Music NFTs are changing the music industry and the way that artists interact with their fans. Musicians can now easily mint and sell their work as music NFTs thanks to music NFT marketplaces.
New NFT marketplaces are appearing frequently, giving musicians and fans a wide variety of platforms to consider. This article will look at the best NFT music marketplaces for musicians to create music nfts and for music enthusiasts to buy them. It covers both NFT streaming services and the best NFT music marketplace marketplaces.
What are music NFTs?
Music NFTs (non-fungible tokens) are digital assets representing ownership of a specific music track, album, or artist content. These tokens allow users to own an exclusive piece of music in the form of a digital asset which is often bundled with special rewards such as back stage passes or album artwork.
Music NFTs have been gaining popularity as more musicians, labels, and artists embrace this exciting technology. Music NFTs are providing musicians with more control over selling their art as they can cut out the middle man and sell direct to the fans.
Generally, purchasers of music NFTs are not buying the recording rights to the song (though this is possible). Instead, they gain access to the original audio file, as well as bragging rights and early support for their favourite emerging artists.
Some Music NFT platforms do allow artits to sell a share of the royalities associated with their recording. This means that collectors can generate profit from their NFT in the form of streaming royalities.
If a collector decides to sell on their music NFT the artist will get a cut of the secondary sale profits. The percentage of this is variable according to different platforms.
How Do Music NFTs Benefit Creators?
Selling Music NFTs can provide a valuable, alternative income source for musicians. The NFT marketplace is currently much more lucrative than the revenue generated from the streaming services. The web 3.0 decentralised space is trying to addres the minimal revenue that the centralised music industry provides to artists, especially those who are just starting out.
Currrently to make $1,000 on Spotify, an artist would need at least 200,000 streams. This is very difficult for unknown and emerging musicians to achieve. Music NFTs however, offer the potential for direct income, fairer streaming royalities and provide greater control over intellectual property rights.
They also open up the possibility of creating unique digital works and soundtracks that can be sold as collectable items. This offers an opportunity for independent musicians to create digital products that don’t rely on third parties such as streaming services.
Many well known artists, such as Snoop Dogg, Kings of Leon, Ritchie Hawtin now sell music NFTs. Kings of leon were the first band to release an album as an NFT back in March 2021. Kings of Leon bundled audiovisual art, live show perks, such as front row tickets within one of the NFT tokens.
Since then NFTs continue to give artists an opportunity to provide value to their fans by creating new exciting products. By combining music, video NFTs, animation, interactive pieces and other different digital elements Musicians can really get creative and connect directly with their fans. It also gives fans a chance to buy something new and exciting from their favourite artists.
Artists are also able to keep more of the profits from the sale of their NFTs because there are no middlemen involved like record labels or lawyers requiring a cut of the profit. Further profit will be made if the NFTs get sold on again in the future. Each NFT marketplace can set a revenue percentage that the artist will receive from all future secondary sales.
OpenSea
Opensea is the world’s largest NFT platforms with one of the best music nft marketplaces. It has the biggest selection of music NFTs, ranging from singles to albums, popular artists and new emerging talent. As the largest marketplace for digital assets, OpenSea has a dedicated section of NFTs for the music industry.
The platform integrates seamlessly with Ethereum blockchain technology so users can buy, sell, and trade their NFTs securely. OpenSea has a really user-friendly platform which makes it easy to browse through different categories of music.
Artist are able to mint music NFTs on Opensea with the platform’s native minting tool. Opensea’s minting process allows artist to create assets that combine other digital goods such as art, collectables, domain names with thier music. The minting process also sets up the percentage of royalties that will be recveived on secondary market sales.
OpenSea has some big names in its NFT collections including: The Weeknd, Snoop Dogg & Imogen Heap.
Fees –
Royalties –
SuperRare
Super Rare is another great music NFT marketplace. It offers a selection of unique, one-of-a-kind music assets by artists from around the world. The platform enables musicians to tokenize their music into high-quality digital assets that can be easily shared and traded on the blockchain. SuperRare also provides users with a variety of ways to discover new music, including its curated collections and monthly challenges. Plus, users can keep track of their transactions with the built-in wallet feature, making it easy to stay on top of investments. With its user-friendly interface and secure environment, SuperRare is a great way for musicians to get into the leading NFT digital art marketplace space.
Nifty Gateway
Nifty Gateway is the go-to music NFT marketplace for many artists. It has a wide selection of music assets and allows users to purchase, and sell nfts, and trade them securely on the blockchain. Nifty Gateway also offers unique promotions such as its “Mystery Boxes” which allow users to win rare music nfts at random.
Plus, the platform has a user-friendly dashboard that makes it easy to stay up to date on new releases and transactions. Finally, Nifty Gateway is backed by industry leaders such as Warner Music Group and Azealia Banks, making it one of the most reliable music NFT marketplaces out there.
Nifty Gateway is known for being one of the largest players for NFT music sales. As such, it is really hard to get accepted to the platform as it likes to cater to the top musicians.
Mintable
Mintable provides musicians the ability to mint rare digital art works on blockchain for free (no gas fees!). The platform also allows users to buy, sell and trade a range of digital assets such as artworks, collectibles, gaming items, fonts, videos and music.
The platform also provides users with the ability to track their transactions via a user-friendly dashboard. This makes it easier for artists to stay up-to-date on new releases and any transactions. The platform is backed by many reputable industry leaders, such as Warner Music Group and Azealia Banks, making it a trusted, secure and safe marketplace for music NFT exploration.
Mintable stands out as a good option for Independent artists who want to create nfts for free.
Top Tip – If you aim to make money by selling music NFTs on Mintable, ensure that your work is of good quality, limited edition and downloadable. To add to its value, provide a detailed description as to why your music NFT is worth buying.
Async Music
Async Music is a music focused NFT marketplace that has a creative method of selling music NFTs. What makes this platform stand out is the method in which music is sold. Rather than selling the masters to a piece of work, the music is broken down into stems. These seperate layers are then sold as individual NFTs.
The platform has also introduced a ‘Recordings feature’, that allows musicians to create limited edition recordings of their selected master track.
Musicians can also customize their NFTs with images and metadata.
Enjin Marketplace
Enjin Marketplace is a huge, NFT market platform with over 1 billion blockchain assets available for traders and enthusiasts. It’s home to a vast array of NFTs, ranging from rare digital artworks to gaming items, digital fashion and branded crypto-collectibles.
Musicians can benefit from Enjin’s music arm, Enjin for Music, which enables creators to tokenize their tracks for monetization and distribution. This allows artists to build a solid fan base while keeping 100% of each sale and make income on secondary sales.
Musicians can tokenize pretty much everything linked to their music, such as bonus tracks, album art and concert tickets. Well worth checking out.
Rarible was one of the earliest platforms that made music NFTs available. Rarible is a community centric platform which means it’s owned and organised by the community. It provides an extensive selection of music NFTs and collections, featuring tokens like ERC-721, Tezos-MT, ERC-1155, and Tezos-NFT.
To mint music NFTs on Rarible you do so with the platform’s RARI token. Other blockchains are also supported, such as Ethereum, Flow, Polygon and Tezos.
Rarible charges 1% on every sale on the marketplace and offers up to 10% in royalties of secondary sales. This is an attractive percentage for artists and so makes it one of the best NFT music marketplaces for musicians.
This makes it an ideal platform for both music creators and collectors alike since they can access a large variety of music NFTs in the marketplace.
Fees
1% on every sale
Royalties
Up to 10% of secondary sales
Audius
Audius is an exciting web 3.0, fully decentralized streaming platform that is revolutionizing the music industry. Utilizing blockchain technology, Audius has created a next generation music streaming and sharing service that is free to use.
Musicians can upload and stream their own music all through the platform and generate royalty revenue via the $AUDIO token. Music lovers can discover rare and exclusive music to stream for free. Excting times for all!
Artists can also use Audius to build a following and engage with their fans. They can do this by sharing original works, works in progress, monetizing their songs, hold remix contests, and offer enticing bonuses to collectors.
One of the great features of Audius is that the artists receive payments directly from listeners, without any fees. This lets artists make more money from music streaming as they are not paying any fees to the streaming platform (looking at you Spotify!).
As well as tipping musicians, fans can create their own profiles which they can link their music NFTs on both Solana and Ethereum to.
Current well-known artists such as Blond:ish, Naz, Deadmau5 and Rezz use the platform.
Fees
Non – Streaming service with no Subscription fees
Royalties
Provided for every stream via the $AUDIO Token
PlayTreks
PlayTreks is an AI-powered music distribution platform that also doubles as a music NFT marketplace. Playtrek helps musicians to register musical works, protect copyrights, distribute releases, split royalties among rights holders and sell music licenses via music NFTs.
Through its analytics dashboard it provides musicians with insight into metadata and market information from multiple sources, ranging from radio stations, charts, social media and streaming platforms. There are a range of subscription plans available to musicians who wish to distribute their music. The first is free, then tiered as you add more features an analytics. You can view the pricing here.
Playtreks’ Music NFT marketplace, The Playgrounds, also allows musicians to monetize music and engage potential fans by selling music NFTs.
“We offer transparency, we remove middlemen and we simplify things that are currently too complex.”
Playtreks
Fees
Free & Paid Plans available for musicians (pricing here).
Catalog
Catalog is a mix of music nft marketplace and streaming. It calls itself ‘a digital record shop and music community for artists, listeners, and collectors’.
This NFT marketplace is great for verified authentic one of one digital records. As all musicians go through Catalog’s artist cetification you can be sure that all NFTs are genuine.
Top Tip – A 1/1 NFT (or one-of-one) is an NFT that is a single, unique item. As only one exists they are rare and carry higher price tag than standard NFT editions.
Catalog is a great place for collectors to buy unique, one of a kind, rare NFTs. Fans have 3 options of purchase, by paying the ‘buy it now’ price, making an offer or entering an auction. Artists keep 100% of the revenue from their initial sales and receive a cut of the resale profits from any subsequent sales of their albums.
Catalog is also a music streaming platform, allowing collectors to stream the music purchased on the platform. At the time of writing, to sell your music on the platform you have to pass the curation process. You can do that via the catalog submission form.
Fees
Artist keep 100% of sales.
Royal
Royal is an exclusive music NFT marketplace founded by an EDM DJ called Justin Blau, AKA 3lau and Justin Ross, the co-founder of Opendoor. What makes Royal stand out is that it allows artists to sell their NFTs and the music rights to their royalities. This is an exciting addition as it means the NFT owner will receive streaming income every time the track is played on streaming platforms such as Spotify & Apple music. This provides more intrinsic value to the buyer as the price of their NFT will increase if the song streams more than estimated.
Top Tip – Royal’s second round of royality payouts went out in November 2022, providing more than $100,000 in royalties to collectors.
The platform also enables musicians to provide additional content with their NFTs such as fan experiences, special tracks, and digital art. Royal also offer fans the convenience of paying zero fees for trading and being able to pay with credit/debit cards as well as cryptocurrencies.
It is currently an invite only platform, though you can still apply to join . Currently high-profile musicians such as Nas, The Chainsmokers, and Diplo are releasing their NFT collections through the platform.
Best Music NFT Marketplace for NFT investors
Fees
Free to trade!
Royalties
Artist gets 10% of secondary sales.
Owners of NFTs get streaming royalities. (Artists choose what percentage of the song’s royalties are allocated to the buyer).
How to create music NFTs
- Choose your preferred music NFT marketplace and create a wallet
After setting up your account and wallet on the chosen NFT marketplace, you can proceed to minting your music NFTs. This process simply requires clicking on certain prompts such as “Mint Your NFT” and verifying the transaction – although it is usually accompanied by a gas fee. Keep in mind that this fee goes towards blockchain transactions and is not charged by the NFT platform.
- Minting your music NFTs
After setting up your account and wallet on the chosen NFT marketplace, you can proceed to minting your music NFTs. This process simply requires clicking on certain prompts such as “Mint Your NFT” and verifying the transaction – although it is usually accompanied by a gas fee. Keep in mind that this fee goes towards blockchain transactions and is not charged by the NFT platform.
- List your music NFT on marketplaces
Once you have minted your NFT, you are ready to list it and sell it! Again, the steps are usually straightforward but differ slightly in each marketplace. Depending on the platform, there are three ways to sell your NFT: declining-price listings, fixed-price listings, and highest-bid auctions.
FAQ
Is there an NFT based music streaming platform?
Yes, here are few of the best music NFT based streaming platforms:
Audius
Catalog
Playtreks
What is an NFT music marketplace?
An NFT music marketplace is a platform where users purchase and sell music NFTs and artists mint and sell them. They are similar to general nft marketplaces but often focus more specifically on music.
Can I monetize my music with an NFT marketplace?
Yes, the best music NFT marketplaces allow musicians to make money by minting and selling their music NFTs. Some of the marketplaces also offer streaming platforms which allow artists to monetize their music via streaming revenue.
What are some of the best music NFT marketplaces?
Some of the best music NFT marketplaces are listed above, they include Audius, Catalog, Opensea & Playtreks.
What is the biggest music NFT platform?
The biggest music NFT platform is Binance NFT, which allows users to purchase and trade music NFTs on the blockchain with full ownership rights. This platform also has a secure digital wallet feature that makes it easy to track transactions and keep your music NFTs safe. Additionally, Binance NFT offers exclusive content for sale and provides options for creating unique digital artwork and art pieces with soundtracks.
What is the best NFT music app?
Audius is arguably the best nft music app – it provides a decentralized streaming platform where you can also purchase and trade music NFTs.
How do musicians use NFTs?
Musicians can use NFTs create new products by combining their music with other digital art and packaging it as an NFT. Many musician add extra value to their NFTs by adding concert tickets or back stage passes. They can also use NFTs as an additional income stream to increase revenue by selling, streaming and receiving royalties from sencondary sales.
Can musicians make money with NFTs?
Yes, musicians make money with NFTs by selling, streaming and receiving royalties from secondary sales.
How do NFT musicians make money?
NFT musicians make money by selling their NFTs and recieving a higher percentage of profit from each sale. They are also able to get fairer pay for streaming via nft streaming platforms. Additionally, musicians can make money from royalties of secondary sales of their NFTs.
Why are musicians using NFTs?
Musicians are using NFTs help monetize their music and connect directly with fans. Selling music NFTs can be far more lucrative than streaming revenues, letting the musician get fairer pay for their art. NFTs also offer artist a chance for creative expression by creating innovative pieces of digital art for their fans.
What are NFT royalties?
NFT royalties are payments made to the rights holders of the music recordings. They can be generated in a number of ways – via secondary sales or via performance royalties.
Royalties that are generated as a percentage of a secondary sale go to the creator of the NFT. The percentage of profit is determined by the initial creator of the NFT during the minting process. All future sales will create royalties for that creator.
Performance royalities are royalities associated with streaming revenue. If an artist sells a percentage of the streaming rights then the collector of the NFT will be due royalties from the streaming revenue of that track.
It is best to check exactly what each NFT contract is offering to avoid confusion and understand what royalities you maybe owed.
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