All in all, as we have seen, NFTs can be used in many different ways by the music industry. Now, I know you have a question on your mind: How can you benefit from NFTs in the long run? But also, what is the best way to sell your music with NFTs?
With NFTs, a whole new system is created. Indeed, we totally reinvent the way to sell his creations in the digital world. In particular as in the standard streaming platforms like Deezer or physical media like CDs. Have you dreamed of finally being able to collect the music of your favorite artist? The visuals of each album? Bingo! It’s now possible with NFTs, thanks to totally innovative technology. In addition, virtual reality is the link with NFTs and allows you to live an immersive experience. For example, The Nextech is planning to launch a program to create NFTs in augmented reality. Therefore, NFTs offer an infinite field of possibilities. The NFT system operates like a traditional market. That is, like any good market, it is governed by supply and demand. A person buys an NFT because he believes in a music project. Maybe because he is a fan of a song or simply because he sees a real investment in this project. It makes sense that as you become more known, your NFTs will become more valuable.
From now on, the NFT wants to be the number 1 platform for all music creators. This is due to the fact that it allows you to receive royalties for each transaction.
For example, let’s imagine if you release your new song through a totally exclusive release on NFT. You choose to sell 100 available copies at only 1 euro each. Then 10 years later you become an international star and your song that you sold 100 copies of has become your most famous song.
The famous piece that you sold for 1 euro is now at more than 3,000 euros on eB*ay*. Therefore, you will get 10% commission on the eBay sale. Isn’t that nice?
In the end, this is the big strength of NFTs. With goods such as vinyl or CDs, it is impossible to earn a commission over time. But with NFTs, you can add a program that allows you to make money on every sale. You still need to find the right NFT marketplace.
In each sector of culture, there is a dedicated platform. More commonly called, the “marketplaces” of NFT. Here, you will have understood, we are going to be interested in the music marketplaces. But then, what is an NFT marketplace?
An NFT marketplace specialized in music allows artists to transform their tracks into limited editions and to sell them directly to their fans. This platform is mainly aimed at music fans and you don’t need to know anything about crypto-currency to use the platform.
The NFTs available on the market can be purchased by credit card. You don’t even need to create a crypto wallet to use the NFT markets.
Want to learn more about NFTs? Check out NFT Marketplaces