Stay Ahead Of The Competition With Music NFT Marketplace Development
Posted By : Priyansha Singh | 14-Sep-2022
Music NFT Marketplace Development
Over the past few years, the music industry has undergone tremendous changes and digital transformation. Starting from records and tapes to cassettes and compact discs – it has now evolved into downloadable multi-streaming music platforms and NFT music marketplaces. According to recent research, the music NFT market value is predicted to reach a value of $42 billion by the end of the year 2032.
However, the question is how do music NFT marketplaces actually work? How can content creators, artists, and musicians leverage music NFTs to create a stream of additional revenue, and how they can garner more user-base with it? So, let’s get started with the basics first.
What is music NFT?
NFT stands for non-fungible tokens – they are digital assets that work on the fundamentals of blockchain technology. It is tied to a physical entity and represents the overall value of the entity in the form of digital tokens or currency. A majority of NFTs that are available in the market today are for digital art and collectibles but also inculcate an active selection of music albums, singles, tracks, and much more.
The elemental difference between purchasing a music track online and an NFT is ownership. For instance, whenever you purchase iTunes, you only purchase the rights and access to listen to the songs. You can also sell the music NFT to other people and make additional money, however, in such cases, you will lose your ownership rights.
The price at which the music NFTs are sold in the marketplaces goes directly to the artist. Out of the projected selling price, the NFT marketplace only imposes a small network fee.
Considering the ease of access and widespread audience base, this is indubitably a huge change from the traditional methods where the sale price goes to the production or music house, which then pays only a portion of the amount to the original artist/musician as a royalty. Moreover, fans are showering more interest in purchasing music NFTs as they can seamlessly and openly promote their favorite artists by eliminating the music houses as middlemen.
On top of this, people who purchase music NFTs often get extra advantages such as access to exclusive events, personal meet-ups with the musician, discounts on stage shows, and more. Please note that these benefits are dependent on what the artists want to give to their fans who bid for their music NFTs.
Top NFT marketplaces for music that are widely used today are:
- Nifty Gateway
- The Musician Marketplace
Why Music NFT Development Is Going Mainstream?
NFTs have taken the entire music industry by storm. With different businesses focussing on blockchain networks such as Ethereum, Theta, IPFS, Solana, Cosmos, etc, global companies are forced to pay extra heed and make a swift transition towards the future of the music industry.
It is possible for artists to offer an entire music album as NFT, where they have multiple NFTs for each album song. If people wished to purchase the album or listen to the songs, they can do so by purchasing related music NFTs.
Furthermore, when it comes to NFT platform development for music, it would rather be a smart decision to build a decentralized platform such as Spotify or YouTube. The NFT owners can be paid a percentage of the royalties made from the music streams on the platform in the form of a native brand token.
Features & Key Highlights of Music NFT Marketplaces
NFTs are offering intuitive experiences and are creating a stronger connection between musicians, artists, and their fans. Here are some of the features that fuel NFT marketplaces for music:
- Smart music contracts
By defining the terms of the agreement, smart contracts help in developing trust and assurance between the music composers and their fanbase.
- Access to a broad audience
The love and enthusiasm for good music can be witnessed in every part of the world. There is a colossal fanbase of music all across the globe and music tokenization in NFT further aids in connecting with fans and potential audiences.
- Authenticity & tamper proof
The music NFTs serves as a unique digital identity for the digital version of the music album, songs, title tracks, etc, which can not be tampered with at any cost.
- Uniqueness & scarcity
The non-fungible tokens are unique and can not be replicated in any way. Subsequently, it results in very limited users having access to the NFT music.
- No intervention
This is one of the most significant advantages of NFT marketplace development solutions for music. In general, the music industry is characterized by a lot of interventions. For instance, whenever a user purchases any music album or track on platforms such as iTunes or Spotify, only a small portion of the actual amount goes to the original artist, whereas the majority of the amount directly goes to the music streaming platform. NFT marketplace for musicians and artists builds a direct relationship between them and their fans.
Looking For NFT Marketplace Development Services For Your Business?
At Oodles Technologies, we provide all-inclusive digital transformation services inculcating blockchain technology such as metaverse development, NFT development, NFT marketplace development, NFT launchpad development, and more. As an established NFT development company, we enable entrepreneurs, artists, content creators, and business owners to transcend the boundaries of operational excellence with next-gen technologies. We will be an ideal partner for architecting the business logic of running NFT marketplaces for music by coding robust, secure, interoperable, and decentralized NFT ecosystems. Our seasoned team of in-house developers offers comprehensive assistance in materializing innovative ideas into reality and tangible digital solutions. If you are looking for NFT marketplace development for art, music, games, or collectibles, feel free to get in touch with us. Our experts will get back to you within 24 hours.