NFTs are not only disrupting the art world, they are also helping musicians raise millions of dollars. Grimes’ recent $6 million NFT auction included behind-the-scenes images and short videos surrounding her music. Also, DJ 3Lau sold 33 NFTs on auction featuring music that hasn’t been released and a custom song. These were sold for $3,666,666.

To grasp the effect of an NFT, let’s first introduce how they work.

So, what is an NFT?
NFTs are digital tokens that are used to secure the authenticity of digital assets, such as art, music, and memes. They store information within them that is distributed through a blockchain network. And that’s how NFTs basically validate the authenticity of the digital assets.

Each NFT is encrypted using cryptography. Its unique characteristics make it secure and tamper-resistant.

That’s what makes NFTs a safe and secure process for artists to store and sell their music online.

Let’s talk about NFT music!
Although there are many ways to listen to music, owning a vinyl record of your favorite album is very special to us as individuals. We tend to hold on to those songs that hold special memories for us. We adore the artists who gave us something to hold on to and we go that extra mile wanting to celebrate with them.

Henceforth, buying vinyl and CDs is a thing. But as the world moves towards an internet independent era, music ownership is becoming more and more difficult to fathom. NFT music is changing that. It’s giving musicians around the world the freedom to securely sell their music to millions of people and the ability to easily connect with their fanbase online.

Fans Engagement
Fans want to feel close to their favorite musicians and want to support their work in every way they can. As a musician, you can now allow your fans to own exclusive unreleased music (songs or bonus tracks) and allow your fans to buy and sell them amongst each other. Note that owning something from an artist that the world has never even seen is very special, and allows the buyer to actually connect with them.

Increase in global following
Airdropping music is a great way to get those followers’ numbers going. Especially if you are just starting as an artist, but still want to reach new people. Airdropping can help you reach out to these people and promote yourself for free. How does this work? Airdropping basically means distributing free NFTs to random wallets.

Upon downloading the NFTs, users will also receive the email address and social media links of the people who downloaded them. This will help you connect with more people and promote your work for free. Those people will give more value to your NFTs, as well as promote your music for free.

Another cool usage of NFT music airdrop is that you can reach out to people in other countries with NFTs. You are not limited by geography and you can send your NFTs across Europe, Asia, Africa, etc. This will help you expand your reach and grow your brand internationally.

Royalty
NFT music makes sure that artists get the money they deserve. That’s done through royalty. For example, if you release NFT music for $2000 and sell it. And in the future, if your NFT valuation goes up to $1 million. A person can dream. You should know that every time an NFT is sold, you are getting a commission. And the best part is, you are the one who sets the percentage of the commission, or royalty you would want to be receiving.

How to sell NFT music?
Step 1: Download a crypto wallet
A good crypto wallet will allow you to store your NFTs. There are several options available, such as MetaMask, CoinBase, and Binance. A crypto wallet is an essential component to keeping track of all of your NFTs and cryptocurrencies. Not only will it store them, but it will also serve as a way to pay the gas fees.

What are gas fees?
NFTs are distributed on blockchain networks. To guarantee security, authenticity, and ownership proof, all transactions associated with any given NFT are verified and recorded on the blockchain. Due to the complexity of the transactions, the blockchain typically charges a gas fee to carry out its tasks.

NFTs are decentralized music distributed on the Ethereum blockchain. Unlike other blockchains, they use a utility token called ether. Because of this, to sell NFT music on an NFT marketplace, you will need to purchase ether (ETH) first.

Step 2: Find an NFT marketplace
While there are many online platforms to sell NFTs, opening a storefront with NFTically is a great way to grow your brand and reach an international audience. NFTically allows you to customize your store so you can easily reflect your brand image and brand vision in your storefront.

The NFTically platform is very user-friendly, which makes it a very easy step for anyone to set up their NFT store. Its team also takes care of all the technical issues that you may face while implementing the platform.

Step 3: Setting up your NFT store
Before you start creating your NFT store, make sure that you have a crypto wallet and an NFT marketplace you feel comfortable with.

First, connect your crypto wallet to the NFT marketplace. Then, you can move on to minting your NFT. Choose the audio or tack to turn it into NFTs by minting. You can also create a collectible collection of your music that will be sold to users. Music lovers will find your creations while browsing through music-related collectibles. After you finish the step of minting and listing, pay the charged cover fees through your wallet. And that’s it! You have successfully created your first NFT store featuring your first ever NFT music.

You can also transfer the cryptocurrency to an external wallet. And exchange it for traditional currency, such as dollars, euro, etc.

 

To know more about NFTs and protect yourself from legal complications, reach out to us and we will explain to you all what you need to know about Crypto and legal for Crypto.

Legally Yours,