Striking New Chords — The Top Evolving Music NFT Marketplaces to Make Your Money Sing
A Song of Purchases and Sales
It is in the very fabric of our lives. Seven notes, an infinite possibility of combinations across a variety of instruments, and a presence in our lives that we cannot seem to escape from, or even want to. That’s right, it’s music! Our favorite playlists have slowly moved to our backpacks and then our pockets over the years, with digital technology and streaming services like Spotify and Apple changing the way artists publish their work, and in the way audiences consume content.
Blockchain technology, and Non-Fungible Tokens in particular, are the latest step in the evolution of how music is made and consumed all over the world. Allowing users of blockchain platforms to purchase original tracks, album artworks and a host of other collectibles, music NFTs and music NFT marketplaces are quickly becoming a popular niche in the overall blockchain trading market.
With the right tools, these valuable digital assets can prove highly lucrative for you as a collector, or even as a creator.
Popular Music NFT Platforms
As long as you have a bit of cryptocurrency to pay for the NFT, a wallet to store it in, and
a platform from which you can participate in trades, you can use any of these platforms to gain access to the best that the music NFT marketplace has to offer.
An open marketplace based on the Ethereum blockchain technology, Rarible offers auctions as well as fixed price sales on its marketplace, whose unique proposition is RARI. It is among the first governance tokens in NFT marketplaces that gives its owners voting rights on any major events or changes on the platform. With support for a variety of currencies, wallets and token formats, this is a unique, shared social experience in the music NFT space that you might enjoy exploring!
Unless you have been living under a rock for the past decade, you are likely to be familiar with the Nyan Cat meme. The original adorable cat video with the extremely catchy digital soundtrack was sold on this platform for a whopping $600,000, amongst other popular digital music artwork, albums and other memorabilia. This is a creator-focused community that boasts an exclusive, invite-only membership feature that needs you to either be invited by a creator or be voted in by the community! With support for Ethereum blockchain and multiple wallet and token options available, Foundation is a viable choice for the serious collector, as long as they can get their foot in the door first.
Known colloquially as the “ebay” of NFT marketplaces, Open Sea is a NFT trading platform that is open, supports multiple blockchains, wallets and tokens, and is free to use with the additional benefit of offering you a lazy minting option. With over 4 million products on offer, it is a good place for an artist or collector to begin their digital journey into music and associated assets with a low 2.5% marketplace fee for each sale.
The self advertised “Instagram meets Christies”, Super Rare is a peer-to-peer based marketplace for NFTs based on the Ethereum blockchain. It is a more creator-focused, exclusive platform where a selection process determines your presence on it! It charges a premium of 15% in transaction fees and provides a 10% royalty to creators on every sale of their work, making it ideal for creators to showcase their content, providing they can get past the selection process!
An Ethereum-based auction platform for digital items such as artwork, music, in-game items and the like, Mintable is a solid platform for any collector looking to start a new collection or add to an existing one. With lazy minting options and “buy now” auctions available for trading, the platform exclusively accepts ETH as the payment mode and provides a 5% royalty on secondary sales to content creators.
NFT Showroom is a digital art marketplace based on the HIVE platform, which offers a simple, convenient solution for making and selling digital art according to the end users skill levels and comfort. It is another creator focused platform for NFTs in which music can also be a major component in the form of exclusive album artwork and other such digital assets, which can be traded on the platform with exclusive pegged tokens.
Can Music NFTs be a viable trading option?
Music can be a tricky slope to navigate for a collector finding their feet in the blockchain space. Gauging the relative success or failure of a digital asset in the music space not only requires trained eyes and ears, but also trained minds as well, and a key sense of what the industry is trending towards at all times. With popular band Kings of Leon choosing to sell their latest album as NFT collectibles, it is clear that blockchain technology is revolutionizing the way in which music is purchased and consumed, similar to what Apple did so many years ago with the iPod.
With the right tools at your disposal, you can ensure that you stay ahead of the curve, and have a profitable portfolio of digital assets in the music space. For instance, bitsCrunch offers up a suite of useful NFT management tools under its UnleashNFTs platform, which offers fair price estimation, anti-spoofing and anti-duplication measures to protect and secure your NFTs while also enabling you to trade NFTs with all the information you need at your fingertips!
It is time to make your money sing. With the power of UnleastNFTs at your fingertips, trading in music NFTs, or any other NFTs for that matter, is easier, more transparent, and more profitable!
1.How do I find the best music NFT marketplace?
Finding the best NFT music marketplace means finding your best way to make some worthy incentives. Check for a platform that has fan engagement, scope to the global following, and royalty. Did it meet those criteria? Now it’s time to secure your music NFT as an artist. Refer to bitsCrunch for the best tools that could save your music authenticity and provenance.
2. Can you sell the beats on NFT?
Yes! Creators can now sell their independently produced beats to collectors through exclusive or open marketplaces depending on their level of skill and comfort with blockchain platforms. For fair valuations on your NFTs, bitsCrunch is here to help with the best analytical tools on the job to trade as well as protect your digital assets and NFTs.
3. Which NFT music marketplace is more popular?
Your best bet would be to start with Open Sea as it is an open platform and has a comprehensive marketplace of products for a variety of budgets and tastes. It would be a good starting point for a casual collector and a good platform to learn about more serious marketplaces and even exclusive ones that you could consider eventually as you expand your collection.
4. How do I convert music to NFT?
You will need a wallet, a platform of your choice and a registered account on that platform, all of which are the most basic requirements for you to trade any form of digital assets in the form of NFTs. You will also need a little cryptocurrency based on the preferred payment option of your platform to cover any potential transaction fees that you may incur.
5. How do I mint a NFT?
You start with opening a crypto exchange account and a purchase of Ethereum or other cryptocurrency with which you pay the minting charges. Some platforms offer a lazy minting option which waives off the transaction fees for minting. The next step is to create your NFT and to expand by minting on other marketplaces as well You can learn more about this here.