Music NFTs Explained - What you need to know about Opulous
What is a Music NFT? How To Buy & Sell Them
NFTs are set to change not just the art and music industries, but every other industry too. That’s a bold statement, but once you understand the power of NFTs, you’ll soon see why they’ve been creating so much buzz.
So let’s dive into the world of NFTs to explain WTF they actually are, what they mean for the music industry, and how musicians can start selling them.
What is an NFT?
An NFT (which stands for Non-Fungible Token) is a unique digital asset saved on the blockchain. But what does that mean?
Well, it means that a digital file - whether that’s a song, piece of artwork, a trading card, or anything else - can be kept on the blockchain as a one-of-a-kind collectible item. NFTs can’t be forged, copied, or deleted.
But can’t someone just screenshot or duplicate an mp3 file affiliated with an NFT? Well yes. But it’s no longer an NFT.
The NFT is actually the digital certificate associated with the asset - establishing who owns it. And because it’s “non-fungible” (which basically means it can’t be replaced) and secured by blockchain, there’s no way to reproduce it. If you buy an NFT, no one can take it away unless you decide to sell.
How to buy music NFTs
Now you know what an NFT is, how can you get your hands on one? First of all, you’ll need to get familiarized with cryptocurrency.
But don’t let that put you off! Crypto is available to anyone and more people are joining the space every day. All you need is a device like a phone or a computer to get started.
Here’s what you need to know if you’re ready to buy but don’t know-how.
1. Find a platform that sells music NFTs
If you’re looking to dip your toes in the waters of NFTs, you can get started on platforms like NiftyGateway or OpenSea.
However, these sites mainly sell digital artwork NFTs. Music NFTs are a little harder to come by right now. In fact, only around 150 music NFT sales have ever taken place, but that is set to change drastically over the coming years.
One platform you NEED to know about when it comes to Music NFTs is Opulous.
With Opulous, artists can embed a real-world share of their future music royalties in Opulous Music NFTs, so fans can actually earn money from the music they love just by owning them.
This kind of use case shows the true value of NFTs as more than just collectibles. But we’ll talk more about that further on.
2. Download a crypto wallet capable of holding NFTs
As NFTs are stored on the blockchain, you’ll need to download an application - commonly known as a wallet - to access and hold them. You can download crypto wallets as apps or browser extensions.
We’d recommend MetaMask as the best wallet to go for right now. It’s easy to set up and use even with a very basic knowledge of crypto, as well as being compatible with the vast majority of NFT marketplaces.
Every wallet has its own “address”. Your address is sort of like a bank account number - it’s a series of characters you’ll need to supply to anyone sending you something on the blockchain.
When you set up a crypto wallet, you’ll also need to set up a private key and seed phrase to keep your NFTs secure.
Your private key is like your password. A string of numbers and letters that allow access to anything you have stored on the blockchain, whether that’s Bitcoin, altcoins, or NFTs.
You may also be provided with a seed phrase. This is a list of 12 words in a specific order and can be used to recover your wallet in case you lose access. Make sure to keep a note of these words and store them somewhere safe and secure. Be extra careful - if you lose your seed phrase, it can’t be recovered!
3. Exchange your cash for crypto
Unsurprisingly, you can only buy NFTs with cryptocurrency, so you’ll need to exchange some of your dollars, pounds, euros, or any other “fiat” currency before you can buy.
Buying crypto is really easy. There are tons of crypto exchanges out there where you can trade regular cash for Bitcoin, Ether, and any other altcoin.
Generally, you’ll need to grab some Ether to purchase an NFT. Ether is the cryptocurrency used on the Ethereum blockchain, which is where most NFTs are stored - although other blockchains like Algorand are quickly moving into NFTs.
You can buy the crypto you need on exchanges like Coinbase and Binance after a quick identity check.
Once you’ve got your crypto, your wallet, and you’re signed up to a platform that sells NFTs, you’re ready to go.
Just follow the instructions on-site to make a purchase. Then it’s time to sit back and admire your shiny new NFT in all its glory!
How do I sell music NFTs?
So you’re a musician and you want to get in on the NFT action? Fortunately, there are a few places to start minting and selling your own music NFTs. A quick Google search will bring up the options available to you right now.
But one project you NEED to be aware of is Opulous.
Opulous is a new NFT Launchpad that Ditto Music has been building behind the scenes, but it’s a little different from everything else out there. Opulous is the first platform to launch NFTs that truly reward fans for sharing a song on socials.
But what does that actually mean? Well, it means when your fans buy your track as a Opulous Music NFT, they’ll earn a share of the future royalties it makes from streaming platforms.
Artists can set the price, type of sale, and royalty share on offer with each NFT sold and fans can unlock those royalties simply by promoting music on social media.
It’s a win-win situation and a whole new way for artists, fans, and investors to connect and interact. Artists can earn quick cash up-front from NFT sales, while fans earn more by supporting the music they love. Opulous is a huge step towards a better music industry powered by real fans supporting their favorite artists and earning money alongside them.
The platform is set to launch NFTs for some very well-known artists soon, before opening up to all musicians.
If you’d like first access, go register at opulous.org.
This 60-minute Social Media Coaching Call walks you through the steps required to successfully maximize Instagram, YouTube, and platforms like TikTok or Triller to your benefit so you have consistent engagement that grows every week on all your social media platforms.
This will help you organically build endless relationships and moments with your fans that will encourage them to support all your endeavors as you continue to expand and grow your brand.
You don’t just receive the information on this call, but Michael Tayo owner of The Ghetto Flower and marketing expert will give you the examples and strategies you can use the same day to see a boost in your engagement in less than 24 hours.