If you are online, you’ve definitely seen some of the craze surrounding cryptocurrency and NFTs. Those smart and lucky enough to get in early with crypto made a fortune. And now, it seems like NFTs could be the next big wave. With countless new marketplaces opening daily, there is no better time to get in on the ground floor. And with nearly limitless options, you can find something that fits your personality and your needs. In this article, we’ll take a look at some of the best NFT marketplaces that focus on music.
What are NFTs?
Before we dive too deep into the world of musical NFTs, we first need to get a concrete understanding of what NFTs are. NFTs, or non-fungible tokens, are essentially like an entirely unique piece of artwork or identification. NFTs can take on any number of styles, each entirely unique and custom to the owner’s selection. Whereas crypto like Bitcoin is considered fungible, NFTs are the opposite. Almost similar to a birth certificate.
And before anyone asks, no, you can’t just screenshot or download an NFT online. Each NFT comes with its own unique serial number, marking it as completely unique. This means that once you own an NFT, it’s yours. Value comes from demand, so as more people want the NFT that you possess, the more you can sell it for.
What are Music NFTs?
Music NFTs, as the name implies, a non-fungible token that grants ownership to unique musical work. Music NFTs allow artists to connect and interact with their listeners in a completely new way. Artists decide what they want to release as an NFT, whether it be merch, an audio clip, etc. They announce the sale, determine the selling point, and then diehard fans can purchase NFTs, and then have complete control over what they do with that piece of content. They can store, sell, or do anything they please with the NFT they own.
Now, here are some of the top marketplaces for music NFTs:
Our first entry for top music NFT marketplaces is the largest NFT marketplace as a whole. OpenSea, since its start in 2017, has over $500 million in sales on its marketplace. Not exclusive to music, you can locate any kind of NFT you can think of on OpenSea. With that being said, there are countless artists and musical NFTs on the platform. The website is extremely user-friendly and provides in-depth statistics on your collection and its value. OpenSea also provides a lazy mint feature that allows users to list and sell their NFTs without paying the standard ETH fee. All in all, OpenSea is one of the top NFT marketplaces for all kinds of NFTs, including music.
Next up on our list is Sound.xyz, an NFT marketplace exclusively for emerging artists. New and growing artists can use Sound.xyz to release limited-edition NFT content to their fans. By connecting these upcoming artists directly to their fans, Sound.xyz is quickly building a name as a top marketplace for music NFTs.
Using the Polygon blockchain, Mint Songs is helping bring back some of the nostalgia of music collection. Mint Songs allows artists to turn their content into exclusive NFTs with no ETH fees. Fans of the artist can then buy these NFTs and build their collection of songs almost like a record collection. Then, once the song’s NFT is under your ownership, you can sell, trade, or collect more as you see fit. With thousands of artists joining the platform, Mint Songs is one of the top music NFT marketplaces.
Nifty Gateway is another marketplace tailored exclusively to music NFTs. A singular authority controls all new releases and determines when and how often they will release. Ideal for those looking for specific or rare NFTs, Nifty Gateway has one of the top selections of big-name artists. Some previous major releases include works by Eminem and The Weekend. Nifty Gateways site boasts that users can save over 70% on ETH mining fees, and even offers the opportunity for lesser known creators to mint their product. Overall, Nifty Gateway is one of the best options for music NFTs.
Last, but certainly not least, is Crypto.com. One of the largest names in the crypto industry, the website also has a massive NFT marketplace. Along with music, Crypto.com offers selections of gaming, art, sports, and many more. The website allows artists and customers alike to buy, sell, and trade their music NFTs with each other. Also, one of the largest advantages of Crypto.com is the ability to easily pay using cryptocurrency in your account. With low fees, a massive marketplace, and a user-friendly site, Crypto.com is one of the biggest names in NFTs.