Great Platforms for You to Earn the First NFT Profit as a Musician
I Became an Independent Musician Thanks to NFTs
From the end of the 19th century to today, from vinyl records to the Internet, the “traffic economy” in the music industry has become increasingly competitive. In a world where record companies control copyrights and Internet businesses command user traffic, nearly 30% of all musicians have never made a single dime from music. Without a reliable source of income, musicians can only cater to the preference of the general public in terms of the musical style, which is undoubtedly a huge blow to new musicians who are still exploring their talents.
However, this reality didn’t diminish my love for music. Since I couldn’t succeed in the traditional music industry, why not find a new path? Audiovisual, the world’s first NFT album released by Studio Nouveau, introduced me to the world of music NFTs.
As Freddy Got Magic said, “Independent artists can make label money by themselves in the NFT space, essentially removing the risk of being undervalued/cheated/reliant on/by corporate entities.” NFT is a new carrier of art. Platforms focusing on music NFTs remove the middleman and lower the share of revenue charged by the platform. With NFT, music deals directly with users, providing a constant revenue stream for musicians. This beginner-friendly model allows musicians to own the user traffic and copyright of their own works. Having learned more about music NFTs, I started to try to create music on an NFT platform and earned my first revenue as a musician. Here are some great platforms that I recommend. If you are also a music enthusiast, then let’s create music with NFT!
I. Melos Studio
Official website: https://www.melos.studio/home
Melos Studio is a decentralized meta+music Web3.0 creator platform for musicians. It allows anyone to create a musical work, save it as an NFT, and put it on the market for circulation.
Musicians who joined Melos as certified artists by submitting an application on its website can upload original and copyrighted music on the platform, turn their music into Music NFT without any fees, and put them on the Melos Marketplace for sale. Melos selects outstanding musicians for the official release of their music NFTs, thus bringing them more media exposure in the NFT field, as well as the music community.
II. Pianity
Official website: https://pianity.com/
Pianity, a web application and a marketplace developed for musicians and collectors, enables musicians to sell their digital creations to collectors on a digital marketplace. On this platform, collectors may trade, transfer, sell, and proudly display their collected pieces on the platform. Pianity returns the status of an artist to musicians, offers them a new source of income, and allows them to be more independent. It helps musicians share and promote their works to the greatest extent. Led by Kevin Primicerio, the CEO and co-founder of Pianity, the platform has received investment from ViaBTC Capital.
After becoming an artist on Pianity by submitting an application, a musician can then mint exclusive music NFTs on the platform without charges. However, whether the works he/she uploaded can be listed on Pianity is a decision that requires voting by token holders. Once a musical work is listed on the platform, it can then be sold through auction or at a fixed price. Moreover, buyers cannot use NFTs bought on Pianity for commercial purposes. On Pianity, musicians receive 8% of the total revenue generated by their works in secondary markets, in addition to 80% of the total revenue made in the primary market. All revenues will be automatically distributed to the musician’s Pianity wallet.
III. Royal
Official website: https://royal.io/
Royal allows musicians to publish NFTs that include royalties for online streaming. It offers a gateway for all musicians that helps them remain independent and creative.
On Royal, musicians need to submit the relevant information to become artists by sending applications. Next, they can sell a percentage of their royalties on the platform. Fans can directly purchase the ownership of such royalties with tokens. This kind of co-ownership of royalties brings musicians and fans closer together, and the growth of musicians will also be in the best interest of their fans.
These three platforms correspond to different types of platforms. Melos Studio is a platform for music creation with a grand vision. Such platforms often aim to build a well-rounded business ecosystem on the blockchain. Pianity, on the other hand, is a collection NFT platform where the commodity value of NFTs is primarily reflected in their social value. Pianity’s strong token incentives play a major role in helping projects acquire more users. Finally, Royal, an NFT platform focusing on royalties, strives to transfer the revenue generated in the traditional music industry onto the blockchain.
As a direct bridge between music creators and fans, Web3.0 music platforms eliminate the middleman’s monopoly on profits. Thanks to such platforms, new musicians like me could have the chance to transcend the dilemma of traditional music and fully unlock our music potential.
