NFTs are becoming big business. Like cryptocurrencies, but more fun because you get to own a digital piece of art, video clip, game item, or music track.
NFTs are the collector’s items of the digital era. Especially in the music industry, they have been taking off big time in the last year. Looking to get into the game? Here’s a rundown of the leading NFT platforms in the music industry.
What Exactly Are Music NFTs?
NFT stands for Non-Fungible Token are digital certificates of ownership of assets like artwork, music tracks, and video clips. They are bought and sold online as blockchain-encoded assets, pretty much like cryptocurrencies.
In a world of mass-distributed digital artwork, the main draw of NFTs is that it offers something unique: ownership of the original item. Who cares about bragging rights to the ownership of digital artwork?
The person who purchased the NFT “Everyday: The First 5000 Days” at Christie’s for close to 70 million dollars seems to care. And all those other people who spent a collective 174 million dollars on NFTs since 2017.
So, music NFT authenticates ownership of a unique musical asset, whether it’s an entire popular rock album (check out Kings Of Leon’s When You See Yourself, a limited edition album in an NFT format), a computer game soundtrack, or even royalty free music.
The owner is entitled to either decide how the asset is used or to sell it. The revolutionary part of it is not only on a financial level. It also changes the way artists and fans interact.
Art lovers can now be actively involved in the music business, owning their piece of the pie.
If you’re looking to get into the game, we can recommend three platforms where you can buy and sell assets: Centaurify, MusicArt, and Meteora.
Centaurify positions itself as “Your Live Event and Music NFT Universe”. It is a music NFT marketplace but also deals with live event NFT tickets.
While essentially dealing in financial services, Centaurify puts emphasis on their social role in the music industry.
They’re talking about empowering and supporting pioneering musicians, by purchasing their creations and giving them the freedom to create more music.
Musicians can sell their merchandise directly through the Centaurify platform, without any intermediary taking their share of the pie.
This vantage point makes Centaurify the perfect NFT platform for investors who care about artists, their music, and their creative freedom.
Musicart prides itself on being the only planet-friendly NFT marketplace for music artwork. Their focus is on music-based art and imagery. What makes them planet-friendly?
They use the BSV blockchain technology for its green commitment, consuming 10,000 times less energy than their competitor Ethereum.
Using Musicart is very straightforward. After you created your account with them, you just need to install a BSV wallet and purchase BSV coins. With those coins, you can then add funds to your Musicart account and buy NFTs.
Musicart is an open market, meaning you can transfer your NFTs to an external wallet.
Musicart caters well to buyers who love artwork or have a preference for environmentally sound investments. This music NFT platform will also make sense for people who are already invested in BSV cryptocurrency.
The self-proclaimed ultimate music platform, Meteora serves the discerning music fans and professionals with top-shelf features like their proprietary Lunaris.core next-generation industrial-grade layer-2 blockchain.
This Paris-based music NFT platform also offers its users a high-quality listening experience and an AI module that suggests music based on your earlier interactions with the platform.
Musicians are equally empowered by this all-in-one platform with full music publishing control, on-chain music playing and selling stats, instant and buffer pay, a dedicated full-featured music social media system, and an open gaming platform.
A nice touch is that Meteora displays full transparency towards its users. The Lunaris Inc. team is presented in the Meet-Our-Team section, complete with links to their socials and a contact form.
Their hero banner bears the slogan “Music is Yours”, a great promise that gives their community of musicians and fans a welcome and secure feeling.
Either one of these three contenders is a great choice. It all comes down to their angle and what fits you best, personally.
As long as you understand that, for both musicians and investors, there are no guarantees you will make any money with music NFTs.
Also keep in mind that blockchain launching and exchange fees, royalties, and marketplace fees will all take a sizable bite out of your proceeds.
Be that as it may, trading music NFTs is also a fresh and thrilling way to partake in the global music business, so don’t forget to have fun with it!