With regard to music, NFTs have been hitting all the right notes for music creators and fans alike. As the NFT music industry continues to grow, so does the number of NFT music platforms and web3 streaming services. Web3 streaming services paved ways for NFT music platforms to build better spaces for collectors and sellers. These platforms allow artists to sell their NFTs and give fans a way to stream and purchase NFT music.
NFTs are one-of-a-kind assets that are stored and traded on a blockchain. They are unchangeable, scarce, and publicly provable. For example, in the music industry, artists can now sell restricted digital content to fans who pay with cryptocurrency. You can now create any music content that no one can copy.
Music NFTs: Need Of Time
Music NFTs are a much-needed introduction to the music industry keeping in mind a slew of issues it is currently facing. The first and perhaps most significant of these issues is that of ownership. This question of ownership spills onto other areas of the overall lifespan of a track or album. It affects not only the artist but audiences as well.
Currently, an artist must work with a production company to record their tracks. They then release these tracks (or albums) under the production label, sharing their earnings with them. They must also pay for a presence on popular streaming platforms such as iTunes or Spotify. These streaming apps charge a high rate of royalty and music artists do not earn what they deserve.
Although many people still use Spotify or Apple Music, a few amazingly powerful Web3 streaming platforms and NFT music marketplaces have emerged in recent years and taken the world by storm. Independent artists could really take advantage of these blockchain supported technologies, as they offer powerful new ways to create community, share music, and even get paid in crypto.
NFT Music Marketplaces: Putting Control In Hands Of Artists
NFT music platforms are getting popular with each passing day, and early adopters stand to have significant gains. Web3 streaming services provides tools that help creating better NFT music marketplaces. Although it is still not certain that these Web3 streaming platforms and NFTs will surpass legacy services like Spotify or Apple Music, it sure makes sense for active producers, musicians, and vocalists to explore these options now.
The tools help securing ownership for music producers and artists, and it has helped various independent artists to gain better revenues in the form of cryptos. Now before we move forward to web3 streaming services and NFT music marketplaces available for artists, let’s understand what exactly are Web3 and NFT Music platforms?
What is NFT Music Marketplace?
Music NFT platform is a comprehensive platform for music producers to display encrypted work across different blockchains. Artists have started investing in NFT music marketplace to build a customer-centric marketplace for selling, trading and auctioning music NFTs.
NFT Music Marketplaces
A music NFT is a unique music or audio asset which is tradable and can eventually be stored on a blockchain. Non-fungible tokens have become very popular due to their features like immutability, public verification and the ability to create scarcity. This allows musicians and creators to distribute their music and other digital content to fans without any counterfeits.
That’s why NFTs are remodeling the music industry in various ways. In a modern streaming service-dominated environment, there are substantial issues related to fair royalty payments. The use of NFTs enable artists to be more independent and efficient to connect with their fans in various ways.
Now let’s look at the best NFT music marketplaces and platforms in the world of music NFTs.
- ZORA
- Nifty Gateway
- OneOf
- Rarible
ZORA
Zora is an NFT marketplace where anyone can buy and sell NFTs, but more than that, it’s aiming to be the NFT marketplace protocol. Mint photos, audio, or video, Zora manages it all. They incentivize platforms to build on the protocol, as it never goes down, it’s composable, immutable, universally accessible, and censorship-resistant.
Nifty Gateway
Nifty Gateway is one of the biggest players in NFT music marketplaces. However, it is also one of the most difficult platforms to get accepted on as it focuses on catering to the top musicians. This platform is powered by Ethereum blockchain and deals in $ETH, debit and credit cards. It charges only 5% + 30 cents on every secondary sale generated by artists.
Nifty Gateway’s aim is to make NFTs accessible. In this regard, they allow anyone to apply to become a creator on the platform. However, you must understand few things about this music NFT platform:
- To gain access on NiftyGateway, you must answer an 8-part questionnaire, followed by an interview.
- Artists receive lifetime royalties from each artwork sold on this platform and they can also receive the royalty percentage for themselves.
- The platform offers a custodial approach. It helps to store all the NFTs on the platform to store in a secured wallet, supported by Gemini’s custody technology.
OneOf
OneOf is an eco-conscious NFT platform that allows users to stream, buy, and sell NFTs. OneOf is a platform, which offers a sustainable and eco-friendly solution for the NFT industry. It has a revolutionary approach and takes responsibility for giving back to society seriously. Therefore, OneOf uses a portion of the proceeds from each transaction to plant trees and offset carbon emissions.
OneOf is also one of the only NFT platforms that allow users to stream NFT music. OneOf’s web3 streaming service will enable users to stream NFT music directly from their favorite artists’ websites. OneOf also has a built-in wallet so users can store their NFTs in one place.
Rarible
This is another NFT music marketplace supported by Ethereum, which is easily accessible. It was originally curated for digital artwork, however, users have witnessed an increased volume of sales of NFT music. The mode of payment on Rarible is done with ETH, WETH, DAI, RARI, ATRI. Artists have the privilege to launch their music on this platform as its charges are not very high i.e. 2 to 5%.
Rarible collaborations with Soulja Boy and Mark Cuban have been able to bring attention to this platform and the NFT space. In 2021, they raised a seed round led by 1kx Capital and Coinbase Ventures. This helped them create a decentralized autonomous organization (DAO) structure to invest in the NFT ecosystem. The new model will most likely help more consumers understand how DAO’s + art could change consumer behavior.
What is Web3?
Web3 is the third rung on the evolutionary ladder of the world wide web, which is oriented around the twin pillars of decentralization and transparency. Supported by blockchain, it has given rise to cryptocurrency, non-fungible tokens (NFTs), the metaverse and other modern tools that are transforming the ways in which we interact with technology and each other. The web3 tools are paving to create NFT music and give artists freedom that they deserve.
Web3 Streaming Services
One of Web 3.0’s main characteristics is providing decentralized infrastructure with the aim of increasing peer-to-peer interactions, enabling more inclusion of traditionally marginalized populations in everyday digital life. Additionally, Web 3.0’s decentralized blockchain protocol will help individuals regain control over their time and data while being properly compensated, in contrast to today’s world where multinational enterprises are the ones profiting from individual consumer data.
Music producers and artists have always gained a small amount of revenues or profits for their produced music. But now the tables have turned due to web3 streaming services. This streaming service supported by blockchain enables artists to generate earnings a lot more than normal streaming apps.
Many emerging web3 music streaming services differ from their predecessors because of its decentralization and giving the artist power back. Let’s go through a few of the most popular web3 streaming services.
- Audius Music
- Sound.XYZ
- Emanate
- Opus
- BitSong
Audius Music
Audius is a decentralized music streaming and downloading platform built on the Ethereum blockchain. Audius allows artists to upload, manage, and monetize their music. Artists can build their fanbase, share work-in-progress, and at the right time upload the tracks once completed for the world to hear. Audius also allows fans to stream and download songs.
The big names of music industry like Katy Perry, Jason Derulo, Nas, the chainsmokers, and Steve Aoki have also joined and run their music on Audius.
Audius is one of the only NFT platforms that allow users to stream NFT music. Audius also has a built-in wallet so users can store their NFTs in one place. Audius is on top of the latest and greatest in the music NFT platforms. One of the best characteristics of this service is, it doesn’t take a cut from the artist’s revenue.
SOUND.XYZ
Sound.XYZ is a web3 streaming service that allows users to stream NFT music directly from their favorite artists’ websites. Sound.XYZ also has a built-in wallet so users can store their NFTs in one place.
If you’re looking for the best NFT music marketplace and web3 streaming service, look no further than Sound.XYZ. Sound.XYZ is the leading platform in the NFT music industry and provides artists with a way to sell their NFTs and give fans a way to stream and purchase NFT music.
Emanate
Emanate is also a web3 streaming service built on EOSIO and uses its $EMT token for payments. Both the EMT token and the internal stable token run on the EOS mainnet. Anyone can track payments via EOS mainnet block explorers, such as Bloks.io and EOSX.io. This Web3 streaming service aims to create an environment, where artists receive full compensation for their work and listeners can enjoy high quality music.
Opus
OPUS is a decentralized music hosting, discovery, and listening platform. The platform also uses the Ethereum blockchain, and tracks are stored on the Interplanetary File System (IPFS). Using the IPFS, the platform is able to deliver thousands of tracks per second in a fully decentralized manner. Eventually, users listen to music through smart contracts, which the company notes contain the decryption keys and file hashes. Smart contracts also provide a way for users to compensate creators for their music.
According to OPUS’ white paper it leverages blockchain technology to guarantee fair compensation for artists, transparent and reliable payment rules; and extensive music content stored by the community. It enables artists to receive 90% of the money they invest in.
BitSong
This web3 music streaming platform BitSong is carefully curated for artists, fans and advertisers. Its payment model is based on ads. Artists upload songs and the platform incorporates ads to them. Every time a fan listens to a song and an ad, the artist and the fan earn up to 90% of the revenue invested by the advertiser.
Fans can also donate money to their favorite independent artist using BitSong’s native token, $BTSG, and use the token to buy songs.
Final Thoughts
Technology has always been changing the music industry in some way or other. Every era, new instruments have been discovered and introduced, which changed the genre of music. Technological advancements always have a great impact on content itself, so is the case of the music industry.
While blockchain and decentralized platforms are still new, they have made tremendous changes for music producers and listeners. The experimental composer Holly Herndon, for example, launched Holly+ in 2021, a blockchain-based production tool that uses voice data to replicate Herndon’s real-life voice. More importantly, it has enabled artists to earn way more than by launching their music on NFT music marketplaces rather than via agencies and conventional streaming applications.
Though the music NFT ecosystem still has some work to do. Most projects are still in progress and will need time to find their footing in this exciting new space. However, if you’re a musician, this is an ideal time for you to get started and explore how you can use NFTs to create new products for your fans and listeners.
