The future of music

Music NFTs boom in 2024: where musicians can cash in (and drop beats)

January 9, 2024
Music nfts
Source: Berklee Online

Key takeaways

  • Music NFTs are a popular method of granting creator ownership through blockchain technology.
  • A Non-Fungible Token (NFT) marketplace allows users to find, purchase, exchange, and sell NFTs.

In 2023, NFTs ogled towards a massive resurgence. But so far, despite the droplets of exciting news serenading the space, it is yet to peak its 2020-21 form, where it ranked highly alongside cryptocurrency and metaverse as the most trendy and discussed inventions of the 21st century. 

NFTs have its share of successes and failures. But NFT enthusiasts assert that the best of NFT is yet to be seen, and everyone — old and young —  should brace up for its impending monumental impact. 

In 2023, music artists found delightful locales to explore in NFT. They took their craft to NFT and accrued treasures out of them. Many reaped massive dividends by putting their songs on NFT marketplaces. In this article, we will look at what Music NFTs and NFTs marketplace means, alongside the best NFT marketplace music artists should have their music on in 2024. 

What are music NFTs?

Music NFT is a popular method of granting creator ownership through blockchain technology. To commemorate their musical creations, the musicians can now mint their NFTs. After being verified as the owners, they can list their music at an NFT marketplace.

Music NFTs are just digital products related to music; they are a subset of NFT. Songs, music albums, and even music videos are examples of these products. The first band to release an album as an NFT is said to be Kings of Leon. The first band to release an album as an NFT is said to be Kings of Leon. 

Through NFT sales, this band was able to generate over $2 million successfully. Additionally, Warner Music Group declared a collaboration with OneOf and the Tezos blockchain to use NFTs to empower the music industry.

Music NFT boasts several categories that cover musicians from various musical genres. Among the principal subcategories are:

Musical Songs and Albums: A significant portion of Music NFT consists of songs and albums. This category has the most substantial followers and purchasers in the NFT marketplace. Artists have recently taken advantage of this chance to interact with their fans and make sales.

Ticket for Events: The emergence of virtual events rests hugely on the invention of Metaverse. Attending official concerts and musical events using virtual devices is now possible. Digital passes for these kinds of events are offered here as musical NFTs. Additionally, NFTs are given as gifts to fans.

Digital Photos: Besides musical compositions, artwork is crucial for marketing and revenue generation. Musicians use NFTs to create digital posters and album covers for this purpose.

Video Clips: Following a well-received live performance, the event planners showcased critical moments from the show as video NFTs. Then, fans can only buy and store a certain quantity of the video clips.

What is an NFTs marketplace?

A Non-Fungible Token (NFT) marketplace allows users to find, purchase, exchange, and sell NFTs. These tokens stand for ownership of one’s share of exclusive digital goods, including virtual property, music, art, collectibles, and more. Unlike cryptocurrencies like Bitcoin and Ethereum, which are fungible and can be traded one-to-one, NFTs are unique and cannot be duplicated. 

In the NFT space, NFT marketplaces serve as middlemen that help creators and collectors communicate with one another. There are numerous NFT marketplaces with a diverse range of reputations and specializations. Before purchasing NFTs or selling your creations, you must understand which blockchain platform to use. While some NFT marketplaces list exclusive items vetted before being listed for sale or trade, others offer a wide range of digital goods.

As an artist looking to gain the best from putting your music on NFT marketplaces, you must consider these spaces’ uniqueness and varying advantages and disadvantages. 

To save you much stress, find out some of the best NFT marketplaces in 2024 as enthusiasts project massive profits for music artists who put their music on the NFT marketplace. 

  • OpenSea
  • PlayTreks
  • TuneGONFT
  • AirNFTs

OpenSea

With over 80 million NFTs listed, OpenSea is the top NFT marketplace. This marketplace has transacted with one million users as of January 2023. OpenSea was also motivated to list its Music NFTs by the size of its customer base. Weeknd, Snoop Dogg, and Imogen Heap are well-known figures on this platform. 

Additionally, this marketplace encourages independent artists to list. “Trending Collections” is how OpenSea Music NFT greets you on their homepage. This category also aids in showcasing the abilities of undiscovered musicians.

Artists can use Mint Music NFT to upload audio and video files. OpenSea supports WAV, MP4, WebM, and other formats. Additionally, you have a variety of listed blockchains to select from. The most popular blockchains that are currently accessible are Optimism, Polygon, BNB Chain, Ethereum, Arbitrum, Avalanche, and

Artists can specify a percentage of royalty on OpenSea. That said, 10% is the highest royalty amount they can set. Artists can mint music NFT for free through this marketplace. Therefore, they can mint an NFT on OpenSea without paying any upfront fees. After a sale is completed, 2.5% of the total amount will be deducted from their account.

PlayTreks

This platform helps to promote up-and-coming musicians and independent artists. Artists can list and profit from their music NFTs in the PlayTreks marketplace. Artists can make unique music NFTs by using the NFT generator on PlayTreks. They can then decide on a price and sell their creations directly to investors, fans, or collectors.

Additionally, they don’t need any funding to list their high-quality music NFTs and build a following and community. Their NFTs’ value and demand will increase as their community expands.

It is challenging to obtain a traditional music industry license, particularly for up-and-coming musicians. On the other hand, PlayTreks gives musicians an instant music license.

Music NFT owners can trade, license, resell, and distribute their work as they see fit with PlayTreks. Furthermore, you will be paid a fixed royalty of 5% on each secondary sale of your NFT.

TuneGONFT

You can mint your music NFTs with TuneGONFT and share them via their streaming service. This platform also allows musicians to protect the creative rights to their music. 

TuneGO and Dapper Labs worked together ingeniously to create TuneGONFT. With blockchain technology, this NFT marketplace seeks to enable musicians to mint, list, and sell their digital music.

This marketplace also allows you to generate official music licenses for your collections. You can also sell your NFT for TV series, movies, or online games. Having a license is evidence that you are the rightful owner of your work.

The main benefit of TuneGONFT is that it is a unique NFT platform made specifically for musicians. This remarkable feature brings together music lovers, purchasers, and collectors in one location.

Due to the widespread adoption of environmentally friendly NFT projects, TuneGONFT operates using a proof-of-stake (Pos) system. This reduces the amount of energy used on this platform for each transaction. The blockchain that runs the entire music NFT ecosystem is called Flow.

AirNFTs

AirNFTs is a blockchain-based platform designed to help musicians get paid for their songs. You can easily create music NFTs with just a few clicks on this platform.

In addition to BSC, AirNFTs supports Polygon and Fantom, two faster and more cost-effective blockchains. Any three of these blockchains that your cryptocurrency wallet supports can be used.

You can specify a desired price in BNB, FTM, or MATIC tokens and mint your music to NFT. The cryptocurrency tokens are immediately credited to your wallet following the sale.

AirNFTs promote a community of talented up-and-coming artists on multiple social media platforms. To date, this platform has generated more than 110,000 NFTs. Furthermore, more than $8 million has been traded.

Bottom line

The above-listed are some of the best Music NFTs marketplaces for musicians. In a year dubbed to host unique and groundbreaking achievements, you will do yourself great as an artist by jumping on some of these NFTs marketplaces. 

Tobi Opeyemi Amure

Tobi started as a crypto writer in 2017 and became a key crypto news editor and SEO specialist at Watcher Guru in 2021, significantly boosting their traffic. He enjoys Afrobeats, R&B, and Soul music in his spare time.

view profile

AI music platforms
Previous Story

AI music platforms will rock your well-being in 2024

Lawsuits
Next Story

Lawsuits in visual arts sound the alarm for text-to-music AI

Latest from News