The term NFT scares away artists instantly as they feel they are not smart enough to dive into complex technologies like blockchain and decentralization, but this fear has made many lose millions of dollars.
Because NFT in a vague sense is a technology created over the blockchain and has tremendous potential, most of you cannot even imagine. Just in the last year alone the NFT market has touched 24billion mark and is still increasing everyday.
No doubt, most of these NFTs were artworks but that’s a good thing for musicians as there is an enormous untapped market which can explode really soon and you can become one of the early adopters!
Excited? But, confused about what is an NFT and how can you release your music as NFT? Tension not, you have landed at the right place!
Today, I will explain to my fellow musicians How to sell music as NFT! But before that let’s know briefly about what is an NFT?
What is an NFT? [Easy Language]
NFT stands for Non-Fungible token and in easy language NFT is a piece of data recorded on blockchain which can be associated with an image, video, game, text file, music and whatnot! This data adds authenticity, ownership and transferability to digital art like music.
Can musicians create NFTs?
I am sure most of you drive a car or a bike or a scooter to work or for traveling. Do you know what’s under the hood or how your bike converts chemical energy into kinetic energy?
I can bet you don’t! but you still use it for your comfort and to improve quality of life, so why not NFTs?
Technology can be a tricky thing but you do not have to necessarily understand how it works to earn handsome money. Similarly, you do not have to understand blockchain and smart contracts to create NFTs and kickstart your music career.
Can music be a NFT?
Yes, anything that exists digitally and can be uploaded on the internet can be converted into an NFT. Like I mentioned earlier, NFTs are just pieces of metadata which allows digital assets to be owned, sold and checked for authenticity.
I will not disagree that music NFTs are still not mainstream, but this accounts for a huge opportunity via which early adopters can make big bags through their music and integrate it with technology.
Do artists make money from NFTs?
I would be short selling NFTs if I say artists can make money from NFTs because people have become millionaires after flipping just 2 or 3 good NFTs.
Early holders of art projects like cryptopunks and bored ape yacht club have sold their NFTs for a hundred times of the initial investment.
As for the music industry, big players like snoop dogg has released 2 albums on ethereum blockchain and the owners of the NFTs own exclusive rights to his music including performance and streaming rights.
So, what is in it for him?
He earns money every time he sells his NFT and additionally, he earns 25% every time someone resells his NFT.
It is a better deal than most record labels or producers can offer. And take note, I wrote every time! So, if his one song gets transferred from owner 1 to owner 2 to owner 3 to owner 4, he basically made 100% money in these transactions.
Can I create my own music NFT?
Yes, you can easily create music and upload it on blockchain and say abra kadabra, you get a mp3 or mp4 NFT. This process is called minting and you definitely don’t need any magic words.
To create a mp3 NFT you will require following things before I tell you the exact process:
- Knowledge on which blockchain you would like to launch your music. Some of the popular blockchains are:
- Marketplace to sell your music NFT. Some of the popular marketplaces are:
Once you have made the above choices, you are ready to launch your solo track or even a complete album. (In my suggestion ethereum is the most widely used blockchain and OpenSea is the largest marketplace for NFT trading)
How do I convert my music into NFT?
I will teach you how to convert your music into NFT and earn money through your music but before that you will be required to open an account in Metamask Wallet. It is super easy and does not require any type of KYC.
Once it is done you will be required to open an account in OpenSea which I will tell step by step to my readers.
How to set up an OpenSea account for audio NFTs?
In order to create an audio NFT on OpenSea, you need to follow 3 easy steps.
- Step 1 is to activate a Metamask wallet.
- Step 2: To start off you will be required to have a few hundred dollars in the form of ethereum in your metmask wallet. OpenSea asks for a one-time fee for creating an NFT collection for your music, and another to mint the first NFT in your collection. This fee in the crypto world is termed as “gas fees” which can be considered as transaction fees on blockchain charged by the developers. Gas fees vary from 45$ – upward of 200$ depending upon traffic on the network chain. But do not worry you will not be required to pay it every time you upload music under your collection.
- Step 3: Finally, you have to open an OpenSea account. Visit the website and complete the required steps and you’ll be ready to go. You do not need ethereum to open an account in OpenSea but to list and mint your music.
How to list music NFTs on OpenSea?
OpenSea is the Amazon of NFTs and thousands of buyers are always looking to add unique art and music to their private collection. Here’s how you can list your music NFT on OpenSea.
- Click on a music NFT you wish to sell, then click on the “Sell” button. It is located in the upper right corner in the listing tab.
- If there’s only a single copy of your music then you don’t have to follow this step. But, If it’s a multi-copy NFT, then put in the number of copies that you want to sell and press sell. Pro NFT tip: Keep in mind, less copies account for more value as it becomes rare to own one of the NFT.
- Enter at what price in ethereum, you wish to sell you NFT(s).
- Click Sell and that’s it!
Your song is now available in the OpenSea marketplace.
After listing buyers can also bid at your NFT if they wish to negotiate and obviously you can either accept the offer, counter offer or even reject it.
You can hire a tech guy and ask him to code royalties in your audio NFTs which will generate passive income for yourself even after the NFTs are all sold out.
If you have read till the end, you are equipped with all the knowledge you require to start making money from NFT and enter the world of technology and music.
Do remember to share the link of your NFT on social media to create awareness of your music and do not worry, people cannot steal your music as you have minted it on blockchain and this authenticates that the music belongs to you or the person who buys it from you and no one else.
I hope someone gets rich after reading this article and also, if you cannot afford high gas fees, contact us! We can help you launch your music on the Solana blockchain which is super affordable (10-20$ for gas and mint) and is the second largest blockchains for NFTs after ethereum.
To schedule an appointment with us, click here: https://calendly.com/gaganluthra/
You can also try our app to enhance your NFT experience for free of cost: https://apps.shopify.com/dropmint-nft