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How to Sell Music as NFTs? How and Where to Do It
Some artists may not have enough exposure for their art, whether it is 2D art, film or even music. Now those in the music industry can monetize their own music to make into NFTs. Non-fungible tokens can be confusing to a lot of people, so how do you sell music as NFTs? We’ll explore how and where to do it.
What is a Music NFT?
What exactly is a music NFT? To answer this, we must explore non-fungbile tokens in general as music is just a form. An NFT is a digital asset stored on a blockchain. A music NFT is a digital collectible that cannot be copied, replaced, or faked because it has a digital certificate that proves ownership.
You can now make your music video or music file into NFT form not only to monetize it but also to keep it secure.
Selling Your Music as NFTs
Selling music NFTs include many different steps. You need to create music files, find a platform to sell your music, and then list it. Don’t worry, we’ve got you covered if you’re starting from scratch.
Create Music Files for Minting
The first step is to create a digital file of your music. You will be surprised that creating music NFTs is quite similar to creating an original painting or digital artwork for sale.
You can use recordings of your live performances, an existing music video or a studio recording of your new song. It could take a long time for artists to figure out how to code their songs, but you can hire an expert to give you some help.
What do you do once you have a perfect file of your song?
• Label Your Tracks
The first step is to label your recorded track or album. You can simply use numbers to depict the order you choose or use letters – anything you choose. The purpose of this step is to organize the files you created in an intuitive way, so do what works for you.
• Render as Files
The next step is to render the files you created to make sure they sound professional. You want high-quality sound, because no one would want a non-fungible token that is poor quality. If you don’t have the skills to do this yourself, it’s a good idea to outsource the work because this step is important!
You can then take the chance to pick a cover photo for your digital assets. It is sort of the same idea as what you see on a CD cover.
• Encode
The next step is for musicians to encode their music. You can use various platforms to do this, and one of them is Bitsmo. If you choose to use Bitsmo, the steps are as follows:
- Download the compatible wallet
- Choose a name for your music NFT
- Fill in the information for the following categories
- Click “Encode”
Look for a Platform
Once you’ve done all the backend work, you can now shop for a platform to sell your music as an NFT. Many of the platforms that support people wanting to sell music as NFTs will also work for those wanting to sell digital artwork NFTs, so don’t stop with just music!
The most common platforms to use to sell music NFTs are NFT marketplaces. There are a LOT out there, but you have to make sure the NFT marketplace you pick supports your type of NFT. There are dedicated marketplaces that are solely for music, art, etc., and ones that support various types such as OpenSea.
• Music NFT Platform Examples
OpenSea is the largest NFT marketplace out there, so we understand why it is many artists’ top choice. However, if you don’t want to focus your efforts on this one platform, there are many others to choose from such as:
Steps to Listing Your Music NFT
Once an artist has his or her music file and found a platform that supports music NFTs, the next step is to list their creations for their fans.
- The first step is to create your account on the platform you pick
- Upload your file with your music
- Set the price and list it!
In order to transact in the NFT market, you will also need to obtain an NFT crypto wallet (there are many crypto wallets to choose from) and make sure the platform you choose supports it.
You should also be aware of the gas fees on a platform. Gas fees are the transaction fees Ethereum gas fees are the most expensive. Your fans may not want to pay high platform fees for transactions, so you can also consider marketplaces that are cheaper.
Marketing and Sharing Your Music as NFT
How do you gain eyes on your NFT? After all, you can’t get sales if no one sees your product. You will have to do adequate marketing on various platforms. Let’s look at the approaches you can do to take your music all the way!
• Forums
Our first suggestion is to take advantage of forums. Find a crypto or NFT thread on large forums such as Reddit can help get the word out. Create hype about your track and drop hints about what’s to come in the future to get people excited!
You can even tease your audiences and fans by dropping a snippet of your track. You don’t make as much money selling music on streaming platforms as you would selling music as an NFT.
• Social Media
Don’t forget about social media! Most NFTs have some sort of presence on social media platforms like Youtube, Twitter, Instagram, and more. Don’t underestimate the services social media sites can do for you, so don’t eliminate them from your marketing process!
• Music Videos
Do more with your music NFT and create a video for it! Many people like visuals. It’s great to listen to music, but having something for audiences to feast their eyes on can also make a difference.
Learn More About Ethereum
Ethereum is a crypto blockchain where a ton of NFTs reside. It is said to be the largest NFT blockchain, also some others are up and coming.
Before you can make extra money by selling your music as an NFT, we’d suggest getting an Ethereum wallet. You will have an easier time finding platforms that support it. Hook up your wallet and get yourself some Ethereum. You would need to purchase the cryptocurrency with fiat (real money) to fund your wallet to complete transactions.
Buying Music NFTs
We want to talk about more than just creating music NFTs but buying them as well. If you’re in the market for music NFTs, follow these steps.
First off, you need to find a platform that has music NFTs. The platforms we mentioned above to list NFTs also have them available for sale. Not only that, but you can also gain valuable information such as future NFT drops. It’s easy to locate them by doing a quick Google search.
If you already have a crypto wallet for making sales, then you can use the same one to purchase NFTs as well.
Once you have your wallet funded, you can browse the platform of your choice for all the stuff you want! When you find a music NFT you like with a price tag you find reasonable, click “buy”, then follow the process afterward to complete your purchase.
Conclusion
You can almost sell anything as an NFT, and music proves to be a lucrative one for artists to make more money. We are all familiar with the term “struggling artist”, and sites that support listing music NFTs can hopefully solve this problem. Be sure to get all the tools you need to render your files, list, and sell your music as an NFT.
