NFTs for Musicians: A New Dawn to Monetize Your Brands

Music is a passion, but it is also a profession. The sustenance of any musician is on the income they generate, and the chief sources are advances, merchandise, royalties, licensing fees, and playing live music.

Musicians are one of the entertainment industry’s richest artists, but it can also be tough for budding and independent to survive because money rarely trickles to them.

So, unless you are Jay Z, Rihanna, or Kanye West, looking for an alternative income source is not wrong. It’s not wrong even if you are Kanye- because, let’s be honest, we all need money!

In the last few years, a popular alternative that has emerged is NFTs for musicians.

Let’s explore this new trend for the artist to grow their richness.

What’s an NFT in Music?

Non-fungible Tokens are different than fungible tokens such as dollars. You can not 

distinguish a dollar from another one, which means they are replaceable to each other. But NFTs are non-replaceable as they are unique digital collectibles. 
In music, NFTs mean more than downloading songs on a PC or phone; instead, they will grant individual access with a certificate of authenticity. Based on Blockchain technology, these NFTs for musicians are secured.

Possibilities for Musicians

Apart from getting paid from music streams, some popular revenue-generating resources are:

• Artwork
• Lyrics
• Video content
• Virtual season work
• Display ads
• Affiliate marketing
• Personalized video messages
• Concert tickets/tours

Benefits of NFT for Musicians

Many celebrities are already experimenting with the NFT concept. As a result, many musicians are optimistic about drawing money from the expected music NFT market growth. The NFT market is expected to grow by $147.24 Billion by 2026.  

Music NFTs are not music files restored on Blockchain. You can’t directly find WAV (Waveform Audio File Format) on a blockchain, but you can put them live on your website. Furthermore, you can use blockchain-storage services like Arweave, IPFS, etc. 

Here are the benefits you can reap using an NFT:

• You can receive money instantly if your songs are streamed, and you get a payout from your fans using cryptocurrencies. 
• Music NFTs will sideline the intermediaries, and you can sell using your own streaming platform.
• Unlike past, you can directly sell your musical products to your fans. 
• You will have full control to prefer the suitable NFT music platforms for the launch of your album.
• You can give your fans access to reach for your songs and thus create greater engagement with them. 
• As a musician, you can use NFTs to reward your fans using your digital assets.
• There is no gas fee or minting charges for artists to pay.

Real-Life Examples of Music NFTs

Celebrities like Grimes, Kings of Leon, DJ Justin Blau, Snoop Dogg, and more have already earned from NFTs. For example, Grimes had auctioned her single video piece for $389,000 on the NFT marketplace using Nifty gateway.

How Do Music NFTs Work?

As a digital certificate owner of your musical record or album, with music NFTs, you can sell them to other parties. But you will have the sole discretion to decide how your composition will be used. These NFTs for musicians can help you connect and engage with your listeners in new ways. Whether you are a musical artist, song composer, or band, you can sell your music or other artworks with a fanbase through Blockchain.  

A great way to increase your brand’s value and merchandise your musical products is NFTs. Create your own NFTs from OpenSea or NFT showroom and give your fans greater access to your musical pieces. Hence, NFTs for musicians is an innovative way to grow their fanbase.