In our previous article, we explored how NFTs are changing the relationship between artists and their fans in the music industry. As the demand for music NFTs continues to grow, new NFT marketplaces are emerging to meet the needs of musicians.
Thanks to these platforms, artists can easily create and sell unique digital collectibles of their songs or albums directly to their fans, without intermediaries.
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For this article, we’ve compiled a list of the top music NFT marketplaces of 2023, so you can make informed decisions when it comes to minting and selling your music as NFTs. This article has been updated for accuracy and comprehensiveness, originally published on September 21, 2022.
Best NFT marketplaces for music NFTs
1. OpenSea
As the leading NFT marketplace, OpenSea offers creators and artists a platform to create and sell a wide range of NFTs, including digital goods like art, collectibles, domain names, and of course, music NFTs. With its growing popularity and a monthly visitor count of over 30.4 million, OpenSea has solidified its position as the go-to marketplace for digital assets.
Music artists can take advantage of OpenSea’s powerful minting tool to create and sell unique music NFTs. The platform also provides musicians with the ability to customize their NFTs and receive royalties on subsequent sales.
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OpenSea is committed to promoting independent artists and musicians and has become a hub for big names in the music industry, such as The Weeknd, Snoop Dogg, and Imogen Heap, to sell their NFTs.
OpenSea supports Ethereum, Klaytn, and Polygon blockchains and accepts over 150 digital payment methods, including Ethereum, USDC, DAI, and Solana. With a strong community presence on social media platforms like Twitter, YouTube, Instagram, and Discord, OpenSea is more than just a marketplace, but a vibrant community of NFT enthusiasts and creators.
2. Audius
Launched in 2019, Audius is a music streaming and NFT marketplace that aims to revolutionize the music industry with blockchain technology. With monthly platform visitors of over 389.5 thousand and support for blockchains Ethereum and Solana, as well as the $AUDIO token for payment, Audius offers artists a unique way to monetize their music.
Artists on Audius can connect with their fans, share their original works, and earn revenue from NFT sales. The platform also provides songwriters with the ability to share additional content, host remix contests, and offer exclusive bonuses to collectors. Users can link their Solana and Ethereum-based music NFTs to their Audius profiles.
“Join a thriving community of music lovers and join forces with big names in the industry, including Deadmau5 and Rezz, on Audius. With over 43 thousand followers on Instagram, over 143 thousand followers on Twitter, and over 37 thousand members on Discord, you will surely find support and inspiration. Start monetizing your music today on Audius.”
3. Zora
Zora Protocol is a “universal media registry protocol” that was launched in 2020 and supports both Ethereum and Zora Protocol blockchains. It enables artists to publish and monetize their digital creations with the use of a single, unique token that can be easily bought and sold by anyone. The original owner of the token receives a share of the revenue every time it is resold.
With over 110,000 monthly platform visitors, Zora is a popular choice among artists and creators. It accepts ETH and wETH as payment methods and is known for its gas-efficient protocol with zero fees and instant cross-platform royalty payments. This has earned it recognition from crypto groups such as publishing startup Mirror and collective FWB.
Zora has a strong online presence with 72,000+ Twitter followers, 22,000+ Instagram followers, and 21,000+ Discord members.
4. Mintable
Mintable is an NFT marketplace launched in 2018 that supports both Ethereum and ImmutableX blockchains. With over 229,000 monthly visitors, it is a well-known platform for creators to mint their digital works on the blockchain for free. The platform offers a wide selection of assets for trade, including a variety of music tracks, and provides various types of auctions for its active community.
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The marketplace is easy to use and allows you to create and sell NFTs seamlessly, making it a popular choice among creators. It accepts ETH as a payment method and has a strong online presence with over 64,000 Twitter followers and over 26,000 Discord members.
5. Rarible
Rarible is one of the earliest and most popular NFT marketplaces, launched in 2020, which supports trading in various NFTs, including music. The platform is owned and operated by its community, which manages a decentralized framework using the RARI token. Creators who want to mint music NFTs on Rarible can do so using the RARI token. The platform also supports other types of NFTs, including books, digital art, and movies.
With over 9.7 million monthly visitors, Rarible has a strong online presence, including over 491,000 Twitter followers, over 289,000 Instagram followers, over 56,000 Discord members, and over 4.5k YouTube subscribers.
Rarible charges a 2.5% fee on every sale that takes place on its marketplace. Plus, it offers up to 10% in royalties, making it one of the most favorable NFT music marketplaces for musicians. The platform offers a variety of payment methods, including cryptocurrencies, stablecoins, and credit cards, and supports multiple blockchains, including Ethereum, Polygon, Solana, Flow, ImmutableX, and Tezos, giving users access to a wide selection of music NFTs.
6. PlayTreks
PlayTreks is an AI-powered analytics platform and NFT marketplace for music that continues to grow in popularity. It offers artists a wealth of music industry data, licensing control, free music distribution, radio airplay analytics, and access to its blockchain NFT marketplace for minting music NFTs.
With PlayTreks, artists can gain valuable insights from multiple sources like social media and streaming platforms, to make informed decisions about their music releases.
They can also receive digital proof of ownership for their songs via the platform’s blockchain-based NFT marketplace, “The Playground.”
Launched in 2021, PlayTreks runs the Polygon blockchain and has a growing community, with over 1.3 thousand Twitter followers, over 21.6 thousand Instagram followers, over 4.3 thousand LinkedIn followers, and over 16 thousand Facebook followers.
7. Catalog
Introducing Catalog, an NFT music marketplace that specializes in single-edition music NFTs, or 1/1 in the NFT world. The catalog is a one-of-a-kind platform where artists can mint and launch their own single-edition music tokens, providing collectors with unique, highly sought-after NFTs.
With Catalog, artists can add their records or tracks to the platform’s open music library, set a “buy it now” price, and either list their NFTs in a reserve auction or accept an offer from a collector. Artists keep all proceeds from the first sale and a portion of profits from any subsequent sales. They also have control over the resale price they receive.
The catalog is not only an NFT music marketplace but also a music streaming platform for NFT music purchases. Named after the digital record shop and music community, Catalog is currently invite-only. However, artists can fill out the submission form to get on the waitlist.
Launched in 2021 in partnership with 20 artists, the platform has already signed on some big names such as Richie Hawtin, Laxcity, SALVA, and Boys Noize.
Sound.xyz is another NFT music marketplace and streaming site that gives fans direct support for their favorite artists. Artists can host launch events for their new tracks, releasing them as NFTs with unique numbers, allowing fans to buy these NFTs early and show their support. These events can be beneficial for fans, as early editions of new tracks are considered of higher value.
Sound.xyz stands out from other platforms by allowing fans to post comments on the soundtracks they support, and is the first to offer artist-owned contracts, allowing creators to retain ownership and custody of their creations. With over 43.7 thousand Twitter followers, 10.7 thousand Instagram followers, and 12 thousand Discord members, Sound. XYZ has a growing community.
Both Catalog and Sound.xyz support blockchain technology with Ethereum and Zora Protocol respectively, and offer ETH and wETH as payment methods. Sound. XYZ has over 32.3 thousand monthly visitors, with over 12.2 thousand NFT music listings from 163 artists.
8. Royal
Founded in 2021 by Justin Blau (also known as 3lau), a renowned EDM DJ, and Justin Ross, co-founder of Opendoor, Royal is an NFT music marketplace that gives NFT owners the rights to songs sold on the platform. Creators play a central role on the platform, and they can set the royalty rate for their work.
This unique approach has earned Royal recognition as the best music NFT marketplace among artists. In addition to the rights to the songs, artists can offer extras, such as fan experiences, bonus tracks, and digital art.
What sets Royal apart from other NFT marketplaces is the shared control it offers between artists and NFT owners/collectors. As a collector on Royal, you get a share of the secondary sales from your NFT. The platform is also user-friendly and supports both credit/debit cards and cryptocurrencies for NFT purchases.
Royal operates as an invite-only marketplace, attracting top artists such as Nas, The Chainsmokers, and Diplo, to release their NFT collections.
How to create music NFTs
1. Choose your preferred music NFT marketplace and create a wallet
To start selling your NFT music, you need to choose the right NFT marketplace. The best choice depends on your individual needs and preferences. Consider selecting from the list above and using more than one marketplace if desired.
After selecting an NFT marketplace, set up a cryptocurrency wallet using MetaMask or another wallet of your choice. This is a necessary step, as you will need a wallet and an account to access and participate in these marketplaces.
2. Minting your music NFTs
Once you have set up your wallet and account on your chosen NFT marketplace, you can start minting your music NFTs. Minting involves submitting and verifying your soundtracks on the blockchain. The process is simple: follow a few prompts, such as “Mint Your NFT,” and confirm the transaction. Note that a gas fee is usually required for this transaction, which is a fee for the blockchain and not charged by the NFT platform.
3. List your music NFT on marketplaces
Once the NFT is minted, you can now list it for sale. The required steps may vary slightly depending on the marketplace, but they are generally straightforward. There are three common ways to sell your NFT on the platform: declining-price listings, fixed-price listings, and highest-bid auctions. For more information, please refer to the platform guide if you have any doubts.
What’s next for the music industry?
Musicians have long struggled to earn a decent income from their music. While streaming services are a significant source of revenue, musicians typically receive less than 12% of the revenue generated. This has led to issues with royalty payments and loans for music production, as well as a reliance on music gigs for livelihood.
NFTs are now transforming the music industry and presenting new opportunities for musicians to earn money. By offering a range of creative interactions with their audience and giving musicians full ownership of their music, NFTs allow musicians to be more self-sufficient and productive in their relationships with fans.
Looking for more ideas to promote your Music NFTs as an artist?
By offering music and other art directly on the blockchain, artists have the ability to connect directly with their audience without intermediaries such as record labels or music streaming platforms. Effectively executed, music NFTs can greatly increase an artist’s profits.
The music industry is increasingly embracing NFTs, as evidenced by the successful launches of music NFT collections by several artists, which have generated substantial revenue and attracted the attention of fans. NFTs and cryptocurrency provide a multitude of benefits for both creators and fans in the field of music.
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