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Music NFTs explained: How can it change the music industry?

Music NFTs explained: How can it change the music industry?

Music NFTs explained: How can it change the music industry?

Wed Aug 31 2022 08:27:00 GMT+0000 (Coordinated Universal Time)

In today’s digitally-advanced world, NFTs have become more popular due to their versatility. They are used for casino gaming or digitising physical assets such as artwork and videos to give people full ownership without intermediaries. However, did you know NFTs are now also used by musicians and artists to get the credit and profit they deserve?

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Another thing you have to look forward to is you can use gambling NFTs for fun! Aside from the blockchain music industry, crypto gambling gets better now that you can bet on your NFTs. if you want to know what are the benefits of music NFTs, then this article is for you.

What are non-fungible tokens (NFTs)?

In essence, NFTs are digital representations of real-world objects such as in-game items, art and music. Moreover, NFTs are unique that cannot be replicated since these are limited assets, hence the term ‘non-fungible’. 

In other words, NFTs are just like collectable esports trading cards, jerseys and figurines that you can rarely find anywhere else.

While other blockchains such as TRX, Solana and Cardano are also capable of minting and creating NFTs, these assets usually run on the Ethereum network. 

What are music NFTs?

Music NFTs or the NFT music industry refer to the certificate or proof that identifies the owner of a musical work. This can be sold to anyone, and its current owner can do whatever they please with it. Aside from rights to the music, it also provides claim to albums, artworks or other kinds of content created by the artist. 

How do music NFTs differ from buying a song?

Whenever you subscribe to a membership in any music streaming platform such as Spotify and Apple Music, your payment gives you the right to listen to all the music available. But with music NFTs, you are granted ownership of a specific track. 

Given both sides of the coin, some people question why music NFTs are a thing especially since you can just listen to the songs from streaming services. However, buying music NFTs gives you ownership of the song, which can be a form of asset that you cannot duplicate or replicate.

Additionally, NFT musicians no longer need to pay expensive fees to third-party apps to make their music accessible. They can also use this to sell merchandise to increase their revenue. 

How do music NFTs work?

Music NFTs revolve around the sales and production of an artist. The profit collected from selling these tokens goes directly to whoever created them, removing the need for third-party apps that charge artists high fees. In other words, NFT for musicians also pose as the merchandise that fans can buy and enjoy to support only the artist

Here’s a guide on how music NFTs work below:

  1. Artists produce merchandise for their fans

Everything starts with conceptualisation, and artists begin by creating meaningful merchandise. This can be in the form of full-length albums, concert tickets or a snippet of their songs. 

  1. Selecting the blockchain and NFT platform

Once the artists finalise their merchandise, they need to select which blockchain and NFT platform to use for minting tokens. The most common platforms are Open Sea, Catalog, Foundation, Arpeggi and FormFunction. Each one has specific protocols on the blockchain and is mainly for music NFTs.

  1. Pricing the products and putting them on auction

Right after the minting of tokens, the artists can now begin pricing their products. They have the freedom to label each music NFT however they want. Once the prices are live, the supporters of the artists can now race and bid to own the rights of the products.

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How do NFTs benefit musicians?

Are NFTs good for musicians? Here are some answers to that question:

  1. Record label middlemen are eliminated

When musicians make music, it is essential to have a record label that will produce and release the music to the public. However, labels take a big cut out of the musician’s revenues and the creator only gets a percentage of the return of profit. Moreover, record labels hold all the royalties to the songs of the artist, which means musicians are no longer the sole owner of their work. 

With music NFTs, artists can get a 100% return on sales when they decide to sell their work directly in the marketplace without third parties. 

  1. No barriers to entering the NFT music scene

Anyone in the music industry can join the NFT marketplace, including beat producers, sound engineers, labels and independent artists. This will allow them to showcase their works to more people apart from the usual audience. 

Additionally, it opens the market for more diverse artists to enter such as King KakaTekno Miles and Cassper Nyovest. They are all Bitcasino ambassadors and have plans on jumping into music NFTs. 

  1. Everyone in the music production gets credit

Unfortunately, not everyone in the music industry is credited for their efforts. This ends up as one of the reasons why some artists stop pursuing their passion. 

With music NFTs, independent artists can finally get the credit they deserve because the data of each song contains every single detail. This includes songwriters, beat makers, synthesizers and more.  

  1. Attracts people to explore NFT and artworks

In reality, NFTs are a hard sell for public audiences since people tend to be intimidated by the technical world of crypto. As a solution to that, artists can serve as the gateway of the marketplace and welcome their fans to dive right in. By announcing their merchandise sale, music enthusiasts will have a reason to test the waters of collecting music NFTs. 

Examples of music NFTs

Music NFTs became more popular thanks to artists who made incredible sales out of selling their digital merchandise. Get to know the musicians who received high praise and revenue from their music NFT venture  below:

  1. Grimes

Grimes is an eccentric artist that dominates the pop and electronic music charts with her heart-stopping songs. In March 2021, she released ethereal digital artworks on the NFT marketplace and earned around six million dollars from the auction. 

Her most wanted piece is called ‘Death of the Old’ where cherubs are seen flying while an upbeat song plays in the background. This sold for nearly $389,000.

  1. Steve Aoki

One of the hottest electronic dance music producers, Steve Aoki, has earned millions from selling music NFTs in the market. The artist explains that his income from his art is higher than how much he has made in his career. Moreover, his ‘Hairy’ artwork has dazzled thousands of people on the web and reached a selling price of $888,888.

Aoki became more focused on producing quality music NFTs that contain the character of his songs. Because of this, fans are looking forward to seeing more of what he can bring to the crypto community.

  1. Kings of Leon

Kings of Leon proved to the music community that pop punk is not dead by releasing their 'When You See Yourself' album in March 2021 in the NFT marketplace. This album release is part of a series where fans who bought different packages have the opportunity to secure front-row concert seats and exclusive audiovisual art. 

In just two weeks of sales, the pop-punk band earned around 2 million US dollars and 400 million streams on Spotify.

  1. Eminem

Marshall Mathers or Eminem is famously known for the different characters he has created for his iconic music videos and song. As such, he decided to create an NFT called Shady Con which consists of varying merchandise such as artworks, digital figurines and more. 

  1. Deadmau5

Garnering over 4 million US dollars in NFT sales, Deadmau5 ranks as a strong contender in the medium. The famous mouse-headed DJ released a collection called Slickmau5, which consisted of different artworks featuring Deadmau5.

Aside from the artists mentioned above, lots of artists around the world are open to starting their NFT venture as well. They aim to express themselves in different forms of art that their fans will appreciate on an NFT streaming platform. In Africa, there have been rumours that Cassper Nyovest will soon release NFT to the marketplace.

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How can NFTs be used in the gambling industry?

Aside from making the music industry flourish, NFTs can also be the new frontier of online gaming. Get to know more about these innovations below:

  1. NFTs as promotional content

Upon placing your bets on a platform like Bitcasino, NFTs can potentially be offered as incentives or promotional materials. If you take part in Bitcasino’s tournaments or limited-time events like NFT Giveaways, you just might get the chance to get your hands on an NFT! 

NFTs can also serve as loyalty rewards for avid players. Upon completing challenges or milestones in certain games, they can win limited-edition NFT prizes. You can think of it as online merchandise that is exclusive to a platform like Bitcasino. 

Of course, VIP members of Bitcasino have exclusive access to the limited edition NFTs that you can never find anywhere else. These can serve as rewards from heart-stopping tournaments that only high rollers can participate in.

  1. Enjoy NFT-themed slot games

If you wish to combine the world of online casino games and crypto, you can enjoy the best of both worlds by playing NFT-themed slot games here at Bitcasino. 

Some of the games you can find include NFT Paradise TrippiesNFT Megaways and Paradise Trippies Bingo NFT. Playing these games will expose you to find well-known NFT tokens such as the Bored Ape Yacht Club and the Paradise Trippies collection

Music NFTs FAQs

  1. What is NFT music?

NFT music is a digital asset and collectable that come in the form of songs, short visuals, art and general merchandise of an artist. 

  1. How can blockchain change the music industry?

Blockchain technology can help improve the careers of millions of artists worldwide. By putting their digital merchandise in marketplaces, they get the credit and compensation they deserve. 

  1. Are there other types of NFTs?

Yes, there are other types of NFTs which can appear as digital artworks, ownership titles for land properties, in-game items from the best play to earn crypto games and so much more. The NFT marketplace contains a wide range of product selections. 

Let Bitcasino guide you through the world of NFTs

Jumping into the world of non-fungible tokens can be overwhelming at first, but Bitcasino is here to give you the headstart you need. If you’re a high roller looking for something to spice up your experience, look for NFT promos or play NFT casino games to win massive prizes!

Words by: Leira Lacuata

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Music NFTs explained: How can it change the music industry?