happens after I Mint NFT?
Once you have minted your NFT, you can go ahead and sell it. Using OpenSea, you can go to your profile, select the NFT, and choose ‘Sell’. You can set the terms of sale, such as the price and duration of the sale.
Can I Mint the same NFT twice?
Interchangeability is impossible with NFT, as digital assets are only valuable because of their scarcity. If you can mint them multiple times, they lose their uniqueness. Therefore, you cannot mint an NFT multiple times.