The Future of Music NFTs
Introduction
Music is an incredibly powerful medium, and it’s also one of the oldest. But as a business, it’s still very much in its infancy. The music industry has been around for hundreds of years — yet it was only in the past few decades that artists started to make money from their craft in any significant way. Today, there are more ways than ever before to make money off your music: touring, licensing deals with brands like Spotify or Apple Music (or even coffee shops), merchandise sales…even crowdfunding campaigns through sites like Kickstarter! But what if you could take things one step further? What if you could turn your songs into collectible digital assets that people could buy and sell like stocks? Well folks, enter NFTs (non-fungible tokens).
NFTs will change the future of the music industry.
The future of the music industry is here, and it’s more than just a bunch of NFTs. It’s about creators having the opportunity to make money from their work — and that means being able to afford food on the table and not having to go back home because you got kicked out. It means making a living as an artist or musician, but also being recognized for your work and having your audience interact with it in new ways. The future of music isn’t just about NFTs; it’s about changing how people interact with the art form itself: giving them more access, providing them with new ways of interacting with it, and giving creators an opportunity to get paid for their work in new ways too!
How do NFTs work?
NFTs are digital assets.
NFTs are unique and can be traded.
NFTs are stored on the blockchain.
NFTs can be used to track ownership, which may have value in itself (but also has a potential use case in tracking provenance).
What are the different types of NFTs
These are the most popular types of NFTs, which you can think of as general categories:
Visual Art NFTs
Music/Audio NFTs
Video NFTs
And more!
The rise of music NFTs
In the world of NFTs, music has the potential to be king. Twenty years ago, it was difficult for musicians to make a living off their craft alone. However, with the rise of NFTs and digital currencies like CryptoPunks and Ethereum (which will be used as a payment method for this platform), it’s possible for artists to earn crypto in exchange for their work. This has opened up doors for new avenues where fans can support their favorite artists directly — and we can expect more platforms like Royal.io to pop up in the future!
Biggest music NFT sales so far
Now that we’ve seen how the music NFT market has evolved, let’s take a look at some of the biggest sales so far.
Royal.io — $50,000 — This NFT is a digital portrait of Prince Rogers Nelson that can be used to create and share songs on the platform. The auction was held on LiveAuctioneers, which utilizes smart contract technology to verify purchases and handle payment processing.
SoundXYZ — $15,000 — This rare NFT sold at auction during the Blockchain Music Conference in San Francisco in March 2019 by consigning agency Auctions America. It comes with all three versions of Miles Davis’ Kind Of Blue album: mono vinyl LP edition; stereo vinyl LP edition; and CD version (originally released in 1959).
How musicians can make money with NFTs
Have you ever wondered how musicians can make money with NFTs? Well, it’s simple! Just follow these three steps:
Make music
Create a smart contract (or have someone else do it for you)
Tell your fans!
Profit!
How to create music NFTs
You can create music NFTs in a variety of ways, depending on your level of tech savviness. If you’re looking for an easy way to get started, we recommend using one of the following:
A blockchain-based service that allows users to create music NFTs through an intuitive user interface (UI). For example: [MyMusicToken](https://mymusictoken.com/) allows users to create their own unique tokens with personalized images and text — and then stake these tokens on different artists or genres.
A platform where users can make use of templates and tools to generate their own music NFTs. For instance: [CryptoGraffiti](https://cryptograffiti.io/) offers a toolkit for creating music NFTs with images and text — but it doesn’t allow customization or staking capabilities like MyMusicToken does.
An app that lets users generate their own unique token designs using their smartphones’ built-in cameras and then store them securely in the app’s wallet system until they are ready for distribution or sale online at marketplaces like OpenSea (which currently supports only images) or Rarebits (which supports both).
Conclusion
We hope this article has given you a glimpse into the future of the music industry and how NFTs can change it. It’s still early days, but we’re excited to see where this technology takes us!
Check out Music Patch’s NFTs here!