Music NFT commerce spaces changed the playing field drastically for the music artist community worldwide. With the versatility of non-fungible tokens rising every year and more use cases emerging every day, it is no wonder that this technology reached the music industry. While the modern NFT landscape leaves a lot to be desired, this new implementation of NFT technology could bring a closer, more personal connection from fans to their favorite creatives.
With the ability to market and sell their own music as collectible tokens, creatives can enjoy a hassle-free approach to the whole ordeal, while fans can support their favorite artists directly by purchasing music NFTs.
The Benefits of Publishing on a Music NFT Marketplace
It is pretty well established that most music streaming services are quite cut-throat in the modern day. Only a small portion of newcomer musicians and creatives to such services survive there for long. Prevailing on the service is a whole different set of hurdles. This is where music NFTs come in. They help artists benefit directly from their creativity, while most streaming services have a plethora of rules and criteria for an artist to overcome before they can start earning off of their talent.
The NFT world and general NFT commerce spaces are all about creativity and sustained talent, and these ideas do not elude the music NFT commerce spaces. Your keys to success are creativity and uniqueness. The creation of NFT music does not just end at creating the records themselves but can be transformed into something much more than that to the creative’s liking. Many additional technologies can be implemented to make the experience of interacting with your music NFT more personalized and exciting.
Moreover, an NFT commerce space enables musicians to forgo the traditional management label role that is usually associated with the music industry. Instead, each artist can be their own boss and take a much more comprehensive approach to their profits and production cycles.
Audiences, on the other hand, experience a much greater connection to the artists themselves. Audiences can learn about their favorite artists by exploring the additional music content that NFT commerce spaces often encourage creatives to create.
List of the Best Music NFT Marketplaces in the 2024
With how volatile the NFT landscape can be, newcomers and veterans alike need a little guidance from time to time. What seemed like breakthrough technology when it came out can just as easily and quickly be forgotten once its days are over. Read below to find out if ICODA’s list of recommendations suits everyone.
Many readers have most likely already heard of Open Sea. It is no surprise, really, as it is currently the biggest and most popular NFT commerce space for sovereign creators and professionals in the field alike. Established all the way back in December of 2017 and garnering support of blockchains such as Ethereum, Polygon, Klaytn, and Solana, it is a welcoming hub for many creators of the world.
The commerce space hosts a variety of famous artists ranging from Snoop Dogg all the way to The Weeknd. Open Sea supports ETH, SOL, AVAX, and many more tokens while allowing creatives to have full control over the creation, minting, and commerce processes of their NFTs. Monthly visitors on the service climb up to around 24 million, and their gas fees are kept relatively low at around 2.5%.
Moreover, news about the recent collaboration of said platform with the Warner Music Group has everyone excited for the new inventions and additions to come!
This entry on our list is well-known by a lot of you, but it still bears mention. SuperRare is mainly a digital assets artwork commerce space that allows creatives to build comprehensive and unique digital assets. Aside from the mainly visual component of the platform, it also allows creatives to mint music NFTs with complete power over the creative process.
However, there is a drawback. To find success on the platform and be able to garner attention, funds, and profits from the platform, you need to receive a direct invitation from the SuperRare team. The current state of the platform is but a work in progress, and due to that, a lot of artists are having trouble connecting with their crowd on the service.
Barring the high entry requirements, the platform boasts quite an array of advantages that a majority of music artists would find refreshing.
Nifty Gateway is on a completely different level when it comes to security compared to its competition. Built using the Gemini platform’s comprehensive custody technology, this platform ensures that your carefully created and curated collectibles portfolio is securely kept in a digitized wallet. Moreover, the platform is quite generous and boasts completely null gas fees for all its artists.
Many great musicians and creatives have already joined Nifty Gateway in their pursuit of digitized fame. The 2018 platform supports both the Ethereum blockchain network and its main token – ETH.
You might think that the name Async Music sounds vaguely familiar, and you would honestly be quite correct. A sister commerce space of Async Art, Async Music provides the same level of service and access to creative uses of NFTs as its predecessor but now in the music industry.
One-of-a-kind features are also included in the comprehensive system that Async Music. The service carries and implements a unique approach to producing music NFTs – master tracks. Every master track has a variety of variations for individual minting. A track is divided up into stems, which are separate pieces of the master record, and the owner can choose each and every owned stem to either be on the track when it’s played or to omit it.
Moreover, the commerce space hosts its own music player that describes traceable NFT information and Async Music-specific information such as the number of stems, etc.
Blockparty utilizes Web3 technology to a greater extent than its competitors. The comprehensive Web3 technology on the platform allows creatives to build comprehensive, connected, and robust NFTs that all trace back to one another. The commerce space treats its creators and creatives with respect and puts them before anything else so that creatives can enjoy complete customizability of their NFTs and unique NFT drops. Additionally, the platform partners with the Ethereum and Flow blockchains for a wider grasp of the cryptocurrency community.
Gas fees are also nullified on the service to make the entry-level as approachable as possible.
On the other hand, the service is incredibly convenient for supporters and collectors. Being able to use a variety of digital currencies to pay on this music NFT marketplace makes connecting with your favorite artist that much easier.
Blockparty’s main objective and motto is to create a safe, welcoming environment where both creator and enjoyer alike can connect, intermingle, and prosper.
Serenade is an eco-friendly and eco-forward music NFT commerce space based entirely in Australia. The service enables musicians to build immensely exciting and unique NFTs that are advertised to emit only a fraction of the same carbon footprint that a tweet would get you. Moreover, the commerce space goes above and beyond when it comes to the listening experience. Serenade has previously launched fully online music festivals and more.
The commerce space is free of gas fees and allows creators to create a caring and interactive community around their passion. Additionally, the platform provides compound systems of minting and creating NFTs outside the music industry to help creatives branch out into uncharted territory, all as eco-friendly as it can be.
This platform takes a unique approach compared to the standard music NFT commerce formula. Sound.xyz hosts listening parties, doubles as a streaming service like Apple Music, and allows creators to mint more than one NFT off of any record they release.
Listening to parties on Sound.xyz is probably the most exciting part of the commerce space as when such parties occur, the music presented during these events is considered to be early editions by the blockchain and allows fans to get a piece of highly exclusive NFTs while also supporting their favorite creatives. A lot of the streaming infrastructure based on this music NFT commerce space can be compared to SoundCloud, as users get the ability to comment on released songs, boosting their popularity even further.
Moreover, it is one of the few platforms that aid artists in a much-needed way – creative-owned contracts. These contracts ensure that the rights to the music published with the help of this service are still under complete ownership of the creative and can be used elsewhere without paying any fees or royalties.
Rarible, launched in 2020, can be perceived as one of the first and most impressive NFT commerce platforms that include music NFTs. The service is completely decentralized, meaning its full ownership lies with the community. Anyone can become a service changer if they have enough RARI digital assets. The RARI digital asset is additionally used to mint music NFTs on the platform. Although Rarible is not a platform only for the musically talented, the service also hosts systems that allow creatives to mint NFTs out of pretty much any artistic medium they desire, from books to movies, etc.
The services charge around 2.5% off of every purchase that happens directly in the commerce space and provide 10% royalties to the creative, making it one of the more generous platforms out there.
The platform, having been established all the way back in 2020, means that it has partnered with a variety of blockchains and digital assets over the years and accepts a dozen different coins as a way to pay for music NFTs.
This commerce space stands as a beacon of ingenuity in the ever-evolving realm of music NFTs, carving out a distinctive niche as a trailblazing platform for the launch of singular and exclusive music NFTs, affectionately known as 1/1 within the dynamic tapestry of the NFT landscape. What truly sets Catalog ablaze with individuality is its groundbreaking approach, endowing artists with an unparalleled capacity to mint and unveil music tokens of extraordinary distinction, establishing it as a haven for the acquisition of unparalleled and truly exceptional collectibles that exist beyond the confines of the broader NFT commerce.
Within the immersive world of Catalog, artists are not mere contributors but creators with autonomy, contributing their records or songs to the service’s expansive and open music library. This comes with the added allure of setting a personalized “buy it now” price, granting artists a canvas to paint the value of their creations. Venturing further into creative exploration, artists can opt to list their NFTs in reserve auctions or engage in a dialogue with collectors through entertaining offers. In harmony with the platform’s unwavering commitment to artist empowerment, creators do not merely receive compensation for their initial sales; they also secure a meaningful share of profits from subsequent album transactions. This unique arrangement empowers artists with the distinct privilege of dictating their work’s resale prices, fostering a creative ecosystem that values the artist’s voice.
This service transcends the conventional boundaries of an NFT music commerce space, blossoming into a dynamic and immersive music streaming platform that not only mirrors a digital record shop but also cultivates a vibrant and supportive music community. The exclusivity surrounding Catalog’s access is a deliberate choice, a testament to the platform’s commitment to curation, and an acknowledgment of the nuanced artistry that defines the community. Aspiring artists yearning to contribute to this exclusive symphony can embark on their journey by completing the service’s submission form, marking their entry into a coveted spot on the waitlist.
This platform stands out among its counterparts in the NFT music market, as it was established by none other than the artist Justin Blau. Embracing creatives-first principles, Royal empowers musicians to determine the royalties for their music independently.
What sets Royal apart from other NFT music marketplaces is its unique feature, allowing creatives to share custody of their music with NFT holders. This groundbreaking approach ensures that fans, collectors, and NFT supporters receive a share of the proceeds from secondary sales. Established in 2021, Royal supports various blockchains and cryptocurrencies and even facilitates debit card payments for music NFTs.
Similar to its predecessor, Royal operates as an invite-only service, striving to craft a meticulously curated and personalized experience for both artists and fans alike.
To Sum It Up
In summary, the realm of music NFTs in 2024 stands as a dynamic and multifaceted landscape, offering an abundance of opportunities for both artists and collectors. Groundbreaking platforms like Catalog have reshaped the creation, sale, and experience of single-edition music NFTs, ushering in a new era for the traditional music distribution model by granting creatives control over resale prices and facilitating ongoing revenue from subsequent sales.
The meticulously curated compilation of the finest music NFT marketplaces serves as an all-encompassing guide for enthusiasts navigating this thrilling ecosystem. Whether drawn to the exclusivity of Catalog, the collaborative ethos of Zora, or the diverse options offered by alternative platforms, artists and collectors can discover spaces aligned with their distinct preferences and aspirations.
The landscape of NFTs is constantly transforming, presenting a window into the next era of how music is owned and experienced. By leveraging blockchain technology, the authenticity and rarity of digital collectibles are guaranteed while also granting musicians unprecedented authority over their work. As individuals delve into the world of music NFTs, the possibilities are boundless. This makes 2024 a crucial year for the fusion of music, technological innovation, and collectibles.