A Music Producers Guide to NFTs

A relatively new yet rapidly evolving technology, NFTs have taken the digital landscape by the storm. By combining the best of both worlds, art and technology, NFTs offer a platform for music creatives to innovate and earn hundreds of thousands of dollars. In 2021, NFTs generated a total of $25 billion in sales.

Electronic music producers like Steve Aoki, Dillon Francis and 3LAU were the early converts who brought the attention of other music artists and producers to NFTs. These non-fungible tokens can represent anything, such as a tune, song, album art, video, domain name, etc. As a music producer, you can create an NFT of any digital piece and enjoy the endless benefits.

With the plethora of online information, it may be difficult to understand how NFTs work; our crypto experts have simplified every step in this beginners guide.

Step 1: Choose your Preferred Blockchain

The first step in producing your music in the form of an NFT is to decide on your blockchain. If you don’t know what blockchain is, it’s a way of recording information in a way that no one can virtually hack, change or steal. You can think of it as a ledger that duplicates and distributes the record of crypto transactions across the network of computers linked in a peer-to-peer network.

Read More: How Can Blockchain Fight Piracy?

There are almost a dozen blockchain platforms you can choose from. All of them have different NFT protocols, wallet services and marketplaces. Keep in mind that when you create an NFT on one particular blockchain network, you can only sell on that platform or its compliant platforms.

Some common blockchain networks include OpenSea, Binance Smart Chain, Rarible, etc.; these platforms allow you to sell or buy NFTs for the cryptocurrency Ethereum.

Step 2: Create and Connect Your Wallet

You’ll need a virtual wallet to store or make crypto transactions on an NFT marketplace. Again you’ll find many options for wallets, and each one of them can be accessed from a blockchain network. While choosing a wallet, make sure that it’s compatible with your chosen blockchain.

Read More: 3 Best Crypto Wallets

Step 4: Mint Your Music

Before minting your music, you need to top up your wallet with some Ethereum funds to pay a gas fee. Think of it as a service fee required for each transaction on OpenSea (or any other blockchain network). After paying this fee, you can open an account on the network and create your collection of NFTs.   

To upload the music, you’ll be required to fill in the details such as genre, category, biography and other details. Once you’ve agreed to the terms and uploaded your music, it will be approved within a while, and then you can set its price.

Step 4: Selling an NFT

Just like you use different marketing strategies to sell your music in the real world, you’ll need to think outside the box to sell your NFT. You need to attract bidders by offering something in return. For example, 3LAU, an electronic music producer, said that the top bidder of his NFT would be able to collaborate with him on a new single, and made a record-breaking sale of $11.6M.

Similarly, you can offer an attractive incentive to the bidders during your NFT auction. It will not only allow you to sell your music but also form partnerships with other creative artists.

The DeFi and crypto landscape is filled with many opportunities; it’s important to stay updated to make the most. At Urban Crypto, we offer valuable information regarding cryptocurrency trading and related activities, including news, articles, blogs, starters guides, etc. Check them out.

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