What Does NFT Mean in the Music Industry?
Basically, Music NFTs are another way for musicians to spread their talent, become more popular, connect with the fans, and make extra revenue, all at the same time!
An additional thing that might be very interesting for the musicians is the absence of any mediators that might hold back the speed of the transactions, as well as ask for some profit percentage out of your work. With Music NFTs platforms, everything is done by you, the revenue is received by you, and all of that can be done much faster than with record labels.
Can Music Be Sold as NFT?
Of course, it can: you can decide whether you want to sell your work only to one person or to multiple ones, as well as control the determination of prices for your own music.
In addition, you can create a smart contract, within which you will receive royalties – the percentage of profit that will go to you for every resell of your work by future owners.
If you have a contract with a record label, that does not necessarily mean that you cannot sell any additional music files online: simply check the contract’s terms.
How to buy Music NFTs?
There are a few steps that you need to make in order to be able to buy music NFTs:
- Choose an NFT platform where you will be looking for music NFTs, and check out its terms for registering and the type of cryptocurrency that is required in it.
- Download the most convenient crypto wallet that supports NFT tokens and create your own wallet there.
- Exchange your real currency for the crypto one with the help of the instruction provided in your crypto wallet.
- Log into your account in the NFT marketplace of your choice and choose the music NFT that you would like to buy.
- Make an offer to the author.
- Simply choose the platform out of those that already exist,
- Register there,
- Pay any fees that might be asked from you,
- Download your work, put a price for it and the type of sale: with a constant price or within an auction,
- Wait for the offers to come!