If you’ve been paying attention to the world lately, you might have noticed a few buzzwords starting to come up more often. You may also be wondering what these words mean and how they could affect your music career in the future.
Or simply, how you can ride the wave, get your music heard and make bank while you are at it! With everything that is going on in crypto, the metaverse etc. you would be crazy not to learn how to sell music as an NFT.
In this article, I’ll discuss 5 steps for independent artists who want to start selling their own music as an NFT!
But if you are like 99% of the population, there is still a lot of confusion and fuzz around the idea of an NFT, and, before you learn how to sell your music as one, you are probably going to want to learn what an NFT actually is, right?
- What Is An NFT: In Music
- The Future Is Now
- But What Is The Point If Only One Person Can Hear My Music...
- What Does This Mean For Independent Artists?
- Creative Ways You Can Use The Blockchain And NFTs In Music
- How to Sell Music as an NFT In 5 Easy Steps
- * BONUS TIP - Using The AIDA To Sell Your Music As An NFT
- Final Words
What Is An NFT: In Music
The answer is non-fungible tokens (NFTs), in terms of music, NFTs are a new type of digital asset that can represent anything from an individual song to a whole album—and they will change everything about the way we buy and sell music in the future.
NFTs are different from other digital assets because they are unique. Each one is like a snowflake: no two are ever exactly the same. This makes them perfect for representing rare or one-of-a-kind items, such as music tracks, artwork, and even virtual world land parcels (wow, we really are in the future, aren't we?)
Just Another Crypto Coin Or Something Different?
The big difference between a cryptocurrency (fungible) and an NFT (non-fungible) is simple:
- A cryptocurrency can be traded or swapped for another of the same value (think swapping your dollar for my dollar) they are like for like.
- Non-fungible tokens (NFTs) are also stored on the blockchain but they are like rare baseball cards or one-of-a kind artwork that might be more valuable because they cannot be replaced by another identical thing and are unique in nature.
- Similarly, they cannot be counterfeit or copied.
The Future Is Now
Many people may have disregarded the blockchain, NFTs and the changes to the industry that the Metaverse will bring, as they think this is all something that will happen in the far future.
However, it is happening right now and we are stepping into a new period of not just music history, but history in general!
Major artists like Grimes and The Weeknd have already made millions of dollars selling their music as NFTs on the blockchain. They've been able to bank on exclusivity by offering limited edition art.
But What Is The Point If Only One Person Can Hear My Music...
I hear you ask. That is not necessarily how it works. NFTs are just proof of ownership in the digital space, kind of like a house title or a car logbook. You can, of course, duplicate the mp3 associated with the NFT and anyone could listen to it.
But only the person who has the token can truly prove their ownership.
What Does This Mean For Independent Artists?
If you're now thinking about how to sell your own music as an NFT and start making millions, too, the truth is not as simple as that.
For famous musicians who have been selling their NFTS crazy money, they have done so because they are one-of-kind collectibles. Some fans have deep pockets and have probably purchased for bragging rights, too.
But what about independent artists who don't have a large following or aren't yet famous?
The answer is that there is still potential in the market for NFTs and it's something worth looking into!
In this new era of music sales, independent artists have more opportunities than ever to sell music directly to fans.
By selling your music as an NFT, you can cut out the middleman and keep all the profits for yourself.
This is a huge advantage in an industry where most artists earn only a tiny percentage of the royalties from their own music.
In addition to selling your own songs as NFTs, you can also sell merchandise and event tickets directly through a blockchain-powered fan marketplace!
The key here is that many of these marketplaces already exist, and as long as your stuff is reasonably priced, you can sell to your fanbase.
Creative Ways You Can Use The Blockchain And NFTs In Music
NFT Music Dividends
Divide a release up and allow a selection of individual fans to purchase or own a piece of the release as an NFT. You could then allow them to receive some royalties as a dividend.
This would create a bond like no other. Likewise, as it is in their best interest to, they would promote your music to their friends and followers.
This same method could be used to recruit team members to help you grow your following. The key here is leverage. It would be a symbiotic relationship.
NFT Exclusive Merchandise Releases
Release limited edition merchandise with an exclusive token to prove ownership. This means that you could create merch for your biggest fans only, making them feel special and incentivizing new people to follow or join the fan base so they can get their hands on some rare goods.
Other Ways To Use The Blockchain NFTs As A Musician
- Create a limited edition run of vinyls or CDs and sell them through an online store that uses blockchain technology to verify ownership. This would give fans a way to prove their ownership and collect your music in physical format.
- Sell unique experiences such as a backstage pass, a personal concert or even access to your studio sessions.
- Allow fans to vote on new tracks, album artwork, or song titles in return for exclusive rewards.
- Create a subscription service that gives fans access to all your new music, as well as bonus content like unreleased tracks, videos, and interviews.
- If you are creative with the idea, the possibilities are endless!
So, now that you know more about NFTs and how they can be used in music, let's look at the 5 easy steps to creating one.
How to Sell Music as an NFT In 5 Easy Steps
Step 1: Sign Up On Coinbase & Buy Some Ethereum
Coinbase is a user-friendly platform that makes it easy to buy, sell and store digital currencies like Ethereum.
You will need a small amount of Ethereum to pay for transaction fees when you sell your NFTs.
Step 2: Register Your Music With an NFT Marketplace
The first step is to register your music with an NFT marketplace. This will give you a place to sell your tokens and allow fans to purchase and own your music.
There are many different marketplaces to choose from, so do your research and find the one that best suits your needs.
Some you could check out:
The world’s biggest and most widely used platform for NFTs is OpenSea. This includes music-related tokens, which means that this site can handle any type of transaction you want to make, including all of the creative methods mentioned previously.
Opulous is revolutionizing the music industry with their innovative new way of funding aspiring artists and giving them a chance to get paid while also being able to trade these NFTs for passive income.
Unlike other NFTs, Opulous offer buyers an opportunity to be part of their favorite artist’s future royalties by purchasing shares in that artist's work - generating a monthly revenue from every purchase.
In this way, NFTs become an exciting way for your fans to diversify their investment portfolio, make money and support one of their favorite artist's success. They can track their passive income, withdraw their earnings directly from the account, or trade these coins on a new exchange set up by Opulous!
The NFT Tone marketplace was created with the goal of being an artist-friendly environment where users can buy and sell audio files as Non-fungible tokens (NFTs).
They offer very low minting fees and accept payment in USD, too, which makes crypto accessible even for those not interested in trading solely through cryptocurrency!
Step 3: Create Your Tokens
Now that you have signed up to an NFT marketplace of your choice, your next step is to create your NFTs. It is usually just a one-click setup to connect your Coinbase Wallet to your Marketplace account, so, once you have done that, creating is a simple process.
- Click create
- Upload and name your NFT!
You can also add a description and any other relevant information and various other details.
Make sure you select the correct category for your music-related NFTs!
Step 4: Set Your Price
Once you have uploaded the NFT and set the correct details, set your price.
Remember that you will need to pay a small transaction fee for each sale, so make sure your prices incorporate these transaction fees.
Step 5: Market Your Music to Fans
Once your tokens are created, it is time to start marketing them to your fans! This can be done in many ways, but social media is a great place to start.
Make sure you post about your new music and how fans can purchase your tokens to listen to it!
You could also create a landing page on your website that gives more information about the NFTs, how they work and how fans can buy them - you can redirect them straight from your social media to this page which will help those completely new to crypto.
Lastly, don't forget our creative marketing angles listed previously!
* BONUS TIP - Using The AIDA To Sell Your Music As An NFT
What Is AIDA?
AIDA is an acronym for Attention, Interest, Desire, and Action. It is used in marketing to describe the four stages of consumer buying behavior.
Attention: This stage focuses on how to get the customer's attention with your product offering.
Interest: How do you increase interest among potential customers? The goal of this step is to make sure that people are aware of your product.
Desire: The desire stage occurs when customers are about to make a purchase based on how you made them feel in the interest stage. For example, if they were acutely aware of your product's benefits, then at this stage, they would be ready to make the purchase provided that they have enough money or think it's affordable (or worth it).
Action: This is the final stage where you help the customer complete their purchase. Whether it's online or offline, you must guide them to do so.
How Does This Help Me Sell My Music As An NFT?
This technique can be used with any product or service, your music is no different. You will have to get creative with it but I highly recommend studying the artists that are doing it successfully and figuring out how you can incorporate this into your own strategy on a smaller scale.
By using AIDA with your music, you can help guide potential fans through the process of becoming a fan. By focusing on where they are in their buyer's journey and providing the right type of content at each stage, you will increase your chances of getting them to take action.
The real magic is in the "Desire" stage. Make them feel the emotions of being one of your biggest fans through your music, photos, videos, etc. The more vivid you can make the emotions where they are just itching to click that "Download Now!" button or attend one of your shows then the better chance you have at closing the sale.
So there you have it, the five steps for selling your music as an NFT!
Remember, when there are groundbreaking and revolutionary advances in any industry, there is a huge opportunity for early adopters to get in and make waves before everybody else - don't miss that boat.
This is a new way to distribute and sell your music, so make sure you experiment with the different methods to see what works best for you and your fans. Remember that this is still a relatively new technology, so there may be some bumps in the road - but with perseverance and creativity, the sky is the limit!