“Music is no doubt the moonlight when our lives turn gloomy”. Today, music distribution and streaming are dominated by heavyweights like Apple Music, SoundCloud, Spotify, and YouTube. Likewise, many private label companies get rights to sell the music of famous composers and singers. Hence, there is an urgent need to decentralize the global music production and distribution industry. How can it be done? The answer is none other than Non-Fungible Tokens (NFTs). Crypto collectibles have accumulated an enormous market capitalization of $18.94 billion as per CoinMarketCap. Now, artists and performers can directly sell their tracks and albums to the target audience. They get a high price for their songs as they need not pay any commission to intermediaries. Hence, entrepreneurs can grab this great opportunity by developing an NFT marketplace for music in collaboration with AppDupe.
How music-based NFTs are a rage in the market?
Tidalis a popular NFT music streaming app – owned by Jack Dorsey (CEO of Twitter) and Jay-Z (an award-winning rapper). Dorsey’s Square, a digital payments company acquired Tidal’s business operations in June 2021.
Tidal is planning to introduce smart contracts to offer more value to artists. Singers can earn multiple sources of revenue by conducting live concerts, selling merchandise, and going for a music tour.
NFT Genius, a startup, raised $4 million – from a group of investors to launch a new NFT marketplace. It will use these funds to build a music-selling platform on the Flow blockchain network. This will help music composers and playback singers directly reach out to millions of fans. It is planning to set up an experiential virtual music environment with more focus on creativity.
OneOf is a new NFT platform – that allows users to purchase music for just $5. The Unique Selling Point (USP) is it utilizes green energy (Tezos blockchain network) for its day-to-day business activities. OneOf is now partnering with independent lyricists, musicians, and popular singers.
Singers can sell their foot-tapping music as Non-Fungible Tokens (NFTs). Crypto collectibles have a huge daily trading volume of $5.51 billion. According to the NonFungible database, investors purchased 29,805 digital collectibles worth $28.54 million in the last 7 days. Total NFT sales have crossed a whopping $134.69 million in the last 1 month.
Music composers and rappers benefit from OneOf as the gas fees are very less due to the Proof of Stake (POS) consensus mechanism. It is also planning to sell NFT-based music albums for a price of $1 to $10. In the long run, OnlyFans aims to attract 100 million music enthusiasts by reducing the barriers to entry.
What is an NFT Marketplace for Music?
It sells high-definition (HD) music to users round the clock. Music lovers can choose from a variety of artists and genres.
Spotify frustrates users by playing advertisements before the start of a song. However, an NFT marketplace for Music is fully ad-free. Members will benefit from access to Livestream events, chartbusters, mixes, and personalized playlists
For instance, the Tidal NFT-based music platform offers 3 streaming options for users. People can select Standard (320 kbps with Advanced Audio Coding quality), HiFi, (1411 kbps with Free Lossless Audio Codec), and Master (2304 to 9216 kbps with High-Resolution Quality). All the above-mentioned plans offer uninterrupted listening with less consumption of mobile data.
How do we create the best NFT marketplace for Music?
We will develop world-class music selling NFT marketplaces on different blockchain networks. Our team can work effectively on Binance Smart Chain (BSC), Cardano, Ethereum, EOS, Flow, Tezos, Polkadot, Stellar, and TRON.
Our platform will sell music in the form of limited edition digital collectibles, Livestream events, mashups, one-on-one videos, and original compositions. Buyers can store their precious NFTs securely on multiple digital wallets. We offer seamless integration with software wallets like Dapper, Fortmatic, MetaMask, MyEtherWallet (MEW), WalletConnect, Trust Wallet, and WalletLink.
Moreover, our Music NFT platform conducts Anti-Money Laundering (AML) and Know Your Customer (KYC) verification on all the artists and users. Further, we take steps for preventing serious issues like copyright infringement and duplication.
Further, we promote the album release events and audio launch functions across email, instant messaging apps, music forums, and social media networks. This ensures greater sales of tracks by individual artists.
Take control of the streaming industry by building an NFT Marketplace for Music
Easy importing of playlists – Users can flexibly import their playlists from other streaming platforms. Our NFT Marketplace for Music allows easy transfer of songs from Apple Music, SoundCloud, and Spotify.
Monthly and yearly subscription plans – Regular listeners can purchase either monthly or yearly subscriptions. They can get exclusive access to concerts and live events and also listen to newly released songs. Further, the subscription plans offer advantages such as offline listening, sharing of tailor-made playlists, and unlimited skips.
Multi-device support – Users can utilize our Music NFT platform on audio players, computers, laptops, smartphones, smart TVs, tablets, virtual assistants, and wearables.
Other features – Our best NFT marketplace for Music is packed with extra features such as access to gift cards and vouchers, an advanced search and filter mechanism, sharing of digital invoices, a social media login option, and 24×7 technical support.
How do rappers and singers benefit from our NFT Marketplace for Music?
Artists and singers can reach out to the whole world without any economic or social restrictions. Music composers can boost their earnings by flexibly pricing their songs based on the market conditions. They receive extra profits if there is a rise in the trading volume of Bitcoin (BTC), Ethereum (ETH), and any stablecoins. This is because most of the NFT marketplaces process payments from investors through cryptocurrencies.
Music composers will no longer be under the control of powerful distribution companies. They can form their own independent music label after a certain period. Rappers and singers will become overnight sensations and get more downloads and traffic.
Both albums and tracks are sold for a specific price on our Music NFT platform. Singers can mention details like bidding deadline, a description of their song, duration of their track, genre, minimum bid price, mode of payment, and name of the album. Music is sold either through declining-price listings or fixed price auctions.
Further, our NFT Marketplace for Music shares real-time information about new albums, top releases, and trending songs. A certain percentage of the sales price goes directly to the music composer. Investors will also know the exact date and time the seller minted and listed his crypto collectible.
The buyer transfers the required payment from his/her digital wallet. Seller directly transfers the file (MP3 or MP4) to the interested listener. Both music composers and singers get royalties (in a specific percentage) if their work gets resold on a secondary marketplace.
How entrepreneurs make money by owning a Music NFT platform?
Our Music NFT marketplace offers several sources of revenue. Cryptopreneurs will pocket auction fees, bidding charges, a commission on every primary and secondary sale, gas fees, listing charges, monthly/ yearly subscription plans, and transaction processing fees.
Further, you can sell multiple albums and tracks in a single auction to fetch more income. Entrepreneurs can earn extra commission by selling specific songs only to the die-hard fans of artists and composers.
Why choose AppDupe to launch a top-notch NFT Marketplace Development for Music?
We can create different types of digital collectibles based on ERC-721, ERC-1155, and TRC-721 standard assets. This enhances the credibility and popularity of the NFT Music platform.
Additionally, we provide post-deployment services for an economical cost. It includes the addition of payment gateways like PayPal and Stripe. API integration with other streaming platforms, fixing bugs and security loopholes, issuing software updates for wallets, maintenance of the online NFT selling platform, and technical support.
Unquestionably, musicians and singers get more power and rights by selling their work in the form of NFTs. The world is witnessing a new revolution in content creation and distribution. For instance, the Musician NFT Marketplace allows artists to distribute their songs to listeners from more than 70 countries.
Our NFT Marketplace for Music can help you to give tough competition to distribution platforms. Further, we will ensure a reduction in gas fees by switching to layer 2 blockchain networks. Hence, modernize the global audio streaming market now by hiring us for creating an NFT Marketplace for Music.
Attract more listeners by setting up a Music NFT platform
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