How to sell your music as NFTS
To sell your music as NFT, you need to set up a crypto-currency wallet, and find a platform to sell on. It seems simple at first, but in this teeming jungle that is the world of crypto-currencies, you have to learn to make the right choices.
So to save you hours of digesting information on the net, we gather in this article, the different steps that will lead you to monetize your music on the blockchain.
NFTs, crypto-currencies and blockchain
At a time when the remuneration system of streaming platforms is strongly criticized, music creators are looking for new ways of remuneration. In a pre-covid world, they relied heavily on live performances, tours and festivals. But the pandemic has come and gone, cutting off their main source of income.
And even if today, the end of the crisis is close, favoring the resumption of live performances, nobody will forget that it can stop overnight. So we have to find other solutions. Among the possible tracks, the NFT is in a good position to bring a more financial order to the music world.
First of all, most of you have probably heard of NFT, but let's all get on the same page:
NFT stands for Non Fungible Token. It is a kind of authentication buffer, which attests the uniqueness of a digital file. How can we trust this system? The NFT is attached to the blockchain, a huge decentralized database, whose system works thanks to its users. It lives independently from its creators. The information that passes through it is unmodifiable, which is the ideal technology for crypto-currencies.
Create a musical NFT
Now you are one of those who know: NFTs are related to crypto-currencies and blockchain. From an outside perspective, it's a world that can be scary, it's true. Especially since it is only talked about in the general media when there is a big crash in crypto-currency values. But don't panic, you're not here to play a wannabe trader, investing real money in bitcoin, but rather to generate value. What you risk at worst: not selling anything. So it's worth the risk.
To create an NFT, you'll first need to create a wallet, a crypto-currency wallet. This is essential to receive your payments, because they will only take place in this form. For this, we recommend MetaMask, which is one of the most common, and especially one of the simplest. What's interesting is that since it federates many users, you will be able to connect to sales platforms by being connected to it, like Facebook Connect for example.
MetaMask works with the help of a Master Key, a 12-word phrase that will allow you to log in if you lose your password. Be very careful to save it somewhere hidden and secure. Have you ever heard of people having large amounts of bitcoin in wallet's they don't have access to? You don't want to be in their shoes. There are several platforms to upload your music and put it on sale, we advise you OpenSea, but you can also choose Rarible or Nifty Gateway which are all as safe and recognized. You go to the website, click on the small wallet on the top right, you will be able to connect your MetaMask wallet. And that's it.
All you have to do is click on the Create button, and you will be redirected to the "create a collection" option. This is mandatory before uploading a file, it must be part of a collection, it's a kind of folder in which you can upload several NFT. The collection is customizable, take advantage of it to show your visual identity: photo, logos, graphic elements.
Once your collection is complete, you can upload your MP3 files. It is the platform that takes care of minting your files, i.e. placing them in the blockchain, to make them unique. Note however that you will have to pay management fees. They are gas cost and they are very variable, just like the price of crypto-currencies. They can range from $7 to $110. To upload your NFTs at the right time, use the etherscan tool. By the way, you will have to buy Ether to pay you the gas cost. It's very simple, via MetaMask or even OpenSea.
Communicate about your NFTs
Creating an NFTs is relatively simple and within everyone's reach. But there is an additional factor to consider, and not the least. In order for your NFTs to gain value, you need to create the desire around them. In fact, the sale will be like an auction. The people who come to see what you are doing will be interested in the profitability of their purchase. The more you are known, the more they will be able to bid.
Buyers are there for the added value they could realize, so show them that you have potential. You don't have a great reputation, ok. But you have a lot of room to grow. Post clean social networks, take care of your communication, it will prove that you take the game seriously, and who knows? Maybe you are the Stromae of tomorrow and therefore an interesting investment.
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