You know things are getting pretty serious when an industry as big as the music industry delves into NFTs! The venture of the music NFTs is one that might change the future of music as we know itâŠ FOREVER!
Weâve previously watched the merge of the music x sneaker industry. And, we can all attest that it was one of the most monumental changes in history! So, we definitely do not expect any less of the non-fungible merge with the music industry. Also, this shift was not the least bit surprising considering the number of celebrities endorsing NFTs! In other words, it was just a matter of time before it all happened.Â
But, how do music NFTs actually work? Or, in fact, what ARE they really? Does this mean weâre gonna start paying for music in Ethereum? And is the song strictly for you after purchase? Well, keep reading to find out! Also, make sure you join our FREE hub of all-things NFTs to become a non-fungible master now! Click on the button below to check it out!
Are music NFTs the blockchain version of buying music tracks on iTunes? No. Because buying a track on iTunes gives you a license to listen not ownership! NFTs are all about the ownership of a unique and original asset. And, with music non-fungibles, you can actually get a lot more bang for your crypto buck!Â
So, how do music NFTs work?
Basically speaking, music NFTs should be limited and exclusive digital content that they can sell to their fans for crypto. Fair enough. But, why would they do that? The main reason would be to create exclusive content on the blockchain by selling limited copies of an album. This also helps a lot of music producers earn royalties for people who buy their beats! Something that a lot of people couldnât accomplish on streaming platforms like Spotify – especially if theyâre unsigned!
Also, according to the structure of the NFT, a lot of fans who purchase these NFTs could make a profit too! This is from royalties that come from people streaming the music off-chain! Just like buying a tokenized stock certificated and making a profit off it! But, of course, that depends on the structure and smart contract of the NFT itself!Â
How to buy music NFTs?
The question of the hour right now is probably: well, how do I buy music NFTs? Or, as a musician, how can you create these non-fungibles yourself?
The short answer is the same way you would buy or sell any other NFT! Because, after all, theyâre all non-fungible tokens that work the same way. In other words, to buy or sell music NFTs, you just have to know how to buy and sell NFTs. All of which you can learn here if youâre interested. However, the choice of platform is where things change up a little.
For the best places where you can buy or sell music non-fungibles, you have these choices:
Musicians & NFTs
Kings of Leon
So, the beginning of music NFTs started with the American rock band Kings of Leon and their first NFT album! The album âWhen You See Yourselfâ came in the form of a non-fungible token as a part of their âNFT Yourselfâ series. They offered people art designed by the bandâs creative partner Night After Night and developed by YellowHeart. The NFT album cost $50 and came with enhanced media covers, digital downloads, and limited-edition vinyl! Also, they minted 18 golden tickets that actually unlock real concert tickets. Whoever owns the token is guaranteed four front-row seats to any Kings of Leon concert during each tour for life! With the full VIP experience!
Although Kanye did not actually like the whole NFT idea at first, he might have indirectly kickstarted music NFTs! Keep in mind that this is the guy who claimed that was NOT interested in âdoing a f-ing NFTâ. However, he did go on to drop Donda 2 exclusively on his platform Stem Player.
You had to buy a $200 Stem Player to buy the Donda album which also lets you manipulate any song you want! Not hopping on the NFT trend but likeâŠ you kinda are?
Finally, we have DJ Justin Blau – aka 3LAU – who made a mark in music NFTs history. He released the first blockchain-based album Ultraviolet back in 2021 which made around 11.6 MILLION DOLLARS. It featured an auction of 33 NFT-linked vinyl records – definitely a record sale!Â
Future of Music NFTs
So, does this mean we can see a future of strictly blockchain-based music in our future? Well, not necessarily! But, music NFTs have proven to be the optimal win-win situation for fans and musicians alike! Even for the labels, producers, DJs, fans, and anyone in the music industry!Â
Also, if you take into consideration Spotifyâs latest venture into the crypto world, you might change your mind. Theyâve just started trying a trial for NFT music where artists can promote their NFTs and see how it goes! This is just like sneaker brands or StockX starting to sell NFTs – it means that thereâs something there they can no longer ignore. So, maybe you just stick it out and see it through to find out!