Buy Music NFTs – How to Buy Music NFTs for Beginners 2022
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The music industry is massive. Its total revenue in 2018 amounted to $53.77 billion dollars, making it one of the largest industries in the world. Just think, who doesn’t listen to music in one form or another? However, something that has been plaguing the music industry in recent years is artists receiving lackluster payments from streaming services. You might be asking yourself, “how does the music industry relate to music? Well, the answer lies in NFTs, many prominent artists have realized the potential NFTs have when it comes to cutting out the streaming sector’s middlemen. This guide will help you capitalize on this music revolution by teaching you exactly how to buy music NFTs right now, in 2022.
Looking to get into the music NFT scene? Look no further! EconomyWatch is here to show you how to buy music NFTs in just a few simple steps. Our easy-to-follow guide will help you find the perfect gift for the music lover in your life.
In a few simple steps, you will be able to complete this process and obtain your NFT.
For starters, it’s important to know that NFT stands for non-fungible token. Meaning, a unique token that is non-interchangeable. For example, cash is interchangeable as every note/coin of the same denomination has the same value. If cash were non-fungible, every note would be different and therefore hold a different value.
But how does the music industry link in? Well, NFTs are set to shake up the music industry in a few key ways. Firstly, it allows artists to engage better with their fans by creating communities only accessible to those holding an NFT, creating a place for people with some of the same interests to speak. Another way artists can benefit from NFTs is by creating collectibles and offering them to fans. Lastly, with the rise of blockchain-based streaming platforms, artists could be set to receive more money for their work than offered by platforms like Spotify. If you’re still unsure about NFTs, we’ve got an article “NFTs Explained” that goes into greater depth.
Nifty Gateway is one of the foremost NFT marketplaces, especially for artists looking to monetize their music/likeness. It’s currently valued at around $1.64 billion. In 2019, Nifty Gateway was purchased by Gemini (owned by the Winklevoss twins), who propelled the marketplace toward the future. Following this acquisition, Nifty Gateway 2.0 was released, adding many new and advanced features that the platform previously lacked.
In recent years, Nifty Gateway has become a favorite of musicians and high-profile personalities. Some of the celebrities that have launched a collection on the marketplace include, Justin Roiland, Eminem, Beeple, Grimes, along with many others. As you could imagine, attention and promotion from these prominent figures cemented Nifty Gateway as the go-to for those looking to buy music NFTs. With that being said, Nifty Gateway also has a wide range of NFT art, making it a great platform for anyone looking to diversify their collection.
Unfortunately for budding NFT creators, Nifty Gateway’s status as a more ‘exclusive’ marketplace means that not just anyone can mint an NFT on the platform. Prospective creators will need to fill in an application form and complete a short interview before their works can be published. This does increase the barrier to entry somewhat, however, a collection making through the vetting process does imply its high quality, in theory, increasing value. All in all, Nifty Gateway is an excellent platform for anyone wondering how to buy music NFTs. It’s trusted by high-profile artists and consumers alike. However, if you want to mint your own collection, it might be worth looking elsewhere.
If you’ve spent much time in the NFT space, then the chances are you would’ve heard the name OpenSea mentioned once or twice. It’s the largest NFT marketplace in the world, with over $10 billion in total sales. Although OpenSea was originally launched on the Ethereum network, they’ve since also implemented support for Polygon (MATIC), meaning you can avoid some of the gas fees if your collection also supports MATIC payments.
You’ll be able to find most of the high-profile NFT collections on OpenSea. They’ve got everything from the Board Ape Yacht Club to Neo Tokyo, so no matter your preferences there should be something that you like. Unlike Nifty Gateway, anyone is able to mint a collection of NFTs on OpenSea, arguably making it a better platform for upcoming artists and those trying to get their start in the space.
All in all, OpenSea is a great NFT marketplace, particularly for any Ethereum-based assets. That being said, with more than 80 million NFTs on the platform, there’s still plenty of choice for those looking for a Polygon-based collection. The interface is modern and easy to use, something that’s very beneficial for anyone without previous experience buying NFTs. It supports most major wallets including MetaMask, Trust wallet, and Coinbase wallet.
Since its launch in 2019, Rarible has cemented its place as one of the largest NFT marketplaces in the world. It supports Ethereum, Tezos, and Flow, meaning that there are more than enough music NFTs to browse through. Many of the most popular NFT collections can be found on Rarible, making it an excellent platform for investors to snag the next addition to their collection.
As soon as you arrive on the Rarible homepage, it’s clear that Rarible is dedicated to the NFT space. They have a clear focus on promoting upcoming NFT collections, helping both investors and creators that use the platform. Additionally, Rarible has included a way to filter through the top collections of the day, fortnight, or month, making finding trending NFTs far easier than some other platforms.
Much like OpenSea, anyone with a crypto wallet is able to mint a collection on Rarible. This, in combination with the promotion of upcoming collections, makes it an excellent platform for upcoming artists looking to promote their work. In terms of NFT music, Rarible is plentiful. There are tons of NFT tracks on the marketplace, from a wide range of musicians. The interface is clean and the platform is simple to use, overall Rarible is a great platform for anyone looking to buy music NFTs.
Despite only launching in April of 2019, AirNFT has become a powerhouse in the NFT space. Part of this meteoric rise to fame could be attributed to the fact they support two of the most popular chains for NFTs; MATIC and BSC. In contrast to ETH-based platforms, the gas fees are far lower and transactions settle quicker, meaning you can buy a music NFT in comparatively less time than platforms like OpenSea. The one drawback to lacking the Ethereum network is many of the most famous NFT collections (Board Ape/Mutant Ape Yacht Club, CryptoPunks, etc) are not available on the platform.
The website is easy to use and very intuitive, always a nice bonus. Anyone with a crypto wallet can mint on AirNFT. Combine this with the low fees associated with BSC and MATIC and it becomes an excellent choice for creators looking to publish their first collection.
Overall, AirNFTs is an excellent platform for anyone wanting to buy music NFTs. It’s got an excellent range of NFTs and boasts lower fees than platforms like OpenSea. It’s a great beginner platform due to its ease of use and low-cost NFT collections. The only drawback to AirNFTs is its lack of high-profile collections, meaning those looking to get a piece of the most popular collections might be better suited to a platform like OpenSea.
Created by one of the world’s largest crypto exchanges, Binance, the Binance NFT marketplace is a hub of creativity and development on the BSC blockchain. That being said, you’re not limited to collections built on the BSC network, Binance NFT also supports purchases using ETH and BUSD. This means that there’s plenty of choice for NFT collectors.
The Binance NFT Marketplace contains a wide range of NFT songs, all playable on the platform. With hundreds of different music NFTs available on the platform, it seems like a great place for anyone looking to snag some of the first BSC music NFTs before more investors/creators flock to the space. Although we’re yet to see any big-name artists launch their collection on the Binance NFT Marketplace, it would be a great platform to do so due to reduced fees. Because the fees on the BSC network are so much lesser than on Ethereum, it would make sense for artists to release songs/albums on the platform for users to buy with crypto. This would take the power away from platforms like iTunes and give the artists more control over monetizing their music.
All said and done, the Binance NFT Marketplace is a great platform for those looking to buy music NFTs on both the Binance Smart Chain and Ethereum. Its low-cost fees and easy fiat onramp give the platform tons of potential to attract artists looking to better monetize their work. If you’ve got a Binance account, you’re ready to use the platform. Making it far more accessible to the masses or those that worry about connecting a wallet to a lesser-known platform.
Although we’ve already delved into some of the reasons why NFTs could be massively beneficial for the music space, it’s time we take a deeper look. One thing worth keeping in mind is that we’re only at the very start of the crypto/NFT markets. Already, the technology is improving rapidly. Because of this, it’s near-impossible to predict what the scene will look like in 5-10 years. All we know for sure is that the next few years are certainly going to be exciting.
It’s no secret that streaming platforms like Spotify and Apple Music offer lackluster returns for artists, with many claiming that they’ve earned hardly anything from millions of streams. NFTs can fix this issue. Rather than being forced to deal with middlemen, artists are able to sell their work directly to the fans. Additionally, there are a few blockchain-based streaming platforms that automatically pay artists via blockchain technology, typically at a far higher rate than other platforms too.
In the current music landscape, it’s unfortunately common to hear about artists getting locked into contracts with terrible terms because they were either taken advantage of or didn’t fully understand what they were getting themselves into. However, by utilizing NFTs, these artists would have no need to take these underhanded deals. Currently, an artist’s earnings are split between quite a few parties (manager, label, producer, marketing, etc), this means that although the artist is doing most of the work, they receive comparatively little. Additionally, this means that it’s much harder to break out and create high-quality videos as even a few hundred-thousand views generate hardly any profit. By giving fans the option to buy music NFTs, artists would be able to capitalize on far fewer fans/views.
Interested in music NFTs but unsure how to buy one? We’ve got you covered! At EconomyWatch, we understand that learning how to use a new platform can be confusing and time-consuming. Because of this, we created this comprehensive guide detailing exactly how to buy music NFTs in just a few short minutes.
Before you can start buying any NFTs, you’ll need to cover a few prerequisites. However, fear not! These prerequisites are fairly quick to fulfill and most of the steps only need to be done once. To create an account with eToro, simply navigate to “eToro.com”, press “Join Now” and fill in the required details. Following this, you’ll need to verify your account, this is due to eToro being a regulated trading platform. All you’ll need on hand to verify your account is a photo ID (driving license, passport) and proof of address (bank statement, utility bill).
Once your eToro account has been verified, you’ll need to fund it. Doing so is easy. Just click on the button marked “Deposit Funds”, enter the amount you’d to deposit, and press “Deposit”, the funds should arrive in your account promptly. When depositing funds, if you’ve got your eye on a particular NFT, ensure that you deposit enough to cover any gas fees – typically an extra $50-$100 should be more than enough. eToro supports deposits using either a credit/debit card, bank transfer, or e-wallet (PayPal, Skrill).
After the funds have arrived in your eToro account, you’re ready to buy some ETH. To do this simply type “ETH” into the eToro search bar, press “Tade”, enter the amount of ETH you want to purchase, and press “Open Trade” the Ethereum should then land in your account. Once again, please ensure that you’ve got enough extra to cover gas fees. Note – if you want to buy an NFT on a different network, the steps are the same: just swap out “ETH” for the relevant cryptocurrency (BSC, MATIC, XTZ, ETC).
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After you’ve bought your Ethereum, you’ll need to download and install MetaMask. This is because MetaMask is used to connect to your chosen NFT marketplace. Head over to MetaMask.io (beware of phishing sites) and download either the browser extension or mobile app depending on your preference. Once you’ve downloaded and set up your MetaMask wallet, you’ll need to withdraw your ETH from eToro, sending it to your MetaMask address. Please ensure you have enough ETH to cover fees as this is the last step where you can easily buy more.
Now that your MetaMask wallet has been loaded up with some Ethereum, you’re almost ready to buy your music NFT. However, before you can do that, you’ll need to connect your MetaMask to OpenSea (or your preferred NFT marketplace). To do this just click on the wallet icon in the top right of the page. Then select MetaMask and confirm the transaction on your MetaMask account. Once your wallet has been linked, you’re ready to buy a music NFT!
As soon as your wallet is connected to an NFT marketplace, you’re ready to buy a music NFT! Just type the name of the NFT collection you’re interested in into the marketplace search bar, click on your NFT of choice and make the purchase! Typically, most NFTs are either auctioned or listed with a buy-it-now price. After you’ve made your purchase, you’ll need to confirm the transaction and send the required ETH. Once you’ve sent the Ethereum, the NFT will be sent to your MetaMask wallet. You can view it from the “Profile” section of your OpenSea account. If you’re still unsure about the process we’ve covered in detail, exactly how to buy NFT tokens.
Although the NFT space is still in its early days, the potential it has to revolutionize the music industry is undeniable. If nothing else, it puts the means of monetization back into the hands of creators and artists.
With an increasing number of artists wanting to build their brand independently, NFTs are an extremely powerful tool for generating revenue and engaging with fans. Take, for example, streamer.fm, a blockchain-based music streaming platform that allows artists to receive a much greater percentage of earnings per stream.
Considering that A-list artists like Meek Mill, Billie Eilish, Elton John, and The Weekend are already part of the platform, it seems as though it’s only a matter of time before one of these platforms overtakes Spotify/Apple Music.
Considering the size and value of the music industry, this could be massive for NFTs and really legitimize the sector. If you’re ready to get involved in the NFT music boom, then you’ll need to head over to eToro.com to stock up on some Ethereum or browse their wide range of other NFT stocks and NFT cryptos.