If you’ve followed Cryptocurrencies and the metaverse, you probably know about Non-Fungible Tokens (NFTs). These are digital assets that are unique and cannot be replicated, making them perfect for owning digital art, collectibles, and even in-game items. Recently, NFTs have been making headlines again with the launch of several high-profile music NFTs. Here we give you the ntty-gritty on how to create a music NFT so you can get your piece of the pie!
Music NFTs are a new and exciting way for artists to monetize their music. They can sell it as an NFT and earn cryptocurrency in return by tokenizing their music. Not only does this provide a new revenue stream for artists, but it also allows fans to own a piece of their favorite artist’s work.
So how do you create a music NFT? This article will show you how to create a music NFT for a profit.
How To Make NFT Music
Before making a music NFT, there are several things that you should get acquainted with. They include:
- Crypto wallets: these will be used to hold your earnings and help you buy things with crypto. The wallets that you use should be able to support NFTs. Some popular ones are MetaMask, Trust Wallet, and Coinbase Wallet.
- NFT platforms: these are where you’ll create and sell your NFTs. Some popular platforms are Rarible, Foundation, and OpenSea.
- Audio files: you’ll need an audio file of your song to upload to the NFT platform. WAV files are generally the best quality, but you can also use MP3s.
Once you have these things, you’re ready to start making your music NFT. Here are the steps to follow:
Create Your Music File As NFT
The first when selling your music is to create and upload the music file itself. You can use audio editing software like Audacity to create your file or an online service like Soundation.
When creating your file, save it in a high-quality format like WAV. This will help ensure that your NFT sounds excellent when played back.
Once you have your audio file ready, it’s time to upload it. Ensure that you label your file with all the relevant information, including the title of your song, your name, and any other relevant keywords. Your music should also have a high-quality cover image to make it more visually appealing. The cover image should be at least 600 x 800 pixels in size.
Encode Your Music To NFT
The next step is to encode your music file into an NFT. This can be done using an online service s such as BitShares Music Blockchain. When encoding your music, you can create either a collection or a single NFT. This can vary depending on the platform as it can be referred to as a ‘catalog,’ ‘collection,’ or ‘assets.’ It might be worth creating a collection if you’re planning on selling more than one song. This will allow customers to buy multiple songs in one transaction.
If you create a single NFT, you’ll need to select the file you want to encode. You can then add metadata, such as the title of your song, the artist’s name, and a description. You can also add an image or video to accompany your NFT.
Once you’re happy with the information you’ve added, click ‘Encode.’ This will create your NFT and link it to the blockchain. It will also give you a link to share with potential buyers.
Sell Your Music NFT
The final step is to sell your music NFT. To do this, you’ll need to go to the marketplace on the platform where you encoded your NFT. From here, you can set a price for your NFT and put it up for sale.
First, you’ll need to create an account on one of the NFT platforms. Once you’ve done this, you can upload your music NFT to the platform and set a price.
When setting a price, it’s important to consider the length of your song and the audio file’s quality. It’s also worth considering any additional perks that you’re offering, such as a video or an image.
Once you’re happy with the price, click ‘Sell.’ Your NFT will then be listed for sale on the marketplace.
Marketing Your Music NFTs
After you create your music NFT and listed on a marketplace such as OpenSea, you need to get into the business side of NFT and market it to generate sales. Here are some ideas to market your NFT and get people interested:
- Share your NFT on social media: this is a great way to reach a wider audience and get people talking about your NFT. Use hashtags to help people find your NFT, and remember to tag the platform where it’s listed.
- Write a blog post about your NFT: this is a great way to share more information about your NFT and why people should buy it. You can also include a link to your NFT in the blog post so people can easily find it.
- Use online music platforms: if you have music on platforms such as SoundCloud or Spotify, share a link to your NFT in the description. You can also share your NFT on forums and in groups related to music.
With these steps, you now know how to create a music NFT for a profit. Several musicians, such as Torrey Lanez and Mike Shinoda, have joined the NFT train and are converting their music to NFTs.
Buying And Selling Music NFTs For Profit
Alternatively, you may still profit from music NFT even if you need to learn how to make NFT music. This option involves buying low and selling high. For example, you may buy an NFT when it’s first released and wait for the price to go up before selling it. The key is to buy NFTs that have high growth potential.
Here are some tips to help you get started:
- Find a platform that sells music NFT: several platforms sell music NFTs, such as Foundation, OpenSea, Ujo Music, and Opolous.
- Get A crypto that holds NFTs: you’ll need a cryptocurrency wallet that supports NFTs to buy music NFTs.
- Find an NFT you want to buy: once you’ve found a platform and have a wallet set up, you can start browsing the available NFTs. Take your time to find an NFT that you like and think has potential.
- Buy the NFT: once you’ve found an NFT you want to buy, click ‘Buy.’ You’ll then be asked to confirm the purchase.
- Sell the NFT: when you’re ready to sell, go to the marketplace on the platform where you bought the NFT. You can set a price and put the NFT up for sale.
Music NFT will be a game changer in the industry, and there’s a lot of money to make from it. If you’re a musician, now is the time to learn how to create music NFT. And if you’re not a musician, you can still make money from music NFTs by buying and selling them. Either way, it’s essential to research and understand the market before investing.