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How Much Does It Cost To Make Music NFT?

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 https://blockchaincoders.co/contact-us/

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