Musicians and bands are entering the NFT market at a rapid pace. While many musicians are entering the NFT space, there have been several different NFT implementations that various artist have used. Here’s 5 different ways musicians can make money with NFTs.
1. Mint Your Songs
Upload and mint NFTs to your songs. Offer ownership over your music to your fans. The world’s largest online NFT marketplace, OpenSea allows for uploads of MP3 or WAV files. Upload your track through their easy-to-use user interface and sell ownership over your music.
If you are looking for a music only site, be sure to check out Mint Songs. This Polygon Network based service allows musicians to mint their songs for free. Just be aware, while these services will allow you to sell your music as NFTs, by uploading to these services, your music will be public, and anyone will be able to download the track. While there may not be a download button pictured, the file is public and has no data protections on playback or downloads.
2. Turn Your Live Concert Recordings into NFT Concerts
Turn your full length concert recordings into an exclusive digital collectible with NFT Concerts. Our unique implementation uses the public NFTs as a key to unlock and stream encrypted private concert recordings. Think of the bootleg recordings of old – there were only so many copies of a single show. Those bootleg recordings were coveted and passed from fan to fan.
At NFT Concerts, we are restoring the idea of a limited concert recording using non-fungible tokens. Instead of bootlegs, we offer artists (or content owners) the ability to release legitimate high-quality recordings to their fans in limited quantities. We mint a unique set of NFTs that grant access to that concert recording. It is public knowledge how many NFTs grant access to the show, ensuring content exclusivity and offering real value for the owners of that NFT. These NFTs are then sold to fans and our streaming platform checks for ownership of that required NFT for access to be granted to the viewer.
If you want to generate additional revenue from your live concert recordings, be sure to check out the NFT Concerts Artists page for more details.
3. Team Up with a Visual Artist for a NFT Art Drop
Digitally designed visual art, particularly animation was at the forefront of the NFT world. Early sales of digital visual artworks helped prove the NFT model to the world. Most NFT marketplaces were set up to sell visual art first and have been adding support for additional file formats and mediums as they build out. Visual art still dominates a large portion of sales, and many NFT investors are still most comfortable buying a piece of digital art that has a visual component.
For this reason, many musicians started teaming up with visual artists. Attach some of your music to an animated clip or image that fits the mood and turn that into a traditional NFT. List for sale on any NFT marketplace and be sure to market to both of your fanbases. Just be sure to come to an agreement on the finances beforehand.
4. Start an NFT Fan Club
Zhu made headlines earlier this year when they announced their plans to build an NFT based fan community. Offering free NFTs to the attendees of their six-night run at Red Rocks, Zhu plans to be the first to do a more fan focused NFT effort. Community members will get exclusive access to merch, content, and event presales.
If you’re an artist looking to start an NFT Fan Club, check out Night After Night. Their agency has been involved in several high-profile music NFT projects, including Kings of Leon’s When You See Yourself NFT album drop.
5. Release Your Album as an NFT
Rather than mint a single song as an NFT, release your whole album as an NFT. While this sounds simple, the beauty of smart contracts ensures this can be done in a variety of manners. For the Kings of Leon album release, the band sold three different level tokens. One type that included a copy of the album, one type that included visual artwork, and one type that had live event perks.
Or you can copy the Damon Dash approach and sell actual ownership over a portion of the album (and all future proceeds generated by that portion of the album) as an NFT. While that didn’t work out so well for Dash when he tried to sell a portion of Jay-Z’s album, Reasonable Doubt, leading to multiple law suits over his rights to market, list, and sell that asset, the concept is sound. If it was listed and sold directly from the musician or band, you can sell the rights to your album as an NFT. Check out YellowHeart and their music marketplace for more information.
While there are many options for musicians to enter the NFT space, we encourage artists to do their homework before deciding. Don’t simply take advantage of the hype. Offer your fans a digital asset that will have lasting value. Put the time, thought, and effort into creating a memorable digital asset. If you would like more information about NFT Concerts, please be sure to visit our website and sign up for our mailing list in the footer below.