Music NFTs promise to be a revolutionary way to look at the music industry. Although blockchain-based systems of any kind are relatively new, they are already integrated into all sectors; the entertainment industry is no exception.
What is a music NFT?
Music NFTs are ownership certificates for unique soundtracks or music that can be collected, shared, or sold. NFTs provide undisputed proof of ownership through blockchain technology, accompanied by 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 offer users 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 restricted NFT files. By its very nature, NFT music is unique, and it is fast becoming a highly sought-after collectible.
Now, musicians can create their own music NFTs, which they can sell or auction directly to fans who pay with cryptocurrencies like Bitcoin, Ethereum, and more. This gives artists complete control over their products, as they now have another option 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 their favorite musician’s work. NFTs can be stored in crypto wallets and then sold at higher prices. The musician who created the NFT may no longer be able to sell it, but they can still profit from the resale of the NFT. This is just one of the many ways that musical NFTs are empowering musicians and their fans.
Since the NFT marketplace includes verifiable and irreplaceable original digital items, this makes music NFTs more than collectibles or limited-edition artworks. Companies can use them to increase fan engagement and provide them with new projects, exclusive offers, and reward 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 having to go through an agency or record label for a large profit share. For example, NFT Tone is a marketplace and NFT-based music library that offers artists preferential terms. The project provides a platform where artists can sell their music directly to their fans, sell concert tickets and sell their merchandise. Artists retain full ownership and rights to their music, which is one of the best things about NFTs on NFT Tone. Since the distribution distribution is incorporated directly into the NFT, neither the record label nor the streaming service is 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 a smart way to increase your income, you can invest in collecting music NFTs and share the success of your favorite musicians with income and rewards. One of the “listening” platforms is Gala Music – a music-focused NFT and streaming service created by Gala Games. Gala Music no longer owns and hosts the music’s streaming services and record labels, instead handing the power back to fans and artists. By owning a Gala Music node and hosting NFT music purchased through the marketplace, you can effectively become a streaming service yourself. Every time someone plays that particular song in the node, the node owner can profit from the stream.
Gala Music has already attracted superstars like Snoop Dogg to its platform. Snoop released his first NFT album titled Back on Death Row (BODR) on Gala Music. Collectors will be able to purchase the NFT’s Stash Box containing one of the album’s 17 songs.
If you want to earn passive income listening to music, Current.us might be a good option. An Android- or iOS-based mobile app called Current.us will pay you about $600 a year to play music on your phone. It is one of the most valuable apps if you want to generate passive income by listening to music. You can earn money while commuting, jogging, or working in the office. Basically, you earn points by being active on the app. The more you tap on the app’s music or other features, the more points you earn. You can use your points by redeeming gift cards, recording music for offline use, or redeeming them with Paypal.
Music NFTs are a new frontier in the music industry as artists start experimenting with NFTs and interact directly with their fans. A new model of music production and sales allows artists to make greater profits and control all distribution processes, as no third parties are required. Fans can communicate and support their favorite musicians while owning or listening to music NFTs. 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 something pioneering, NFTs could be at the forefront of another evolution in the global music industry.