Earning Money With Unique Music NFTs
There are numerous ways to earn money by selling Unique Music NFTs. For example, one of the most popular models is to create a music subscription service, which allows fans to pay a fee to listen to music. ROCKI and Deezer are two examples of companies that are making a profit by creating music subscriptions. ROCKI has received widespread media attention and has been backed by French streaming giant Deezer. These models create new revenue streams for artists and fan engagements, and are positioned to expand into exclusive listening rights for music.
Kloud made $1.24 million from selling Unique Music NFTs
A popular electronic-music producer, Kloud, has earned over $1.24 million from selling his Unique Music NFTs. Each NFT is composed of dozens of unique stems that Kloud has combined to create his own music. With this money, Kloud has been able to focus on creating top-notch content for his upcoming album. Here's how he did it:
The unique drop was originally an idea Kloud had after he was inspired by the Bored Ape Yacht Club. The algorithm used in the Bored Ape Yacht Club is a generative NFT model. This model produces 10,000 monkeys in JPEG format and some have been sold at auction for millions. Kloud spent about two weeks making dozens of different drum patterns, bass lines, and vocals to make the NFTs.
Famous djs are making moves into the NFT space
In a recent auction, famous DJs like DJ Snake, Dillon Francis, and Don Diablo sold their publishing rights to a new song in exchange for a fraction of the price of a traditional recording contract. The winning bidder paid 13 ETH, or about $23,000, for the rights to use the song as they see fit. The NFT auctions have accelerated the conversation about the potential for decentralised web alternatives. Instead of a centralised database, each file is stored on a peer-to-peer network, and users have total control of their digital footprint. A new utopia would give artists and musicians total control over every aspect of their music, including customising royalties per track and creating smart contracts that automatically split and pay global royalties. Not only would royalties be split, but they could also set future royalty rates.
Some of the best-known artists in the world have been dipping their toes into the unique music NFT space, but some have stepped out of their comfort zones to make a splash. Artists like Drake, Meek Mill, and Eminem have all made moves into the NFT space. In addition to their successful careers, they are launching their own marketplaces to support emerging artists and help fans buy NFTs.
Marketplaces for music NFTs
While music NFTs can never be duplicated, the creator does own the original audio file. The purchaser doesn't have the rights to the music, and cannot resell or distribute the NFT. In some cases, music producers decide to create a small number of NFTs from a single audio file and sell them on music marketplaces. In this way, the creator can keep the creative control of the music, and the music NFTs can generate a profit for the artist.
The introduction of streaming services and changes in distribution have changed the music industry's business model. While these services have increased consumer demand, they have not helped artists get paid fairly. In fact, the top 0.8% of Spotify artists earn $800,000 or more a year. The vast majority of artists struggle to retain control of their work and are not rewarded fairly. Music NFTs are an important step towards bringing fair compensation to artists.