Top 5 Notable Music NFT Projects - All Need to Know - Market247.io
Despite the fact that the above music NFT projects are expected to skyrocket between 2020 and 2021, music NFTs are still "a thing." The market has recently taken a turn for the worse, but the assets of digital collectibles remain unchanged. In this article, we will cover the top 5 notable music NFT projects that you need to know.
What is Music NFT?
Music NFT, or non-fungible token, is a one-of-a-kind digital asset that exists on the blockchain and can be bought and sold. Whereas a regular NFT is typically just a visual asset, a music NFT includes both a musical and a visual component.
Many artists use NFTs to grant access to concerts, meetups, and to give away merchandise, among other things. What NFT collections contain is determined by how the creators structure and distribute their NFTs. As a result, some collections are unquestionably more generous than others.
Top 5 notable Music NFT projects
Here are some examples of the top 5 music NFT projects created by iconic artists, as well as their stories.
Grimes sold a collection of digital artworks embedded with poems for nearly $6 million in a last-minute auction last year, proving her music NFT project to be the most profitable.
Grimes, real name Claire Boucher, announced the auction on Twitter the day before it took place. The WarNymph Collection Vol 1 consisted of ten works of art. Her Earth' and Mars' NFTs were two of her most famous works. At a fixed price of $7,500, approximately 300 copies were sold in two days.
Grimes wisely sold her artwork 'Death of the Old' as one-of-a-kind to the highest bidder. Following a bidding war among fans, the NFT sold for more than $400,000.
Justin Lau, also known as 3LAU, chose to auction off his album through a music NFT project rather than sell it directly. To differentiate himself, he streamed the digital assets live and, like most other artists, publicized the release of NFTs on his social accounts, such as Twitter and Discord.
Despite having been in the Web3 game since 2020, his most notable NFT moment occurred at the start of last year. He sold 33 Ultraviolet albums through NFTs in three days, resulting in a market cap of $11.7 million. Furthermore, the digital assets enticed fans by providing generous rewards such as limited edition vinyl, unreleased tracks, cutting-edge merchandise, and concert tickets.
Shortly after, 3LAU announced plans to launch Royal, a music marketplace where fans can buy ownership stakes in their favourite songs. Surprisingly, it quickly closed a $55 million Series A funding round. The platform continues to rise in elevation.
Steve Aoki has launched a music NFT project containing eleven unique works. Dream Catcher, a compilation of digital materials made in partnership with visual artist Antoni Tudisco, contained audio tracks in addition to gorgeous animations. On the Gemini marketplace, where other celebrities, including Elon Musk's ex-wife Grimes, have traded, the NFTs quickly went for $4.25 million.
Dream Catchers holders have exclusive access to Aoki's AOK1VERSE metaverse. Token holders receive complimentary mints, NFT releases, partner drops, tour tickets, pre-sale access, virtual metaverse performances, digital and physical collectibles, and further incentives.
Deadmau5's electronic music producer, Joel Zimmerman, collaborated with digital artist Nick DenBoer to create his music NFT project, head5, which consists of 5,555 NFTs and features various characters from Deadmau5's music videos. Extremely special Deadmau5 songs can be played by clicking on the peculiar artwork.
Deadmau5 unveiled his NFT project, revealing distinctive artwork and sound. In addition, the marketplace has just added a function that enables consumers to buy and sell NFTs using their credit cards within minutes, providing Deadmau5 with a greater possibility to sell NFTs to crypto inexperienced followers. This supposedly led to $4 million in NFT sales for Deadmau5. The rarest NFT in the group sold for $10,000, whilst the others were most commonly purchased for roughly $4,000.
KINGS OF LEON
The first prominent band to create a music NFT initiative was Kings of Leon. The band's most recent album, When You See Yourself, was minted into NFTs on the Yellow Heart platform in March of 2017 and quickly produced more than $2 million in sales. The collection includes an album developed for NFT holders, digital artwork, merchandise, and concert experiences of the highest caliber.
Subsequently, the American composers gave $500,000 to Live Nation's Crew Nation Fund to assist road crews impacted by the pandemic.
How to Buy Music NFTs
On websites like Opensea and Nifty Gateway, which are among the most popular sites for visual and audio NFTs, it is possible to buy and sell music NFTs. New sites such as Royal, Opulous, Catalog, and Sound XYZ are marketplaces for a particular type of music NFT known as a limited digital asset (LDA). An LDA's purpose is to permit artists to share royalties rights with their fans, at their discretion, and to encourage rights holders to share and remix the music they possess.
How to Sell Music NFTs
To sell a music NFT, you must also create an account on an NFT marketplace and link your Ethereum-loaded digital wallet. Some marketplaces are invitation-only or require an application from artists. Typically, sellers must pay "gas fees" to create and mint an NFT collection.
You must then create the music NFT collection you intend to sell. Choose which of your songs you'd like to include in this compilation, and add cover art. This step's decision-making is crucial because it allows you to determine what you believe would be unique and valuable to a buyer.
Music NFT Marketplaces
You may already be familiar with OpenSea, one of the largest NFT marketplaces at present. They also provide music NFTs, which can be found on this page.
Additionally, popular platforms such as SuperRare, Nifty Gateway, Rarible, and Binance NFT offer music NFTs.
There are also quite a few NFT marketplaces that specialize in music, such as onlymusix, Serenade, and Async Music.
That is all about the top 5 notable music NFT projects. NFTs in the music industry could be the next big thing. While traditional CDs are diminishing in popularity and streaming services pay extremely low royalties, music NFTs may provide musicians with alternatives to monetise their work. In addition, web3 technology enables musicians to communicate with their audience in unprecedented ways. Owners may also resell their music NFTs, similar to CDs and records. Given the numerous advantages, musicians should consider employing music NFTs for their next endeavour.
Before making a purchase, you may explore the assets of music NFT projects. By examining the roadmap and utilities, users can determine whether or not to purchase NFTs.
Is NFT music lucrative?
NFTs are an excellent way for musicians to profit from their work without contributing a portion of their earnings to a record label or streaming service.
Can I utilize music with copyright restrictions in an NFT?
For NFTs that are copies or very near derivatives of an artistic work, the minter must comply with fundamental copyright law and obtain permission from the owner of the copyright or license the material.
NFTciti.io - New NFT Marketplace Project
NFTciti is the first marketplace to share revenue with NFT creators. It’s built to be easy to use and a joy to explore, whether you’re a longtime NFT enthusiast or a newbie just encountering the blockchain miracle for the first time. On NFTciti, collectors can easily stay updated with the latest information about NFT collections and manage their portfolios with high security. Initially, NFTciti will support Polygon-based NFT, then expand to support other blockchains.
Market247.io offers fundamental and technique analysis about potential crypto projects and hidden gems. By doing so, we hope to bring information promptly to support investors making investment decisions. All information provided by Market247.io is just as a reference, not an investment advice.
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