When you know how to make a music NFT, your music career will be on the fast track to thrive!
While you CAN sell music through streaming services only...
It's not the most lucrative way for music producers & musicians to get paid!
This is why I'm so bullish on selling your music as digital art.
Every day you see music artists rise from the ashes, creating NFTs and challenging the status quo.
Music NFTs are the answer.
Don't be the person that lasts to the party...
Trust me you will miss out on a lot of fun and a lot of money!
What could an extra $1000 do for you?
With those funds, you can invest in music videos, better production, etc.
Watch the current music industry trend below! 👇
So what exactly are music NFTs?
A music NFT is a type of crypto token, representing an indivisible asset or utility. This could either be images, audio, or any other digital media. NFTs are essential for selling non-physical products.
It's easy to create music NFTs, and it's a great way to expand your music business!
It's impossible to create two identical encrypted-form tokens, making them unique.
Currently, there are over 140 different types of NFTs available JUST on the Ethereum blockchain!
These include collectibles like CryptoKitties!
Rare digital items that you can't replace, are now traded for up to $30 million in value.
It's super easy to upload cover art and turn that to create your first NFT that way.
A Music NFT is built off of the Blockchain: this is a peer-to-peer network in computing.
Every action is publicly recorded without an intermediate party.
If that sounds complex then you definitely to read up more on nonfungible tokens.
Let me dumb it down now
Think about music NFTs in the context of a signed Michael Jordan basketball jersey.
Sure... You CAN get a Michael Jordan jersey from anywhere on Amazon...
But it doesn't have the same value and authenticity.
This is the same logic as to why artists and music producers are selling and creating audio NFTs.
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Audius is an open-source community of artists, fans, and developers who own and run one of the biggest non-financial crypto applications.
Audius is a music streaming service that started in 2018 and is based on social media.
Artists can put their songs on the app, and fans can get in touch with artists and hear new music before anyone else.
The ERC-20 token, which is based on Ethereum, runs the Audius network. Audius (AUDIO)
Watch the video for more clarity. 👇
If you're choosing not to use audio files as the NFT token, then you can use images.
I prefer this type of digital asset because it's easier to flex!
Bragging rights is one of the main reasons why nonfungible tokens are popular.
I recommend that IF you make audio NFTs, then optimize them for a ringtone or alarm.
Full songs aren't super ideal, since songs don't have a social status aspect.
The more useability you have with your audio NFTs, the better the overall experience will be.
This leads to a higher price that more artists can sell for!
You can even make your own music Incorporated with the nonfungible tokens...
But the issue with this is that the purchaser will still not own the rights to the music.
So nobody will actually "own" the NFT.
The fungible trade for your song will have a lower value.
There are many places to get your nonfungible token design.
You don't need to be a successful music brand, it's actually pretty damn cheap for music artists!
Here are the top 10 services to get your NFT art designed:
Instead of creating NFTs by yourself with your limited design skills, you can use Fiverr.
It's a user-friendly platform to connect you with different graphic designers.
Musicians are generally good at making songs, but not graphic design.
There is no need to go all the way!
For your next song release, you would have more than one cover art created, and then sell NFTs of the alternates within an NFT drop.
Some designers can even give you a reduced rate on their services, so long as you give them a cut of your future sales.
Be careful with this type of agreement though because, in the NFT world, one hour can be worth quite a lot!
Record labels and the entire music business have been struggling with profitability and revenue over the past couple of years.
Now things are changing for the better!
Major labels and indie artists no longer have to depend on a streaming service to generate music revenue.
Every top label is launching an NFT music project and making millions off of it!
The best part is that it is a democratized system so there are no gatekeepers.
So long as you can put together a nice NFT project, nothing is stopping it from reaching top market value.
The original copies of Tory Lanez NFT drop now sell for around $60,000. This is several thousand times more than what they cost when they were first sold.
Here's a video of Tory Lanez fully explaining the wild story. 👇
Promoting a song and promoting your NFT are at the same level of difficulty.
The best way to promote your NFT is by making it valuable and desirable.
One of the most important components of an NFT is that it's unique and cannot be duplicated.
If you have your fans and general audience then you can promote directly to them.
There are many ways to promote your first NFT.
Throughout your music career, you already built a platform to sell music, so you can reuse this as a way to sell your digital art.
You can also make your NFTs scarce by creating a limited number of copies, ensuring no more can be created in the future.
No one can copy or imitate your idea or product; you're the only one in possession of this special crypto token.
The best way to increase the rarity of an NFT is to place a fixed supply on them during their initial launch.
Don't allow any more tokens to ever be made after that!
You need to create music NFTs, that's only the first half of the puzzle.
Unless you can sell music NFTs then it's all for nothing.
Fortunately, there are proven strategies that can help you generate more future sales.
Here are a couple of ways to sell your music NFT:
As a recording artist, you already have a decent amount of promotion channels set up.
If you have connections to any TikTok influencers you can use that.
It's a great way to promote your audio NFT and generate more future sales.
Otherwise, you can check out one of the top music industry promotion firms out there.
Even though they generally focus on promoting your music on streaming services...
The process is the same and you can still see value in your music career.
I recommend using a promotion firm such as Boost Collective.
We are the most trusted in the industry!
The sky is the limit with your music NFT.
Tory Lanez made over $3 million off of his Audio NFT projects!
Tory Lanez sold his music files in the form of audio NFT.
He paved the way for music artists and made a name for himself in the music industry this way.
All music artists should look to this as inspiration for what is possible through nonfungible tokens.
This really highlights how expensive the NFT world is for music artists.
You can make as much money as you want, but you need to make sure that the NFT music is top-notch.
There are stories of famous music artists generating millions of dollars within minutes.
This is common in the NFT world.
Many artists will never strive to this level but it shows you the potential you can make when you sell music NFTs.
Here are several things you should know before you start selling your NFT:
While Non-Fungible Tokens may be complicated at first.
If you do your research and consider these steps.
It could open up many opportunities for you!
Opensea won't charge you every time you mean NFTs, but there is a $400 charge to initialize your account.
This is exactly why I urge you to research every decentralized alternative.
Within the NFT marketplace, there's cowboy energy to it.
Projects are being made and sold every second.
There are many platforms that you can use to get your NFT music projects out there.
Different blockchains and different platforms operate differently.
When creating an NFT, I recommend you use either Opensea, Solsea, or Rarible.
I don't recommend you create an NFT using Solana though because it costs you the most money to host.
With Solsea you would have to pay a bunch of fees to meet NFTs even if there's not much demand...
Most NFTs don't go anywhere due to lack of demand Demand drives the NFT marketplace.
Opensea and Variable don't have any gas fees until the moment of purchase.
This means you can essentially mean NFTs all day and not pay a single dollar.
Some other platforms need a monthly subscription fee, with fewer gas fees.
For music artists to make money through NFT need to have a place to store it.
This is what is referred to as a crypto wallet.
Think of it as a small virtual bank that only you can control.
Here are the steps to create an NFT wallet
Whenever you pay for a service in the crypto world, you'll be paying straight from your wallet.
It takes absolutely no time to connect your crypto wallet.
Every single NFT Blockchain technology platform has Ethereum integration with a meta mask wallet. During the creation of your into your OpenSea Account, you'll have this option available. Keep in mind, that some platforms charge higher gas fees.
When your Metamask wallet integrates, you're good to go.
ALWAYS do your research before integrating your Ethereum wallet!
Opensea is a nifty gateway that allows you to mint NFTs and sell NFTs.
Since you already pay a high amount to register your account, your gas fees are pretty low.
The reason I recommend you use Opensea is that it allows you to put out pretty much an unlimited amount of NFTs.
Another benefit is the traffic on this central database. The new technology takes a while for fans to start using.
However, many recording artists already use Opensea.
You can expect consistent customers to offer your own music NFTs to!
Just note:
TLDR: Creating an NFT can help you make as much money as possible, but that doesn't mean you'll become an overnight millionaire. Have real utility behind the crypto if you want to make a buck.
Other cryptocurrencies such as bitcoin are still new.
There are few early adopters, so the market for your audio NFT isn't huge.
Music NFTs can only make as much money as your fan base allows it!
You must have a wide variety of fans to make this project worthwhile.
I hope you now know how to make a music NFT!
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