The trend of NFTs has made a fortune for various artists. However, since its introduction in the music industry, the world has never been the same. More music artists are now looking for ways to earn via music NFTs.
If you want a go at it but don’t know where to start, this guide is for you.
What Are Music NFTs?
Non-Fungible Tokens, or NFTs, are digitized collectibles created by artists and sold using blockchain technology to a person. The artist can make various copies of the product or sell a unique product. The buyer of this product will have ownership but not intellectual rights.
Music NFTs are similar to these products. The only difference is that with the picture of an album track, there’s actual music attached. Moreover, an additional benefit, such as a free concert pass, is also attached to the NFT sold.
Artists can create these files in various formats, such as JPEG, PNG, MOV, etc.
How to Create Music NFTs in 4 Easy Steps
If you’re looking for straightforward steps for creating your music NFT to sell to the world, here are the four easy steps.
1. Choose the Music NFT Format
JPEG and PNG are popular formats for images, whereas MOV and MP4 will suit more to music NFTs more. Decide which format your file will be based on and what other benefits you’re offering your fans. Is it a membership offer or an exclusive discount code?
If the art you’re creating to accompany your music is complex, you might need a developer. Moreover, you’d also need a smart contract for which hiring a developer is a wise option.
2. Select the NFT Marketplace
Once you’re bound on which format file you’ll use, the next step is to choose an NFT marketplace. Music NFTs sell on limited platforms such as Rarible and OpenSea. These platforms allow you to mint your NFT, publishing your digital creation to the blockchain.
You’ll have to consider the marketplace’s gas fee, a transaction fee applicable on the blockchain. Some marketplaces have higher fees than others. Thorough research will help you navigate which marketplace will benefit your goals.
3. Pay Gas Via Your Digital Wallet
You must have a digital wallet to pay the gas fee. Hence, if you don’t, consider making an account on one such as MetaMask. Buy some cryptocurrency using the digital wallet and an exchange.
You must ensure you’re buying the correct currency which your marketplace accepts. Solana and Ethereum are the most popular crypto coins used in NFT minting.
Once you have a digital wallet with cryptocurrency, connect it to your NFT platform. Payment of the gas fee will come later when your NFT is ready for sale.
4. Mint Your Music NFT
Once you have paid the gas fee, you’ll then have various options at your disposal. You must upload your digital file to mint your music NFT. The platform will give you options for creating multiple copies, title selection, file property specification, and setting your royalty percentage.
Pay the gas fee via your digital wallet, creating a mint token and contract. Sign the transaction, and your music NFT is ready for sale.
Music NFTs are rising in demand as they give autonomy to artists in how they want to sell their creations. Moreover, it alleviates the issue of intermediaries eating up royalties. Hence, the music NFT trend is here to stay.