How musicians can still leverage Music NFTs
Despite the crypto crash, non-fungible tokens (NFTs) have become an important new avenue for artists to monetize their work and for fans to invest in their favorite artists. The team at music tech solutions provider Revelator explains how their platform can help.
from Team Revelator
In recent years, non-fungible tokens (NFTs) have emerged as a easy way for artists to monetize their work and for fans to own a piece of their favorite artists’ creations. Let’s dive into what is an NFT and how can artists, record labels and others utilize this new type of digital asset.
NFTs are unique digital assets that represent ownership of a specific piece of digital content, such as music, artwork, or videos. These new digital assets are created through smart contracts that assign ownership and facilitate transfers and resales. These contracts ensure that NFTs are unique, non-replicable, and cannot be divided.
NFTs are sold and traded on digital marketplaces like Open Sea , Rarible, Makers Place, and others provide new revenue streams for artists and a new form of digital ownership for fans. From music to artwork and videos, NFTs provide a unique way for musicians to be creative and connect directly with their fans.
To ensure that artists and music businesses can take advantage of this new digital medium, we strive to make it easy for our customers to unlock the value of NFTs with their artists. We also prioritize simplifying the complex web3 process for our customers, their artists and the fans.
Customers can easily mint, sell and track their NFTs from within the same platform that distributes their music to DSPs like Spotify, TikTok, iTunes, YouTube, Pandora and many more.
Artists and their marketing teams can effortlessly share links to their unique storefront page with their communities, which will display all the available NFTs for sale. Fans can easily purchase NFTs either by using a credit card or cryptocurrency via their digital wallet. Revelator’s integration with Stripe to enable credit card purchases for NFTs has made it easier for fans to participate in this new market, even if they are not familiar with cryptocurrencies. This development is significant because it expands the potential market for NFTs, allowing more people to support their favorite musicians and collect unique digital assets.
For fans who purchased NFTs with their digital wallets, they can resell their NFTs on secondary marketplaces like Open Sea , Rarible, Makers Place and others. However, fans who purchased NFTs with their credit cards cannot resell them until they move the NFT into their own digital wallet. This means that fans who purchase NFTs with credit cards may want to learn more about digital wallets and consider opening up their own digital wallet if they wish to resell it on the secondary market.
We prioritize offering our customers and their artists a high level of security and transparency to reassure those who may be hesitant about using cryptocurrencies. With Revelator’s support, music businesses can confidently enter the world of NFTs, leveraging this new form of digital asset to unlock value and generate new revenue streams.
Let’s dive into Music NFTs
A 1/1 NFT (or one-of-one) means that the NFT has been issued as a single, one-of-a-kind. In this respect, it’s completely exclusive. Such NFTs are a little like real-life paintings in that only one exists. Due to their rarity, 1/1s usually carry a much higher price tag than NFT limited editions.
Limited edition NFTs
A limited edition collection of NFTs would consist of a set number of NFT editions of the same digital asset that are available for minting. The limited quantity of NFTs in the collection creates a sense of scarcity, which can motivate fans and collectors to purchase the NFTs before they sell out. By emphasizing the limited nature of the collection, you can create a sense of exclusivity and make the NFTs more valuable to potential buyers.
What are some possibilities for music NFTs?
Look, anyone can access/view/listen to the NFT. However, only those that purchased the NFT can prove ownership. For some, being the owner is just as important as having access to the digital content. Being an owner of these digital assets turns regular fans into superfans – and you can reward them at a later date with additional exclusive content/experiences.
Here are some examples of music NFTs to consider:
- Pre release (single) – sample of song or full version
- Acoustic version – latest single or pre-released single
- Live version – single / record
- Entire album – new / previous release
- Golden Ticket (lifetime exclusivity, acknowledgement as superfans, etc)
- Special artwork – like album cover
- Unique music video
- Visual recording of a concert
There are so many different unique ways to share new and unique digital assets with fan communities. We offer the only platform in the market that can distribute your web2 assets and your web3 assets. We work directly wth our customers to help them navigate this new world.
Our NFT solution is a game-changer for music businesses looking to unlock value in this exciting new market. With our easy-to-use platform and integration with Stripe, we make it simple for music businesses to create and sell NFTs, and for fans to purchase and showcase their collections. As the market for NFTs continues to grow, music businesses can leverage this new technology to engage with fans in new and innovative ways. If you want to learn more, sign up to learn more here.