NFTs may have had their breakout year in 2021, however, music as a manifestation of Non-Fungible Tokens and digital art has been in the ascendancy in 2022, creating a new type of boom in the expansive world of decentralized ownership.
In 2021, there were quite a number of record sales for NFTs with the Bored Ape Yacht Club NFT collection rising to become the most valuable NFT class in the process. In the light of the successes made by digital art, music NFTs are also beginning to gain prominence. The essence of this piece is to show you the top 10 music NFT platform that you should explore today.
Let’s dive right in.
Sound is a relatively new entrant in the world of NFT music. Despite this fact, the platform has a lot to offer both web3 enthusiasts and music artists. Sound creates a platform where music artists can freely upload their songs and generate unique NFTs for each track. These NFTs can then be minted by fans as a form of unique proof of support.
One of the advantages of Sound is that users usually get early access to new content. By minting a song’s NFT, users get exclusive access to make comments on the song and also gain access to Sound’s Discord server where they can interact with artists, partake in “listening parties” and other personalized experiences offered by the artist.
If you are a music artist who fancies total freedom and custom campaigns that depicts your core values and style, then Mint Songs could be for you. Mint Song lauds itself as a platform that helps artists make a living out of their creativity. It does this by giving them the room to mint NFTs attached to music, these NFTs are then sold at auctions to raise funds for artists.
The platform is not open to all as new artists either join by invitation from a collector or from an existing artist on the platform.
So this is how SoundMint works, an artist puts all of their creativity into work to create components such as music and catchy visuals to accompany it, then forwards these different components to SoundMint. SoundMint then blends these components through an auto-generative process to create a truly sophisticated, yet unique blend of art.
By collecting music art on SoundMint, you can gain access to the SoundMint community where you can directly relate with artists. Additionally, collectors get exclusive content and merchandise from artists, access the SoundMint metaverse and exclusive events, and partake in partnership opportunities.
Glass has set out to crack the wall and right the wrongs of popular content curation platforms like YouTube and TikTok. It aims to bring power back to creators by making every music NFT. So, instead of waiting on a curation platform to decide when content is displayed and how much a creator gets paid, Glass simply makes it possible for creators to sell their music as NFT at a price they consider to be good for them.
In essence, it is not about the number of views the music gets, but the value of the view as paid for by the collector who acquires it as an NFT.
Catalog serves as an NFT music marketplace. On the platform, artists are free from restrictions of all kinds and can set the price for their songs. The only thing with Catalog is that all songs are sold in a one-off trade.
The platform favors creators by enabling them to take 100% of the initial sale price of the music NFT. Creators also have the opportunity of setting royalties after the initial sale. The royalty can also be set to include a percentage commission for the secondary owner (initial buyer), thus creating a stream of perpetual revenue for both the owner and the artist.
Simply pronounced as Record Shop, the platform grants fans access to content that is exclusive and direct from artists. RCRDSHP curates and mints digital assets that users can purchase to support their favorite artists.
NFTs on RCRDSHP are regarded as records and they are of different types namely - Release collectibles and Artist/Label collectibles. These collectibles can include packs of rare cards, playable music, behind-the-scenes, production materials, and more. The platform claims that most content is RCRDSHIP exclusive
Decent operates a model that slightly differs from other music NFT platforms. On Decent, fans can acquire NFTs that are collateralized. Artists get to set the duration of a fan’s “commitment period” along with the royalties that accrue from their NFTs. Thus, a fan gets a percentage of the royalties that the music makes.
There is also another incentive. NFT holders earn interest on their royalty commissions. This interest is locked for the duration of the commitment period and is made available when it lapses. Lastly, the initial NFT purchase grants holders exclusive access to an artist’s future event, even after they sell the NFT.
Nina is yet another music NFT platform where users can freely stream music and can also acquire digital editions in the form of NFTs. On Nina, artists receive 100% commission on all NFT sales and only have to pay an average of $4 which helps cover both transaction and storage costs on the network where the platform is hosted.
The Pianity platform provides collectors with a place where they can buy records that are classified as limited editions. Tracks on the platform are minted as NFTs and are generally grouped into four categories namely Epic, legendary, unique, and rare. At the moment, the platform redistributes around 50% of its earnings to its community of about 20,000 users. Its sole aim is to increase earnings for artists while bringing fans closer to their favorite artists.
This platform operates more like a content curation marketplace where music NFTs can be bought and paid for with fiat. Sturdy Exchanges give collectors the leverage to customize royalties. The platform is exclusive and strictly based on invitation at the time of this writing.
NFTs have created life-changing experiences for artists of all kinds all around the world, the growing popularity of music NFT platforms is a further testament to the unique value that NFTs bring to the world of ownership.