The internet has been claiming that NFTs are revolutionizing the art space. But is that all? Not at all. Musicians have started to explore the NFT marketplace, and NFT music has already managed to raise millions of dollars. For example, Grimes has recently auctioned 10 NFTs including unseen images and short videos surrounding her music for $6 million. While DJ 3Lau has auctioned 33 NFTs featuring unreleased music and one with a custom song which was sold for $3,666,666.
Nonetheless, to understand the power of NFTs, first, let’s understand how they work.
What is an NFT?
NFTs are digital proof of digital assets. The Digital Assets represent real-world objects, for example, art, music, memes, videos, etc. NFTs, or non-fungible tokens store information within them that is then distributed across a blockchain network.
How to sell my music as nft
A streaming and NFT platform, Myx aims to bridge the gap between artists and their fans. Basically, artists can release their tracks and collections as either 1/1 or multiple edition NFTs on the platform.
Myx also offers a feature called “Pods”, via which fans can invest in their favourite artists and earn along with them.
Essentially, Pods is a tool that allows different individuals to come together for music collaborations and earn together. Each collaborator will earn a revenue proportional to their Pod ownership.
Due to decentralised streaming, the platform claims that artists can earn up to three times what they earn from streaming on Spotify.
In addition, Music NFTs on the platform are secure and stored with IPFS.
How to sell your music as nft
And as usual, we’re here to answer that.
How to sell NFT music?
Download a crypto wallet
The first thing you need to do to get your NFT music out there is to download a crypto wallet that can store your NFTs. MetaMask is a great option. Alternatively, CoinBase and Binance also are very popular in the NFT landscape.
A crypto wallet is extremely imperative as not only will it store your NFTs, it will also store the cryptocurrency you will need to cover the gas fees. Speaking of gas fees, what the hell is it?
NFTs are hosted and distributed on blockchain networks. To ensure security, authenticity verification, and ownership proof, all the transactions surrounding any given NFT are recorded on the blockchain.
How do i sell my music as an nft
Therefore, don’t be shocked to find a particular painting costs $1000 while another is worth over $10M. Oftentimes, investors go for NFTs due to their intrinsic values that are beyond scope of investment.
As a result, it can be challenging to determine an asset value properly.
Even so, it’s important to go for long-term investment. That’s because it’s a safer bet with a potential for significant value appreciation.
Don’t invest in just any NFT. You should only target assets with the potential to appreciate.
There’s a common myth that creating and selling NFT art is best left for artists and tech-savvy people. In reality, that’s not the case – this is an industry that anyone can venture into.
In the beginning, it can be overwhelming, especially if you’re new to blockchain tech. However, it’s quite simple and easy to master.
From a beginner’s perspective, going with Polygon would probably be a wise choice.
Here you need to decide which cryptocurrency you will be paid in.
The list is pretty huge but the two most popular options are ETH and WETH (Ethereum and Wrapped Ethereum).
To put it simply, WETH is another version of ETH, adapted to a newer crypto standard – ERC-20.
Complying with this standard allows Ethereum to spread across other constantly emerging trading platforms.
This option basically determines how big the images are going to be as per your NFTs.
Explicit & sensitive content
Finally, you have to indicate whether your artwork contains any explicit content.
After PATIENTLY waiting for the transaction to complete, you will now be able to mint tokens!
Click the factory icon again, select your store and click the red “Mint Tokens” button. At the top of the next page, click the dollar sign and fill out how many editions you would like to mint, and determine a price.
Then click the Play icon and upload your audio or video file on the right. Name and describe your token on the left then upload your main thumbnail image.
After this tab is complete you can explore the other tabs to add additional content and information including URL’s, Youtube Links, downloadable content, and location data. After everything is filled out, double and triple check, then click Mint Thing.
Follow wallet instructions and wait PATIENTLY for the transaction to confirm.
The best part is, the user-friendly interface of the platform makes it a breeze for anyone without any technical knowledge to navigate the space. Moreover, the NFTically team takes care of all the legal and technological hassles that you may face while setting up your NFT store.
Setting up your NFT store
Last but not the least, after you find an NFT marketplace you feel comfortable with, you need to set up your NFT store.
Firstly, connect your crypto wallet to the NFT marketplace. Then, you can move on to minting your NFT. Select the audio or tack you want to mint and transform it into NFTs.
You also have the option to form a collection of your music, also known as a collectible. Collectibles are soft of like genres, so users interested in music may come across your creations while browsing collectibles, as well.
It is practically minted on the blockchain until it is sold for the first time. The data regarding it is stored on the IPFS, a decentralized file storage system, until it is minted.
The transaction that assigns the NFT is also responsible for the gas fees.
That’s why the creator does not have to pay any additional costs to mint. A portion of the purchase price goes towards creating the NFT record on the blockchain.
How to mint NFTs for free on Rarible
Another popular NFT marketplace for NFT art, in-game collectibles, and other NFT assets is Rarible.
We’ll walk you through all the steps necessary to learn how to sell NFT art for free on Rarible. Since you will need a crypto wallet to connect to Rarible, we will use the same MetaMask wallet as we use for OpenSea.
Explicit content & Sensitive Content
Let the buyers know if this item is not safe for work or has any explicit content by switching this radio button on.
At the time of writing this article, the Supply field was unavailable, so if you wish to sell several copies of the same track, it will have to be several individual NFTs.
The network will be locked to the one chosen in your collection.
Selecting this option means that all of the NFT details will be locked forever and won’t be editable either by you nor the future owners.
Now hit that magical Create button and… let’s move on to the Selling phase!
This is where the fun starts, and all your hard work begins to take shape.
Take special care to name it something unique and cannot be duplicated, just like the token itself. The best advice is to date, title, and name each file the same.
Beware these changes can’t be undone.
Only add links that should stay live for long periods. Adding junk links will only decrease the value of the token or tokens.
These steps were just paperwork to ensure that your NFT is unique and has the pedigree to prove it.