NFTs – the hottest thing since avocado toast. If you’re not familiar with them, don’t worry, you’re not alone. Even my mom still thinks they’re a new type of car engine. But really, NFTs (or non-fungible tokens for those who love a mouthful) are digital assets that use blockchain technology to verify ownership and uniqueness. And in the world of music, they’re quickly becoming a thing.
Now, you might be thinking, “Isn’t the NFT market dead?” And to that, I say, “You know not what you speak of” In fact, NFTs are still being traded in astronomical numbers.
So why are musicians flocking to NFTs? Well, for one, it gives them increased control and ownership over their music. Plus, it allows for a direct connection with their fans, which is always a good thing. And let’s not forget about the potential for higher profits.
Now, selling music as an NFT might sound intimidating, but it’s not as complicated as you might think. In this blog, we’re going to break down everything you need to know, from choosing a platform to marketing and promoting your NFTs. And for your fans out there, we’ve got you covered with an explanation for how they can buy them from you as well. We’ll show you how they can set up a crypto wallet and purchase their favorite music NFTs, which should be your music NFTs.
So buckle up, folks. We’re about to take a deep dive into the world of music NFTs. And who knows, maybe one day you’ll be able to say, “Just look at all of my money, it’s so beautiful!!!”
Benefits of Selling Music as NFTs
Congratulations! You’ve decided to sell your music as an NFT. You’re on the cutting edge. You’re a pioneer. But what’s really in it for you? Let’s take a look at the benefits of selling your music as an NFT.
First of all, NFTs give you increased control and ownership of your music. You’re not just selling a digital file anymore, you’re selling a unique, one-of-a-kind piece of content that you own. And that means you get to set the terms of how it’s used, who gets to use it, and how it’s distributed. It’s like having a little digital army of lawyers at your disposal. So, if you’re tired of watching your music get pirated and shared on sketchy websites, NFTs might just be your new best friend.
Direct Connection
But that’s not all. Selling your music as an NFT also gives you a direct connection with your fans. You’re not just putting your music out into the void and hoping it finds an audience. You’re creating a tangible, asset that your fans can invest in and own. And that means they have a stake in your success. They’re not just passive listeners anymore, they’re part of your team. And that kind of connection can be incredibly powerful.
Higher Profit Potential
Let’s not forget about the potential for higher profits. When you sell your music as an NFT, you’re not just selling a copy of your album or single. You’re selling a unique asset that has the potential to increase in value over time. And that means you can set a higher price point than you might be able to with traditional music sales. Plus, if your fans love your music and want to support you, they might be willing to pay a premium for that unique, one-of-a-kind experience.
If you happen to be debating whether to release an album or single next. Here is a link to a great guide that breakdowns the pros and cons of each as well as provides actionable steps for getting things done. Check it out.
Increased Control and Ownership
Selling your music as an NFT gives you increased control and ownership. It also provides a direct connection with your fans, and the potential for higher profits. And who doesn’t want that? Now that you know the benefits, let’s dive into how you can sell your music as an NFT. That way you can start raking in those dollars.
In addition to earning from selling NFTs, You can also earn from a fan club, You can set one up that has a paywall. You could incentive that subscription club, with exclusive content. That could include music NFTs of one sort or another. That brings everything full circle. For more on setting up your fan club, Read this!
How to Sell Music as NFTs
Alright, so you’re ready to jump on the NFT bandwagon and sell your music as an NFT. Great! But how exactly do you go about doing that? Fear not, my musically-inclined friend, for I shall guide you through the process.
Step 1: Choose a Platform
First things first, you need to choose a platform to sell your music NFTs. There are many options out there, such as Niftygateway, SuperRare, Rarible and OpenSea. Each platform has its own unique features and benefits, so do your research and find the one that best suits your needs. But beware, some platforms have fees for creating and selling NFTs, so make sure to factor that into your pricing strategy.
Step 2: Creating and Minting the NFTs Once you’ve chosen a platform
It’s time to create and mint your NFTs. This involves uploading your music files, cover art, and any other relevant information onto the platform. You’ll also need to create a digital wallet to store your NFTs and the cryptocurrency you’ll receive from sales. Don’t worry if all this sounds like techno-mumbo-jumbo to you, many platforms have user-friendly interfaces that make the process relatively painless.
Step 3: Setting a Price
The age-old question of how much to charge for your art. With NFTs, it’s no different. You’ll need to set a price for your music NFTs, taking into account the platform’s fees, the uniqueness and quality of your music, and the demand for your work. Don’t undervalue your work, but also don’t price yourself out of the market. A little trial and error may be needed to find the sweet spot. It is a good idea to look at what are creators are selling comparable offerings for.
Now that you are up to speed with setting a price for your NFTs how about some help with why you need a distributor for streaming, and collecting your earnings. Here is a guide for that. Read it!
Step 4: Marketing and Promoting the NFTs You’ve created your NFTs and set a price
But how do you get people to buy them? The answer: marketing and promotion. Utilize social media, music platforms, and crypto forums to reach potential buyers. Be sure to showcase the unique aspects of your NFTs, such as exclusive content or ownership rights, and engage with your audience to build a following. The more hype you generate, the more likely people are to buy.
And there you have it, the basic steps to sell your music as NFTs. It may seem like a big job at first, but with a little research and effort, you too can join the ranks of successful NFT-selling artists. Now, go forth and make some digital coin!
How fans can purchase music NFTs
Alrighty, let’s talk about how fans can get in on the NFT action and purchase some sweet music NFTs.
First things first, fans will need to set up a cryptocurrency wallet. Now, I know what you’re thinking – “crypto-what-now?!” Don’t worry, it’s not as scary as it sounds. Basically, a cryptocurrency wallet is just a digital wallet that allows them to store, send, and receive cryptocurrencies like Bitcoin or Ethereum, which are commonly used to purchase NFTs. There are a variety of wallet options out there, so they should do their research to choose the one that works best.
Marketplaces
Once your fans have got a wallet set up, it’s time for them to find your music NFTs to purchase. They’ll need to visit one of the NFT marketplaces that we mentioned before. Make sure it is the one that you have chosen to sell your music NFTs on of course.
Your fans will want to keep an eye out for exclusive content or ownership rights that come with the NFT that you are selling. Some NFTs may have potential for resale, so it’s possible for your fan to make a profit down the line if the NFT’s value increases.
Due Diligence
Of course, as with any investment, it’s important for your fans to do their due diligence before purchasing any music NFT. They should make sure that they are buying from a reputable artist or seller, If that artist is you, you’ll probably have to clean up your act a little😉. Just kidding! Just make sure you have been entirely up front about all of the specifics of the NFT that you are trying to sell them.
Your fans should be considerate of the price – while some NFTs may be worth their weight in gold, others may not offer as much value for the cost.
Overall, purchasing music NFTs can be a fun and exciting way for your fans to support their favorite artist, you! It does all of that while also giving them a chance of owning a unique piece of music history.
Good Ideas For Successful Music NFT sales
If you’re wondering what makes a music NFT sale successful, look no further than the artists themselves. One indie artist who sold a single audio file for a mere $10 – no, I’m not kidding. Needless to say, they didn’t make the news, nor did they earn enough to upgrade their home studio but they did something.
But fear not, there are much more creative ideas. One recent example comes from a band who sold an NFT representing their latest album. But this wasn’t just any album – it came with exclusive perks like front-row tickets to their next show, a meet-and-greet with the band, and a custom guitar pick.
Another idea comes from an artist who offered an NFT representing a never-before-released single, and included a personalized video message for the buyer. This one-of-a-kind piece of music ownership had their fans bidding, proving that exclusivity and personalized experiences are valuable to music lovers.
And how about this idea, an artist sold an NFT that granted the owner the right to create a custom remix of one of their songs. The buyer also received a personalized shoutout on social media and a signed vinyl copy of the album.
In adding to having a great strategy for packaging your NFTs for sell, you need a great strategy for releasing new music in general. Here is a great article that provides a wealth of actionable steps for doing that. Good luck!
Exclusivity And Personalization
So, what makes those ideas good? It’s clear that exclusivity and personalization are key. Offering something that can’t be found anywhere else is what makes an NFT purchase truly special. In addition, personalized experiences like meet-and-greets, custom remixes, and personalized messages show that artists are willing to go above and beyond to connect with their fans.
Successful music NFT sales are all about offering something unique, exclusive, and personalized. It’s not just about the music itself, but the experiences and perks that come with it. And let’s be honest, who wouldn’t want a custom guitar pick or a private video message from their favorite artist?
As you build your entrepreneurial resume, as an independent artist developing music NFTs, it will be important to have a website at the center of everything to showcase exactly you are doing. It is also great for merchandising. That includes NFTs and links to exchanges. For more about the importance of a website for making money with your music, here is the link to an article that discusses the ways you can make money from your website. You should check it out!
Conclusion
Well, we’ve covered a lot of ground today, from the basics of NFTs to the exciting world of music NFTs. We’ve seen the benefits of selling music as NFTs, like increased control and ownership for artists, direct connections with fans, and the potential for higher profits. We’ve also covered how to sell music as NFTs, including choosing a platform, creating and minting the NFTs, setting a price, and marketing and promoting them to the masses.
And let’s not forget about how fans can purchase music NFTs, with steps like setting up a crypto wallet, finding and purchasing NFTs on your chosen marketplaces, and reaping the benefits of owning exclusive content, ownership, and even the potential for resale.
But now it’s time to wrap things up and talk about the future of how we’ill sell music As NFTs. With more and more artists jumping on board with successful sales, it’s clear that this is a trend that’s here to stay.
Of course, as with any new technology, there are bound to be challenges and uncertainties along the way. But one thing’s for sure, NFTs have the potential to revolutionize the way artists sell music and fans interact with music.
So to all the artists out there, don’t be afraid to give NFTs a shot. And to all the fans, keep an eye out for those exclusive music NFT drops. Who knows, you might just snag a piece of music history.