How To Buy Music NFT: A Beginner’s Handbook
The music industry is booming like never before; numerous platforms like Spotify, Apple Music, and SoundCloud are growing in number today. However, one of the major issues with all the music streaming sites is that the artists are not adequately paid for their work. The integration of NFT technology can help in this regard; in other words, one can turn music into NFTs and monetize it. This article will guide you on how to buy an NFT album.
Complete Guide on How to buy music NFTs
Here are the simple steps that you must follow in order to buy music NFT:
Step 1: Choose a platform and sign up
The first step in buying music non-fungible tokens starts with choosing an appropriate music NFT platform. Each marketplace differs in various ways and uses different blockchain networks. Always select a platform that suits your requirements; if you are a beginner, go for beginner-friendly sites, and if you don’t want to pay the gas fees, select the ones that offer lazy minting options. For instance, UPYO, Async, NFT Showroom, Opensea, etc., are some great platforms that you may check out. Once you choose a site, create your user profile on the platform.
Step 2: Connect your wallet account
Once you choose a music NFT platform and create your account, you’ll have to connect your wallet account to the site for ease of operations. If you do not have a wallet, you’ll have to create a wallet account and then connect the same with the platform you have chosen. Connecting the wallet is essential as it helps store the cryptocurrency used to buy non-fungible tokens.
Step 3: Fund your wallet
You’ll need crypto to purchase the music non-fungible tokens that are available on the marketplace. To add crypto to your wallet, choose a crypto exchange platform first. Once you select a platform, you can exchange your ‘fiat’ currency with any of the cryptocurrencies, such as Bitcoin, Ether, Altcoin, and so on. The crypto you want to purchase will depend on the blockchain and the marketplace you selected in the previous step.
Step 4: Browse and buy the NFTs
Once you add cryptocurrency to your wallet, you can browse the music non-fungible token collection available on the platform. You can select any of the tokens that you like and verify if you have enough crypto to buy the non-fungible token. If you fall short of funds, add more crypto from the exchange, or if you have sufficient crypto, you can buy the selected non-fungible token by initiating the transaction.
You can follow these steps to invest in music NFTs of your choice in the platform you select.
How to sell music NFT?
Here is the easy step-by-step process on how to make music NFT easily; just follow the steps and make money with music NFTs:
Step 1: Select an NFT music platform and register
The first step in selling music non-fungible tokens lies in selecting an appropriate music NFT platform. Each marketplace is unique in its own way and employs a different blockchain network. Always choose a platform that meets your needs; if you are a newbie, look for beginner-friendly sites; if you don’t want to pay gas fees, look for platforms that give lazy minting choices. Some excellent platforms to consider are UPYO, Async, NFT Showroom, Opensea, and others. Create your user profile on the platform once you’ve decided on a site.
Step 2: Link your wallet account
After selecting a music NFT platform and creating an account, you’ll need to link your wallet account to the site for convenience. If you don’t have a wallet, you’ll need to create one and then link it to the platform you’ve chosen. Connecting the wallet is necessary since it aids in the storage of the cryptocurrency used to purchase non-fungible tokens.
Step 3: Add crypto to your wallet
To sell music non-fungible tokens on the marketplace, you’ll need cryptocurrency. First, select a crypto trading/exchange site to add cryptocurrency to your wallet. Once you’ve chosen a platform, you may swap your ‘fiat’ currency for any cryptocurrency, including Bitcoin, Ether, or Altcoin. The cryptocurrency you want to buy will be determined by the blockchain and marketplace you chose in the previous stage.
Step 4: Mint your music NFTs
After adding cryptocurrencies to the wallet, you may start the minting process, which is nothing but uploading and validating your digital music creation. The NFT platforms will usually have an option called “Mint NFT,” which helps in creating your music non-fungible tokens. This step will involve paying gas fees which are required to mint the NFT. One must keep in mind that the gas fee differs depending on the blockchain and the NFT platform.
To sell an NFT, most marketplaces require the following steps:
- You have to choose a mode of sale – auction or fixed price system, as per your preference. Usually, auctions are timed, and fixed-price sales are not timed as such.
- Furthermore, you can add the royalty terms and conditions to the NFT.
Benefits of Buying Music NFTs
There are multiple benefits associated with music non-fungible tokens, as listed below:
No third-party interference:
The traditional music market or marketplace involves various external parties and music artists getting themselves locked in various terms and contracts with them. This may turn out bad for the artists due to their limited knowledge about the contracts.
Furthermore, aspiring artists who do not know who to contact to launch their music may get caught up with middlemen who may sometimes turn out to be fake.
Moreover, an artist’s revenues are distributed among several parties (management, label, producer, marketing, etc.), which means that the artist receives comparatively less. Additionally, it is considerably more difficult to break out and create high-quality films because even a few hundred thousand views generate very little profit. Thus, the implementation of NFTs in this scenario can be helpful since it cuts out third-party intermediaries to a large extent, and the artist gets a large share of the revenue for their work.
It’s no news that streaming systems like Spotify and Apple Music provide poor returns for musicians, with many saying that millions of streams have earned them nothing. This problem can be solved with NFTs. Instead of having to deal with middlemen, artists may sell their work directly to fans. Furthermore, a few blockchain-based streaming sites automatically compensate artists using blockchain technology, usually at a far greater rate than traditional platforms.
NFT has great potential to revolutionize the music industry and help musicians get control of their creations. Furthermore, they also help artists monetize their creations without the interference of external parties. One can say that music NFTs help aspiring artists build their brands and sell their songs/albums independently.
Whether you wish to learn about NFT, Blockchain, Web3.0, Metaverse, or other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.
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