We operate under the open market economy rules, and if somebody wants to buy an image of a communist lumberjack bored ape for $1,500 – they are perfectly able to do so. It is a win-win for a buyer and a seller. You probably won’t mind your JPEG being sold for such a price.
Visual NFTs are hard-coded into the ERC-721 token metadata, so they appeared first and took the market by storm. Then somebody thought that any type of content can be linked from token metadata (and that it can be profitable, too), so there you go: 3D models, GIFs, audio, and even text followed.
Collectors and music appreciators became interested, where to buy NFT music, and creators became as much interested, how to sell music NFTs. This is what we are going to elaborate upon in the article.
How to sell music as NFT
Just so you know, NFTs are non-fungible tokens. These are a special kind of crypto assets. Unlike the usual coins and fungible tokens, each of them is unique and possesses a range of peculiar properties. We have to repeat the definition because, much to our surprise, some authors translate NFT to “non‑refundable tokens”, and their articles still make it to the first Google’s search engine results page. Beware.
How to sell music as NFT: the marketplaces that support audio NFTs
It is a no-brainer: the major Ethereum marketplaces support adding audio. MP3, WAV, and OGG are among the supported formats (no FLAC, alas):
Don’t like Ethereum? Binance, Tezos, NEAR, Solana, and Tron NFT marketplaces are already up and running; the new chains and marketplaces keep appearing daily, so watch out for them.
What every marketplace will require you to do, is create an account. In some cases, the procedure is simplified to only connecting your wallet because your correct blockchain address is the only thing that matters. However, if the service provider is eager to send you promotional newsletters, they’ll ask for an email address.
The wallet connection process may vary in difficulty depending on the wallet provider, so follow the instructions carefully. The platform you wish to connect to certainly has a description of it somewhere in the FAQ section.
As soon as your identity is confirmed, customize the account (or don’t).
Now you are ready to sell music NFT!
How to sell music as NFT: be on the lookout for a better platform
Maybe you ask yourself right now: why not just publish music on bandcamp or soundcloud? Isn’t it basically the same thing? Artists leave the said platforms for blockchain-based one because of the following advantages.
- Blockchain is decentralized. It is nearly impossible to shut down, while a single website is much more vulnerable.
- The royalty payout mechanism is implemented within the asset itself and is not dependent on a particular marketplace.
- No one has to approve, sign, or verify the royalty payout transactions because a smart contract takes care of it automatically.
See, artists have their reasons to switch to Ethereum NFT music publishing for living. When Ethereum gas fees started to bite, Polygon Network appeared and lifted off that burden, too. We witness one improvement after another in the world of music marketing, which is why we must stay alert and go for the best technology the world has to offer.
How to buy NFT music
It is easier for buyers to acquire music NFTs than for creators to publish it, for sure. The actual steps will depend on the platform of your choice, so the first question is: where to buy NFT music?
How to buy NFT music: take the preparations first
To shop at Ethereum NFT stores, install wallets. It is possible to use Trustee via WallectConnect option, for example.
If you set up a wallet for the first time, here is a safety notice:
Carefully write down the wallet seed phrase and password, double-check it, and put it someplace safe. Anyone who asks you to disclose the seed phrase for any reason is a scammer.
How to buy NFT music: connect you wallet and go
Use search filters to find specific NFTs.
Set a bid, if the asset is being sold on an auction, or buy it for a flat price; confirm the action from your wallet.
If the deal is successful, the asset will appear in your wallet after the network processes the transaction.
Do your the artists you love a favor: resell their music on the same platform you bought it. The reason behind is that the change of platform may break the royalty distribution system. Apparently, there is one known Ethereum NFT platform that allows creators to keep their royalties even if their asset travels between marketplaces: it is Zora.
There is one last question: how much is it going to cost for music buyers and sellers?
Where to sell and buy NFT music
Ethereum gas fees have always been a bane for casual users who never operated with large sums. A simple transaction can cost as much as $70. So, if you want to transfer your funds from Coinbase or Binance to MetaMask, look into the gas prices first. You could manually set the gas price to 100 or even 99. Miners will pick that transaction if there are no more profitable offers on the network, so you will have to wait until it goes through.
- The minting / listing price adds another line to the paycheck.
- Finally, accepting the bid is another blockchain transaction.
- Mind that creating a custom collection is going to involve extra expenditures.
The buyers must be aware that placing or removing a bid is a transaction, too.
In numbers, minting a single Ethereum audio NFT could cost $200-450, which largely depends on the current ETH to USD rate and the network load, of course. Even if you explore the gasless minting options (on OpenSea, for example), the account creation itself can still cost some Ether.
If that is okay for you, just follow the NFT creation guidelines to publish your first track and you’ll be fine.
However, if you want to start small, do a good research of alternative marketplaces on different chains: NFTB, AirNFT, hic et nunc, Kalamint, Mintbase, Paras, or the other new ones that keep appearing.