New York, NY (Top40 Charts) Over the past few months, you've probably heard people talk about NFTs a lot.
Non Fungible Tokens have expanded recently, allowing for a transformation in how we, as people, understand digital transactions in relation to tech.
NFTs can take so many forms, which is why it is so popular and why different people can take an interest in them. From trading cards to event tickets, music and media, gaming, virtual fashion, and even real-life assets. For the sake of this article, we will be discussing the best music NFT marketplaces in 2022.
Music NFTs are important for the industry, as it lets fans buy original merchandise like artwork, tour tickets, original songs, and even albums. This is even better for the musicians as it lets them earn a stable income and fight piracy. Let's take a look at the top 10 NFT platforms for musicians in 2022:
What is an NFT?
Non-fungible tokens are virtual assets or collectibles exchanged over the blockchain network using cryptocurrencies. No matter what collectible is sold, the NFT can only have one owner at a time.
They are also not physical files. For instance, you buy an NFT oil painting. Instead of getting a physical painting that you can touch, you get a digital file.
Non-fungible means that these tokens can not be interchanged or traded one for another. This makes them different from cryptocurrencies like Bitcoins and Ethereum, which are fungible. A single unit of these coins can be exchanged and remain equal. Fungible cryptos are great for transactions because they can be traded, so BTC gamble has expanded these past few years.
A non-fungible token can not be traded with another, which has made it truly beneficial, especially in the industry where piracy is the order of the day. With NFTs, the music right or royalty can only belong to one person at a time.
NFT Tone
This is one popular music NFT platform where musicians can sell their works by turning them into unique NFTs. The site is just like a social platform, and you can have yourself a following just like a real social media account.
The content you decide to put out is solely determined by the account owner. It could be your album, the first release of your song, royalties, live performances, live streams, and so on.
Using TONE is as simple as ABC, and you can start making NFT sales as soon as possible. If you already have a crypto wallet, the first step would be connecting it to your TONE account. If you don't have a wallet, you need to create one since you need it to make virtual transactions.
After connecting your account, the next step would be setting up your profile and making your collection; then, you can list it out and choose how you want to auction your piece.
Nifty Gateway
For those looking for an amazing site where they auction NFT for music, then the Nifty Gateway marketplace is a great choice. It is one of the best NFT marketplaces where you can market your tokens.
As an Ethereum based marketplace, Nifty is becoming increasingly popular, not only by artists but by creators who have always been looking for a place to showcase their work. It is, however, a closed platform, so contents are vetted, as well as sign-ups. You don't have to worry about becoming a member because the process is easy and user-friendly.
It runs on an Ethereum platform, so be sure to use a standard ETH wallet for easy transactions. Set up your account and 2FA in minutes, then you can initiate sales on your murals.
TuneGo
This versatile platform allows artists to make virtual unique fingerprints for their songs or tracks. Going into NFTs, TunesGo gives every talent the chance to secure their products and releases while still earning and making the most out of them.
With this platform, they can protect their creative rights, manage the distribution of their music, monitor possible gamification of their brands, monetization, and full involvement in their creative pieces. Operating on a blockchain network, TuneGo also offers privacy and exclusivity to the account owners under their platform.
Illust Space
With so many different sites in the NFT world, Illust remains the best NFT marketplace because they take digital creators one step further by giving them access to an augmented reality dimension.
The owners initially created it to help their clients in major record labels monetize their AR art without fail. It uses Ethereum tech and is a creative platform for artists to permeate the immersive layer and transcend their product into augmented reality through partnerships with other creators.
Illust is unique from all other sites, offering an entirely different service that makes people even more interested, resulting in the potential purchase of music NFTs.
OpenSea
This is probably the world's largest NFT marketplace. It is built on an ETH blockchain, which means you must first have a crypto wallet to buy on the site.
Several settings have been put in place to fully certify that a creator owns whatever item they put up for purchase on their website. You don't have to be an expert to use this; all you have to do is build a collection, then you can start uploading your content in the appropriate format.
The site is an open platform that is free to use and provides its item minting tool, so you don't have to code to buy or market on the site.
NFT Showroom
Although this is a new marketplace, this Showroom has expanded over the years. Unlike the Ethereum blockchain, where you need gas fees, this site is built on the Hive tech that is considerably cheaper for minting.
To start selling your music NFTs in the Showroom, all you have to do is open an account and store your HIVE keychain. Once you're ready, you will find the option without stress. Just name your price, and your item is ready to be sold.
The platform is less expensive than a lot of others, which is what makes it the perfect place to go if you're scouting for new and raw talents who haven't made their big break. These people can not afford to go bigger due to cash constraints, but you will find them here.
SuperRare
This marketplace was initially a gallery but was later transformed into a platform where different spectra of art pieces are sold. When it was first launched, it only displayed products from high-quality service that had been properly vetted.
At the time of this article, however, all the services on the site have been shared with every other creative. Using ETH tokens, you can mint, transact, and perform every other activity permitted by SuperRare.
As expected, purchases are made by auction models where bids are made using certain reserve prices. As a user, you can always customize your page and display your collection in whichever you deem fit.
Rarible
This is another ETH-based platform that lets you buy virtual works via NFTs. With Rarible, you can also purchase the ownership rights of these works. The platform is easy to use. It lets you display top items and allows you to browse seamlessly through the categories to search for the NFT themselves.
Surprisingly, you can make the site a source of passive income as it lets you own royalties on every item you buy or sell. Purchasing an item is easy. All you have to do is visit the website and select the item you want. When you click on this, you will be presented with two options: Buy or Place a bid. Placing bids lets you buy it at a different price from what was listed at first.
Foundation
This is another reliable platform that you can use to make crypto NFT purchases. To use the site, you have to fully register with MetaMask wallet, which must be fully integrated into the platform. The control of every asset listed on the site solely belongs to the artist until someone else purchases the assets and the rights are transferred.
It is an ideal choice for music creators and business owners, as it is a qualified crypto site.
Conclusion
Now that you know the 10 best NFT marketplaces, it is up to you to choose which one is most suitable for you in terms of monetization and profits.
We should be thankful for the technology that has made NFT trading possible in the music industry. This has helped artists to be able to make the most out of their skills and monetize their talent to the fullest.
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