A musician’s guide to releasing music NFTs

Although many associate NFTs with digital images, there are many other relevant categories to consider. A rapidly growing ecosystem in the NFT industry is Music NFTs. Want to learn more? As an artist, here’s what you can do …

of Jonathan Carmel from Symphonic Blog

Here is the overview …

Traditionally, when you buy a track on iTunes, you buy the right to listen to that music. In contrast, Music NFTs allows anyone to listen to tracks, but also transfers ownership of that file through an NFT.

Understandably, music NFTs can sound counter-intuitive … Why buy music you can already listen to? – The answer to that question lies in the same concept as buying JPEGs. Anyone can right-click and save. Markets, or people, find value in own of demonstrably unique and original assets.

At the end of the day, Music NFT allows fans to invest in the artists they really like and believe in, while receiving benefits in return. Conversely, they allow artists to fund their music projects directly through support from fans.

Fan connections

Musicians can use NFTs in a variety of ways, but the most important aspect is the fan connection. Via Music NFTs, NFT holders can receive special benefits and access to an exclusive community of fans.

Benefits can come in the form of exclusive goods, early or VIP access to concert tickets, and even the ability to use the NFT content for your own commercial use.

Pays back

Another way musicians use Music NFT is to offer a share of the revenue generated from the song, and help create a true fan-centric ecosystem.

For example, companies like Royal help artists create «Royalty-bearing» NFTs. Through a special process, they can facilitate the sharing of revenue from streaming royalties with fans who hold NFT.

In October 2021, an artist named 3LAU marked the platform’s first NFT for his song Worst Case. NFT holders receive a total of 50% of the streaming royalty rights. Since then, artists from Nas to The Chainsmokers have given away streaming revenue to their fans.

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Frictionless

Music NFTs also make it possible for artists / partners to receive shared payments in a more transparent and frictionless way. – Through NFTs, new split processes allow artists to cut their partners into NFT revenues.

Artists can send revenue from an NFT sale directly to multiple crypto “wallets”. In practice, this means that artists who publish Music NFTs can now share their revenue in a fully automated way with the full range of partners, including co-authors, session musicians, artworkers, mix engineers, marketers and more.

Music NFT platforms like Sound.xyz also incorporate these new split technologies for creators. Below is a striking example of the division between many partners – including practitioners, producers and curators – on Soulections UTITEL 001:

To conclude…

NFTs give creators the opportunity to explore new ways to reward their loyal fans, pay their affiliates and sometimes even pay the dedicated fans. Using platforms like Royal and Sound.xyz, artists can strengthen the connection with the listeners in new and unique ways.

The NFT area in general is constantly changing, which opens up new and exciting opportunities for creators of all kinds. These are just a few examples of how NFTs can be incorporated into an artist’s career. What prevents you from trying these yourself?

Good luck!