A year ago, we talked about how cryptocurrencies will fix the music industry.
Your favorite artist doesn’t make as much money from making music as you might think. When their songs play on popular streaming platforms like Spotify, they get almost nothing.
Streaming mode has been broken.
Crypto can solve this problem with NFTs.
And we are finally starting to see this trend unfold. Music NFTs are a rising sub-industry in the NFT market, as web3 musicians make far more money than any streaming platform.
An artist with thousands of monthly views makes more money than an artist with millions of views.
This is a perfect example of what Li Jin is talking about about the ownership economy and 100 true fans.
Music NFTs are in the works. Here’s a getting started guide for collectors and creators.
How to Get Started with Music NFTs
Image via Logan Craig
Musicians are increasingly turning to music NFTs to bypass record labels and connect directly with their fans. While the rise of streaming services isn’t lucrative, music NFTs unlock a new monetization model for any artist.
Therefore, there is a growing consensus in the NFT ecosystem that music NFTs will become more popular in the future. This Bankless strategy will guide you through collecting and creating NFTs!
- Goal: Learn how to make and collect musical NFTs
- ROI: Potential Advantage for Music Sellers/Collectors
Why Make Musical NFTs
NFTs are a powerful new resource in a musician’s toolbox.
This is because music NFTs open up new advantages and new avenues for self-sufficiency for creators. These possibilities include:
- Programmable Media – What if a piece of music could be 1/1 a piece of art, a collectible, a music video, and a membership card at the same time? What if the piece automatically charged the artist secondary royalties and could be built without a rent-seeking tag? Musical NFTs open up an unprecedented design space for songs as digital objects.
- DIY distribution – Musicians can use NFTs to bring their music directly to their fans without dealing with record labels. This “author” approach puts the artist in control of all the details of their release at all times, rather than through the music director.
- Pioneering – The NFT ecosystem is still very young, and the music NFT scene is even younger. Therefore, more and more musicians are opening up new possibilities here, and this pioneering approach has also attracted great interest from NFT fans and creators. In other words, making music NFTs offers a huge opportunity to connect with new and enthusiastic audiences from all over the world.
If you are interested in creating musical NFTs or collecting musical NFTs, you need to do a few things to get started.
- ⛽ ETH is used to pay the gas cost of minting/buying NFTs.
- ? Browser wallets for interacting with NFT platforms, MetaMask, WalletConnect, Coinbase Wallet, and Fortmatic are popular choices.
- ? If you want to mint music NFTs, you need music! Usually supported file types include MP3, MP4 and WAV files.
How to Collect Music NFTs
It is worth emphasizing that the music scene in the NFT ecosystem is very early. But if you want to support artists and cool projects that are experimenting with NFTs and making music you love, you’ve come to the right place.
Just find artists you love and make music you love – you’re supporting them. If you’re looking for a get-rich-quick scheme in the next hot field, you’re likely to face setbacks. Today, most music NFTs are collectibles, not investments. They are a work of art. You should treat it like this, collect (rather than invest) in what you love, without expecting future returns. Projects like Royal are working to embed music NFTs into royalty rights, but it’s still fairly early days in the space, and maybe this is a strategy for another time.
That said, if you’re new to the NFT ecosystem and don’t know where to look, here are some great places to start collecting your first musical NFT.
- Catalog: A professional marketplace that provides 1-to-1 NFT music releases.
- Sound.xyz: A new music NFT platform for creators to release works for a limited time. Secondary sales can be found on popular NFT marketplaces such as OpenSea, Rarible and others.
- Futura: A 3D generative art and music project created by Euler Beats.
- SongADAO: A community based on Jonathan Mann’s Song-a-Day project.
- Beat Foundry: A new platform for on-chain generated music.
How to create your own music NFT
This part is for creators.
Assuming you have everything set up to make your first song an NFT.
Where should you start?
It mostly depends on how comfortable you are with using cryptocurrencies and NFT applications. Below I’ll go over the beginner, intermediate and advanced options to give you a better idea of the possibilities available.
Beginner: OpenSea or Rarible
“Free casting” is Rarible’s lazy casting option, image via Rarible.
- OpenSea and Rarible 101
OpenSea and Rarible are popular general NFT marketplaces.
Both platforms allow creators to mint NFTs through lazy minting, which means you can list NFTs for free without paying ETH gas fees. This is very helpful for newbies as it reduces the number of transactions they need to make and sell NFTs.
- How to get started
? Supported file types: MP3 and MP4.
Go to rarible.com and connect your wallet. Click the Create button, then upload your song and fill in its details using the casting user interface (UI). Make sure the “Free minting” option is selected.
Press “Create Project” to continue, then use your wallet to sign subsequent transactions (this is free) to list your NFTs.
- on OpenSea
? Supported file types: MP3, MP4 and WAV
Go to openea.io and connect your wallet. If this is your first OpenSea listing, you will need to initialize your account, which will require paying ETH gas fees. When you’re ready to proceed, press the “Create” button.
This will take you to the OpenSea Collection Manager, which utilizes the lazy casting method. Then simply upload your song, fill in the details, and click “Create” and you’re done!
Zora is an NFT marketplace protocol.
Simply put, the protocol lets users deploy and control their own NFT marketplace, so musicians can rely on Zora to create storefronts for their songs. Zora handles all minting and listing activities on-chain, so gas costs are higher for creators. On the other hand, this on-chain state provides artists with exceptional durability and composability guarantees.
- How to get started
Supported file types: MP3 and WAV
Visit zora.co and connect your wallet by signing a transaction.
Click on the plus sign at the top of the website, then click on “Mint new NFT”. Then click “Audio” and upload your song file.
Finally enter the details of the song and choose your royalty percentage. 10% has become a popular standard, so I recommend it. Press Continue, then Finish and Publish. Wait for the upload to complete, then complete the minting transaction in your wallet. After this, your songs will appear on your Zora profile shortly.
Advanced: Manifold Studio
Manifold Studio allows artists to deploy their own Manifold Creator contracts to issue NFTs. Setting up a Studio contract is actually quite simple, although it takes a few more steps than other options. These steps are worth it because Manifold Studio provides more powerful features such as support for dynamic NFTs, airdrops, on-chain royalties, etc. If you’re a musician looking to post musical NFTs, Manifold Studio offers a compelling set of resources.
- How to get started
Supported file types: MP3, MP4, WAV, FLAC, ACC
Go to studio.manifold.xyz and log in with your Ethereum wallet.
Click the “Start New Contract” button at the bottom of the page. Set up the details of your smart contract, which will require deploying it to the Rinkeby testnet first and then to Ethereum. Physically, you will mint a test NFT to Rinkeby before minting your first Ethereum NFT. If you need help with this process, Manifold has helpful tutorials for each step of the minting process!
Music NFTs are not a one-size-fits-all solution to all problems in the contemporary music industry. They do, however, represent a bold attempt to break away from the record company status quo, and they point to a new path to self-sufficiency for musicians who have long been hampered by middlemen.
Indeed, musical NFTs put the power in the hands of the artists, helping them to call their own shots and reap all the rewards for their hard work. This dynamic is really powerful, which is why I have no doubt that musical NFTs will continue to exist and will become more widespread.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/how-to-use-collect-or-make-your-music-nfts/
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