NFT has definitely proven to be a super-profitable way to sell art pieces at mind-blowing prices. In other words, it has proven itself to be a major success in the art field.
But what
about the area of music?
Using NFT
marketplaces to sell and buy music is something that has been on everyone's
minds for a long time. Many singers are now paying attention to NFTs, so they
can work on their metaverse plans.
It is safe to say that NFTs are not going anywhere because more and more people from all kinds of fields, including the music industry, are investing in them. If you have been looking for some guidance on how to buy and sell music NFTs or create your own music NFT, you have come to the right place!
How Can You Make Your Own Music NFT
The transformation of the music industry has been nothing
but impressive over the course of years. The music industry has seen countless
phases from record players, vinyl records, tapes, cassettes, USBs, and track
tapes to Downloadable Streaming Platforms (DSPs) that were introduced in the
2000s, and then platforms like SoundCloud, Apple Music, and Spotify. In other
words, the art of listening, downloading, and sharing music with others has
numerous shapes.
But here comes the catch, even though the music industry is
still hooked on Downloadable Streaming Platforms, also known as DSPs, because
of their low-cost benefits and ease of accessibility for the listeners, the
artists and creators still do not get to earn as much profit from their music
as they should. You would be surprised to know that the majority of artists do
not even make any money from their music, and they earn through sponsorships,
partnerships with TVs, radio stations & video games, tours, and merchandise
sales.
This is where NFT music and AirNFTs come into play because
the music industry needs a well-deserved and long-awaited upgrade, so creators
can earn money via NFT marketplaces.
So, How Does Music Work In The NFT Marketplace?
You might
be wondering how does music work in the NFT marketplace and how do music NFTs
help artists and creators earn more and create more profit than Downloadable
Streaming Platforms. Well, NFTs are essentially unique assets that are stored
and can be traded via blockchain. Their unique points are that they are
publicly verifiable, scarce, and immutable. Therefore, for singers and other
music artists, it is a profitable opportunity as they get to sell limited
digital content to their fans who buy that content using cryptocurrency. Plus,
it also allows singers and music creators to produce content that no one else
can counterfeit.
What About The Costs?
Let's get
to business and analyze how much it is going to cost you and how much money you
will have to put aside if you seriously want to accomplish this as an artist in
the NFT marketplace.
Time to
understand the concepts first. You have to pay a fee if you want to create an
NFT. On the Ethereum Blockchain that fee is normally known as gas.
· The amount of gas you need for every music NFT you produce can vary
according to the price of Ethereum at the time of a particular transaction. For
instance, in the start, the fee or the gas for one NFT used to be worth only 1
USD Ethereum. However, there have been a lot of fluctuations in the prices and
you may now even have to pay 100 USD to produce your own music NFT.
· Plus, you also have to consider various expenses apart from the gas. These factors include pay site fees, fees for listing your NFT for sale, and other expenses. All these prices when accumulated can reach up to 900 USD dollars based on which site you use. If you are looking develop you own NFT marketplace get in touch.
Don’t fret
though!
That
happens only in extreme conditions. You won’t always have to pay 900 USD to get
your music out there for everyone else to listen to.
Bottomline
If you
still find all of this intimidating, you can study digital auctions to buy
music on different marketplaces. This will help you understand how to set a
price, become popular, grow your fan base, and earn money.
We suggest
that take a leap of faith and give it a shot! For more information
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