How to Create & Sell Your Music on the Blockchain as an NFT

POP QUIZ!

What do music performers Kings of Leon, Grimes, and Snoop Dogg have in common?

Answer: These famous singers and musicians have all ventured onto the blockchain by selling their music as NFTs.

Grimes, who is musician and visual artist sold a collection of digital art as well as music NFTs in early 2021. The collection titled WarNymph, included exclusive tracks and visual content, with sales reaching almost $6 million dollars.

Kings of Leon became one of the first major artists to release an entire album as an NFT. Their album titled When You See Yourself was offered as a series of NFTs, including special perks like exclusive album artwork and a lifetime front-row concert pass.

And finally, the legendary Snoop Dogg has been an active participant in the NFT space, releasing various NFT collections that include music, art, and even collaborations with other artists.

His A Journey with the Dogg NFT collection featured original music and limited-edition artworks with part of the proceeds benefitting upcoming artists, as well as benefitting his youth football league.

These innovative artists among many others in the music industry have embraced NFTs as a new way to engage with their audiences as well as generate revenue, helping to popularize this new technology in the world of entertainment.

The intersection of music and blockchain technology is creating new opportunities for artists to monetize their work through tokenization. NFTs have revolutionized the music industry by offering musicians a novel way to distribute and sell their work on their own terms.

The NFT Music Process

The process of turning music into an NFT typically begins with the artist creating a digital version of their work. This could be a single track, an entire album, or even exclusive content like unreleased demos, artwork, or behind-the-scenes footage. Once the content is ready it’s minted as an NFT on a blockchain platform, often using Ethereum as the preferred cryptocurrency.

Minting involves creating a unique digital token that represents the ownership of the music file, which is then stored on the blockchain. Once minted, these music NFTs can be listed on various online marketplaces, such as OpenSea, Rarible, or specialized platforms like Audius and Catalog.

Fans and collectors can purchase these NFTs using cryptocurrency, and in doing so, they acquire ownership and access to the digital asset. Ownership of the NFT is secured by blockchain, ensuring authenticity and preventing duplication.

Why Musicians Value NFTs

For musicians, the appeal of releasing music as an NFT lies in the control and revenue potential it offers. Traditionally, musicians have had to navigate a complex web of record labels, streaming platforms, and distributors, all of which take a significant cut of the profits. But with music NFTs, artists can bypass these third parties, selling directly to fans and retaining a larger share of the revenue.

These NFTs also offer new ways to engage with fans. Musicians can create limited editions of their work, offer exclusive experiences, or bundle NFTs with physical merchandise, all of which add value for collectors and superfans. This direct-to-fan approach not only increases an artist’s income but also strengthens the connection between the artist and their audience.

Another key benefit is the ability to embed smart contracts in (music) NFTs, which can ensure that artists receive royalties from secondary sales. Each time an NFT is resold, a percentage of the sale can automatically go back to the creator, providing a continuous revenue stream.

As NFTs continue to grow in popularity, more musicians are embracing this technology as a way to gain financial independence, foster closer relationships with their fans, and secure their creative rights in an increasingly digital world.

So what do you think? Are you a musician who might be ready to take your creativity to the next level? Please let me know in the comments if you've ever created, or purchased a music NFT.

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