Did you know that there are creative ways you can make money with music NFTs?
NFTs caused a huge turn in the music industry in 2021. This new technological innovation has caught the attention of numerous singers, artists, and bands, allowing them to make money in various ways.
Through selling tokenized versions of their musical work, industry artists have independently added millions of dollars to their pockets.
What are Music NFTs
If you do not know what an NFT is, it stands for Non-Fungible Token, a unique and versatile digital file stored in a blockchain, which can be a song, an artwork, or anything else that can be kept as a rare collectible item.
What really attracted music artists to NFTs is that they get to create, sell, and earn with their music NFTs without having to go through a middleman. They have full control of the creation and sales of their songs, freeing them, especially the upcoming artists, from unfavorable record label deals.
If you are in the music industry, it’s high time you paid attention to this cryptocurrency thing and started checking ways on how you can earn millions of dollars in sales out of your music through NFTs.
5 Ways Musicians Can Make Real Money With NFTs
Here are 5 different ways on how you can make money with your music through NFTs, just like the multi-talented artist Grimes and the legendary rock band Kings of Leon.
1. Mint NFTs to Your Songs
Mint your songs and sell ownership of your music. Turn your songs into eco-friendly NFTs and capture more value from your music for $0 minting fees through Mint Songs, a music-only site.
Mint Songs is a network-based service that allows music artists to mint their songs for free and sell their music as NFTs.
Just be informed, though, that uploading your musical piece to the platform means it will become public and may be downloaded by anyone. Though there might not be a download button, the file is public and has no data protection on downloads or playback.
You also have an option to upload and mint the MP3 or WAV file formats of your songs through OpenSea, the world’s first and largest marketplace for NFTs.
With OpenSea, you can easily upload your track through their user-friendly interface and list your audio files for sale to your die-hard fans.
2. Transform Your Live Concert Recordings into a Digital Collectible
If you love doing live recordings, you can turn them into a money-making machine with NFT Concerts, the first-ever platform solely designed for full-length live music.
NFT Concerts allows music artists to monetize their live music recordings with exclusivity through a unique implementation of NFTs as the only key to open the encrypted content. This means that only the owners of the NFT will be able to watch the private concert recordings.
3. Release Your Music Album as an NFT
The American rock band Kings of Leon is proof that minting your album as an NFT is a win-win solution. Their release of the When You See Yourself album as an NFT in March 2021, with 3 different levels of tokens, was a record-breaker in both the NFT and music industry, landing them in the Rock and Roll Hall of Fame.
Instead of only minting a single song, you can opt to release your whole album as an NFT. Just like Kings of Leon, you can release your album together with another visual artwork or a ticket to a live concert.
You can also opt to release your album with an NFT collection of digital objects related to the feelings of your music, just like what Emery Kelly, a Hollywood actor, did.
You may check out and explore the YellowHeart music marketplace to learn how you can mint your whole album.
4. Start an NFT Fan-Based Community
You may also consider building a more fan-focused NFT effort by giving out FREE NFTs to your loyal fans, just like Zhu, who made headlines earlier this year to build an NFT-based fan community.
With the NFT fan club, only the members will be able to get access to the content, merchandise, and even event presales.
You may check out Night After Night to know more about how you can start an NFT Club of your own. This agency has already worked with a lot of high-profile music NFT projects, including Kings of Leon’s NFT album.
5. Work with a Visual Artist for an NFT Art
Digital arts and anything visual, works like animation, are at the forefront of the NFT industry and still dominate the largest portion of sales.
As a musician, you can take advantage of this opportunity by having complementary visual art to your songs or music. You can choose to attach your musical works or compositions to an animated clip or image that complements the mood of the music and turn it into a traditional NFT.
With NFTs, musicians can create an environment that allows their genuine fans to buy into their own marketplace.
You can start to team up with visual artists to achieve great results in this matter.
Check out the video below from JamMob explaining how to make NFTs for music.
Conclusion
In the cryptocurrency world, NFTs can be a form of digital art or unreplicable stuff like music, tickets, and contracts. There’s no limit on the things that can be monetized with NFTs.
Music pieces, arts, video clips, photos, pieces of text, application software, files, and even real-life objects—such as concert tickets or unique merchandise—can all be accompanied by their own NFTs, allowing content creators and musicians to serve totally new experiences to their audiences. NFTs definitely can revolutionize the entire music industry.
Although the NFT and the entire Blockchain community are relatively new, with various cryptocurrency formats emerging this year, it’s safe to say that NFT is the future of music and digital arts.
Have you tried Music NFTs yet? How was your experience? Tell us in the comments below.
