Want to buy a music NFT? First, you need Ethereum, which is available at Crypto.com and eToro.
Looking for the best music non-fungible token (NFT) marketplace? The NFT sector has exploded in popularity over the last 12 months, with support from star athletes, investors and celebrities such as Snoop Dogg, Mark Cuban and Stephen Curry. The use cases and applications of NFTs are endless, providing numerous financial and creative opportunities for artists and creators. NFTs have penetrated many sectors, including gaming, art and music.
NFTs complement the music space perfectly, directly rewarding creative work without the assistance of a middleman and by providing artists with another way to monetize their work. Music NFTs are only scraping the surface of their potential in the music industry, with big names such as Kings of Leon having paved the way. This article discusses the best platforms and marketplaces for music NFTs.
5 Best Music NFT Marketplaces
The best NFT music marketplaces are the platforms that empower creators the most, whether through royalties or other means. Below are the best music NFT marketplaces you can use now:
- Best for Market Variety: OpenSea
- Best for Low Fees: AirNFTs
- Best for Rare Items: NFT Showroom
- Best for Curated Art: SuperRare
- Best for Connecting with Influencers: Nifty Gateway
1. Best for Market Variety: OpenSea
OpenSea is by far the most-used and largest platform for NFTs, including music NFTs. Founded in 2017 with over $25 billion in NFT sales to date on the platform, OpenSea is extremely versatile, allowing creators to sell anything as NFTs, including music, games and artwork.
Both ERC-1155 and ERC-721 tokens are supported by the OpenSea platform, and every time a consumer purchases one of its products on OpenSea, the creators of the NFT on OpenSea receive royalties.
Because OpenSea is focused mainly on the Ethereum blockchain, it is important to factor in gas fees and other transaction fees when making purchases.
Pros
- OpenSea is the largest NFT marketplace, offering a wide variety of collections and options
- The platform has a user-friendly interface, making it easy to navigate and purchase NFTs
- The platform offers various payment options, including cryptocurrency and debit cards, making it accessible to a wide range of buyers
Cons
- OpenSea has high transaction fees, which can be expensive for smaller purchases or sales
- The platform has been known to experience occasional glitches and technical issues
- OpenSea has faced criticism for not doing enough to prevent the sale of fraudulent or stolen NFTs
2. Best for Low Fees: AirNFTs
Compared to Ethereum, the BNB Smart Chain (BSC) and Polygon networks are superior for musical NFTs because they are cheaper, faster and extremely popular. This feature makes AirNFTs one of the best music NFT marketplaces for music artists entering crypto for the first time who want to mint music. The low cost of entry is a key element for attracting both customers and creators.
Pros
- AirNFTs provide a decentralized and secure platform for buying and selling NFTs
- Transactions on AirNFTs are fast and efficient with low fees
- The platform provides transparency in the bidding process, allowing buyers to see the current highest bid and make informed decisions
Cons
- AirNFTs is still a relatively new platform, and there may be concerns about its stability and reliability
- The platform may not be accessible to everyone, as it requires knowledge of cryptocurrency and blockchain technology
- AirNFTs may have less liquidity than larger NFT marketplaces, which could make it harder to sell NFTs quickly
3. Best for Rare Items: NFT Showroom
NFT Showroom is a digital art marketplace built on Hive. Rare items are typically sold on this marketplace. However, it only sells NFTs and does not provide minting services.
Pros
- The platform has a strong community of artists and buyers who provide support and feedback
- The platform uses the HIVE blockchain, which is known for its fast and low-cost transactions
- NFT Showroom supports environmentally friendly blockchain technology
Cons
- The platform may have limited features and tools for managing and displaying NFT collections
- There may be limited options for certain types of NFTs, such as those related to gaming or sports
- The platform is not as well-known as some of its competitors, which could limit exposure for artists and sellers
4. Best for Curated Art: SuperRare
SuperRare is a marketplace to trade and collect single-edition digital artworks. SuperRare could be your go-to marketplace if you're looking for a carefully curated collection of music NFTs.
Pros
- The platform offers a fair and transparent revenue-sharing model for artists
- The platform has a curated selection of high-quality art and digital collectibles
- The platform has a built-in escrow system, ensuring secure transactions
Cons
- SuperRare has a relatively high fee structure, with a 15% commission on all sales
- SuperRare has strict curation standards, which can make it difficult for new or lesser-known artists to get their work featured on the platform
- SuperRare is built on the Ethereum blockchain, which can result in high gas fees and slow transaction times during times of high network congestion
5. Best for Connecting with Influencers: Nifty Gateway
Music-focused NFTs are the main product of the sizable Nifty Gateway NFT marketplace. It is a centralized market where a single entity manages all purchases and minting. The platform provides tri-weekly releases and has played host to notable performers including Eminem, Grimes and The Weeknd.
Pros
- The platform offers exclusive drops from popular artists and brands
- The platform offers a variety of payment options, including credit cards and cryptocurrency
- Its customer service is responsive and helpful
Cons
- The platform has limited options for filtering and searching NFTs
- Some users have reported technical issues and glitches when using the platform
- Nifty Gateway has faced criticism for its exclusivity and the high prices of some NFTs on the platform
What is an NFT?
NFTs are a type of cryptographic token that represents a unique asset. NFTs function as verifiable proofs of authenticity and ownership within a blockchain. They were first launched on the Ethereum blockchain, but other blockchains including the Binance Smart Chain and Solana also support them.
These tokens can represent real-world items such as artwork, real estate, property rights and individuals’ identities. Because they are based on the blockchain, NFTs can remove intermediaries, create new markets and simplify transactions. To understand the value of NFTs in greater detail, it is necessary to understand fungibility.
Fungibility refers to the property of an asset whose individual units are interchangeable and virtually indistinguishable from each other. Cryptocurrency and all fiat currencies are fungible. For example, a $20 bill can be exchanged for another $20 or two $10 bills; you still have the same value but you have exchanged your asset and received a new asset. As implied by the term non-fungible, NFTs cannot be traded or exchanged at equivalency with each other. As a result, NFTs make digital content irreplaceable and valuable.
What is a Music NFT?
Music NFTs are unique types of NFTs on the blockchain represented by a fixed quantity of tokenized audio files. They are a type of digital certificate that’s embedded into a blockchain network. In addition to the musical component, music NFTs can also feature a visual component — a conventional NFT typically just has visual assets. The main characteristic is the audio, typically represented as a .wav or .mp3 file. Music NFTs can be sold in editions of any size, typically with a limited supply to ensure they sell out.
The majority of music NFTs can be interpreted as extremely rare digital collectibles. They contain no royalty rights, no masters and no publishing or licensing abilities. They reflect a limited edition of an album or song that is displayed on-chain using Web 3.0. In the future, music NFTs may contain ownership rights. However, today, the majority of music NFTs have no claim on underlying rights.
A good example of a music NFT is 3LAU’s NFT sale powered by Origin. At $11.7 million, it’s the highest-value music NFT sale to date. The NFT included a custom song — a remastered version of 3LAU’s Ultraviolet album — and access to never-before-heard music created by the famous DJ.
How NFTs Support Musicians
Apart from acting as an immediate source of sales, music NFTs can empower musicians in other ways.
Active Fan Base
By offering a location where fans may obtain distinctive NFTs connected to the artist’s work, music NFTs enable musicians to develop a devoted following. For example, events such as NFT airdrops enable musicians to reach an audience they may not have had access to before.
Musicians can take advantage of unique opportunities that can be given to fans, such as offering them the opportunity to meet virtually or in person. Snoop Dogg achieved this goal during his session in The SandBox, as did Post Malone, who sold NFTs for people to play beer pong with him.
Perpetual Royalties
Musicians who create NFTs and sell them to consumers will earn on all subsequent sales of their NFTs on marketplaces such as OpenSea. These royalty payment amounts will be determined by the music artist or streaming service.
Cutting Out the Middleman
Contracts with a record label are one of the main challenges musicians face. Alternatively, most independent musicians make money through streaming platforms that act as middlemen. Music NFTs are a solution for both, enabling musicians to earn money by selling directly to their fans.
Best Platform to Create Your Own Music NFTs
Musicians use multiple ways to create NFTs. One way is to use a service like NFT Showroom or OpenSea. These services are straightforward, allowing users to create and sell NFTs without programming knowledge. Users also have the option of creating NFTs manually.
Alternatively, platforms like Ethereum or EOS.IO can be used to create music NFTs. These platforms enable you to create smart contracts, which are programs that can automate the sale of NFTs.
The next step is to determine the blockchain in which the end customer will mint the music NFT or which music NFT marketplace will be used. Minting an NFT means converting digital data into crypto collections or digital assets recorded on the blockchain. After choosing the appropriate marketplace, the creator should let their fans know about the release of their music NFT and put them up for sale.
Are Music NFTs Here to Stay?
Overall, music NFTs have immense potential. As a collector, music NFTs are one of the best ways to build a relationship with your favorite artists. Tokenized music represents an indirect method of betting on an artist’s career. In the same way fans collect T-shirts, drumsticks, setlists and tickets from historic shows, music NFTs are the most direct iteration of fandom. And the best music NFT marketplace will help you reach your dreams.
Music NFTs are bigger than one platform. It's a movement — a new medium. The music industry has transformed time and time again in the past. Society has gone from vinyl to tapes, CDs and mp3s. In an increasingly digital world, it’s logical to think that NFTs could be the natural successor.
Frequently Asked Questions
Why should creators list their work on music NFT marketplaces?
Listing music on NFT marketplaces provides content creators with a chance to monetize their art in a secure and decentralized manner. By using blockchain technology, creators can ensure the authenticity of their work and protect it from piracy and fraud. This can also increase exposure and revenue for the creator.
What lies ahead for the music business?
The music industry is always changing and adapting to new technology and consumer preferences. Streaming services and digital downloads will continue to be popular as well as using artificial intelligence and data analytics. Live performances and merchandise sales will still be important for artists, but there may be challenges with copyright and licensing and the impact of global events like COVID-19 on live events and touring. The future of the industry will be shaped by technology, consumer behavior and industry trends.
Should I invest in music NFTs?
Ultimately, the decision of whether to invest in music NFTs is up to you. It is important to research the various investment options and understand your personal risk tolerance before investing. You should also consider consulting a financial adviser before making any investments.
Music NFT Marketplace Methodology
The best music NFT marketplaces were determined through a thorough analysis of various platforms based on factors such as market presence, platform features, blockchain compatibility, artist empowerment, cost and accessibility.
These marketplaces offer various features such as support for different token standards, royalties on secondary sales, unique fan experiences and opportunities for direct interaction between artists and fans. By leveraging these marketplaces, artists can tap into new revenue streams and engage with their fan base directly.