How to make money with music NFTs

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 are already integrated into all spheres; the entertainment industry is no exception.

What are Music NFTs?

A Music NFT is a certificate of ownership of a unique soundtrack or piece of music that can be collected, shared or sold. NFTs provide an 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 offer limitless possibilities. While online music streaming services simply give users the right to listen to purchased recordings, they do not offer ownership. Unlike music streaming services, music NFTs give customers exclusive or shared ownership of the limited NFT file. By its very nature, NFT music is unique, and it is quickly becoming a highly sought after collector’s item.

Now musicians can create their own music NFTs that 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 opportunity to commercialize 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 the owner of the work of their favorite musician. The NFTs can be stored in crypto wallets and later resold, 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 reselling the NFT. This is just one of many ways 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 works of art. They can be used by companies to increase fan engagement and give them access to new projects, exclusive offers and reward opportunities.

How to make money by listening to music and owning NFTs for music?

Musicians can use various platforms to upload, create, market and distribute their albums without going through agents or record companies who take a large portion of the profit share. NFT Tone, for example, is a marketplace and NFT-based music library that offers favorable terms to artists. The project provides a platform where artists can sell their music directly to 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 award is directly incorporated into the NFTs, neither record labels nor streaming services will be entitled to the publishing rights or 80% of the advertising revenue.

But you don’t have to be an artist to benefit from music NFTs. If you are an investor or just looking for smart ways to increase your income, you can invest in collecting music NFTs and share the success of musicians you love through income 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 in the hands of fans and artists. You can effectively become a streaming service yourself by owning a Gala Music node and hosting NFT music purchased through the marketplace. The node owner can earn from the streams every time someone plays the specific song in the node.

Gala Music has already attracted superstars like Snoop Dogg to its platform. Snoop released his first NFT album on Gala Music, called Back on Death Row (BODR). Collectors could purchase a Stash Box that contained an NFT for one of the 17 songs from the album.

If you want to earn passive income by listening to music, Current.us can be a good choice. An Android or iOS-based mobile app called Current.us will pay you about $600 a year to play music on your cell phone. It is one of the most rewarding apps if you want to generate passive income by listening to songs. You can earn money while commuting, jogging or working in the office. Basically, you earn points for being active on the app. The more you tap on the music or other features in the app, the more points you will earn. You can use your points to redeem gift cards, record music for offline use or withdraw money using Paypal.

Conclusion

Music NFTs are a new frontier for the music industry as artists begin to experiment with NFTs and interact directly with their fans. A new format for the production and sale of music allows artists to earn more money and control all distribution processes since there is no need for any third parties. Fans can communicate and support their favorite musicians while earning from owning NFTs or listening to music. As with any investment, everyone should research the music market and its risks before investing in music NFTs. But for those willing to do some ground breaking, NFTs could be at the forefront of another evolution of the global music industry.