Music NFTs promise to be a revolutionary way of looking at the music industry. Although blockchain-based systems of any kind are relatively new, they have already been integrated into all spheres; the entertainment industry being no exception.
What are music NFTs?
A Music NFT is a certificate of ownership of a unique audio track or piece of music that can be collected, shared or sold. NFTs provide indisputable proof of ownership through blockchain technology and come with a digital certificate of authenticity that can be verified at any time. Compared to traditional digital music distribution, NFTs provide limitless possibilities. While online music streaming services simply provide users with the right to listen to purchased recordings, they do not offer ownership. Unlike music streaming services, music NFTs grant customers exclusive or shared ownership of the restricted NFT file. By its nature, NFT music is unique, and it is rapidly becoming a highly sought-after collectible.
Now, musicians can create their own music NFTs which they can sell or auction off directly to fans who pay with cryptocurrencies like Bitcoin, Ethereum and others. This gives artists full control over their products as they now have another option to commercialise their art or other forms of digital retail without relying on intermediaries or third parties.
How does it work?
Every fan who buys a music NFT becomes an owner of the work of their favourite musician. The NFTs can be stored in crypto wallets and later sold on, potentially at a higher price. The musician who created the NFT may no longer be able to sell it, but they can still profit from the reselling of the NFT. This is just one of the many ways that music NFTs can empower musicians and their fans.
Since the NFT market includes verifiable and irreplaceable original digital items, this makes music NFTs more than just collectibles or limited-edition artworks. They can be used by companies to increase fan engagement and provide them with access to new projects, exclusive offers, and rewards opportunities.
How to make money by listening to music and owning music NFTs?
Musicians may use different platforms to upload, mint, market and distribute their albums without going through agents or record labels that take a huge slice of the profit share. NFT Tone, for instance, is a marketplace and NFT-based music library that offers favourable terms to artists. The project provides a platform where artists can directly sell their music to their fans, market concert tickets and sell their merchandise. The artists retain complete ownership and rights to their music, which is one of the best things about the NFTs on NFT Tone. Since the distribution allocation is directly incorporated into the NFTs, neither record labels nor streaming services will be entitled to the publication rights or 80% of the advertising revenue.
But you don’t have to be an artist to gain benefits from music NFTs. If you are an investor or simply looking for smart ways to increase your income, you can invest in collecting music NFTs and share in the success of musicians you love through revenue and rewards. One of the “listen-to-earn” platforms is Gala Music – a music-focused NFT and streaming service created by Gala Games. Instead of streaming services and record labels owning and hosting music, Gala Music puts the power back into the hands of fans and artists. You yourself can effectively become a streaming service by owning a Gala Music node and hosting NFT music purchased through the marketplace. The node owner can earn from the streams whenever someone plays that specific song in the node.
Gala Music has already attracted superstars such as Snoop Dogg onto its platform. Snoop released his first NFT album on Gala Music, called Back on Death Row (B.O.D.R). Collectors were able to buy a Stash Box that contained an NFT to one of the 17 songs from the album.
If you want to earn passive income by listening to music, Current.us might be a good choice. An Android or iOS-based mobile app called Current.us pays you around $600 a year for playing music on your mobile phone. It’s one of the most rewarding apps if you want to generate passive income by listening to songs. You can earn money while you’re commuting, jogging or working at the office. Basically, you earn points for being active on the app. The more you tap on the music or other features of the app, the more points you will make. You can spend your points by redeeming gift cards, recording music for offline usage, or cashing out using Paypal.
Music NFTs are a new frontier for the music industry as artists start to experiment with NFTs and directly interact with their fans. A new format of producing and selling music allows artists to make a bigger profit and control all the distribution processes since there is no need for any third parties. Fans can communicate and support their favourite musicians while earning from owning music NFTs or listening to music. As with any other investment, everyone should research the music market and its risks before investing in music NFTs. However, for those willing to do a little trailblazing, NFTs could be at the forefront of another evolution of the global music industry.