Some claim that music NFTs are the music industry's future, while others claim that they are just a passing trend. Talking about music NFTs will help you understand what they are, how to buy and trade them, and what the hype is all about. After all, by promoting your brand, you are scaling towards your very own music NFT community.
Today's Music NFT Community:
NFTs in the music industry have the potential to drastically alter an artist's career course. You don't trust me? Just ask Daniel Allan, Latashá, Black Dave, or any of the other dozens of producers, DJs, and artists who have discovered that preserving their musical works on the blockchain makes it feasible for them to support themselves.
Artists are creating new paths to success with the help of music NFTs that are independent of record deals, allow for year-round touring, and are a vector for industry endorsements. The final truth is that both artists and fans are benefiting from this and are creating a unique type of community.
But first, let's dispel some myths about music NFTs and the blockchain music industry. We've created a guide to provide a simple and basic introduction to Web3 music and everything music NFTs in order to assist in introducing even the most inexperienced NFT aficionados to Web3 music.
Have you heard about these Labels already ahead of the game?
Building a Music NFT Community in Web3 is a Multi-Platform Journey
Have a Reputable Website:
Your crypto project should have a professional website before it is launched. The first site that potential investors visit to learn more about your project is your website. To leave visitors with a favorable impression, the website needs to have an attractive design and a polished appearance.
Make sure the site is easy to access, responsive to mobile devices and offers informative content about your cryptocurrency business. If you give visitors the right information, they might discover a lot about what you're giving. Additionally, you may submit your investor deck, project team, LinkedIn profiles, whitepaper, and lite paper for lead creation and include a section for frequently asked questions (FAQ).
Networking with the music NFT community:
You can interact with the appropriate industry professional by using networking tactics. You can learn about bitcoin marketing trends and the advertising strategies employed by other pros by networking. A great technique to a network is by relating a narrative and outlining the advantages of your project.
With NFT in the music industry, there are key platforms you should focus on, namely Twitter, LinkedIn, discord, telegram, and of course the marketplaces themselves that will allow you to connect with projects too.
To illustrate the advantages of your project, tell a Story:
It's highly suggested in all forms of pr and marketing to use a story to illustrate the advantages of your cryptocurrency project in order to attract potential investors. The motivation behind your project, the technology you developed, and the issue you hope to answer can all be significant themes in your narrative. All of these components can be captured in a succinct, clear video or timely photograph. Position yourself as an industry thought leader while sharing your experience.
Show yourself to be a thought leader in your field:
As NFT becomes more popular, more people and businesses will want experts in the field. It's crucial that you produce educational articles and compelling opinion content that establish you as a thought leader as a project owner in this industry. Additionally, becoming a part of blockchain communities and discussions across all major platforms.
Focusing on your own niche of topics is important, but to have a community you need to favor a wide range of ideas as well so that your reputation does not become one-sided. Avoid using mystical jargon and keep your message clear and uncomplicated while developing educational content and establishing yourself as a thought leader. People are coming to you for sound information or well-defined opinions, not pseudo-scientific marketing lines.
Hosting Virtual and Public Events with your music NFT community:
The web3 and metaverse landscape is filled with people that cross over their users from music to crypto. You can introduce your concept there and how it can help possible investors at these events. You can use these occasions to spread the word about your brand through PR.
The Advantages of NFT for Music Fans:
The majority of the time, music NFTs provide collectors ownership of a portion of a song or of royalties that are derived from that song through streaming, record sales, and other revenue streams. This is the situation with NFTs from the Royal curated platform. Holders of Royal NFTs get a portion of the royalties from streaming services.
NFTs can be valued in parallel with an artist's or song's success through this type of shared ownership, which encourages fans to contribute to sponsoring upcoming musicians on their own initiative or in the expectation that eventually the value would be repaid in the form of a royalty kickback.
So where do these connections between fans and artists begin? Well, with decentralized organizations and platforms like Zora, SongCamp, and Friends With Benefits. The ground floor of each NFT sector is, of course, where NFTs are bought and sold: NFT markets. However, even beyond these centers of Web3 music, there are hundreds of options that allow you to aggregate the right kinds of people.
Let's take a look at a couple of these marketplaces that integrate a Music NFT community & social media infrastructure
Streaming service and an NFT marketplace are combined in Catalog. Artists can add a song to Catalog's open music library, where fans can then buy it for a set price, take part in an auction, or make an offer.
The platform is a 1/1 marketplace only, so there is a lot of competition. This is a fantastic location to gather one-of-a-kind, special music NFTs from your favorite musicians.
With Sound.XYZ, streaming and minting are combined. With a series of open or limited edition NFTs, musicians can start a listening party for new song releases on Sound.
Additionally, this platform doesn't only house single tracks; it also hosts entire projects and has even hosted mixes like Soulection+'s, which had 18 different artists collaborating.
Async Music is the division of the well-known NFT platform Async Art that focuses on music. Each track (guitar, piano, vocals, and percussion) is uploaded separately and in a variety of variations on Async Music.
This enables musicians to create music in a dynamic style that enables fans to piece together particular layers into a single master track.
Since Mint Songs is one of the few dedicated music NFT platforms that is open to all users and is not invite-only or locked, a larger range of artists are able to sell their music there.
Mint Songs is a terrific location to find creative musicians to support, with a primary goal of assisting artists in developing a sustainable and livable income from making music. The platform is also powered by Polygon.
Where else are NFTs being used?
The NFT's use case outside of entertainment and music markets is a whole other bite to swallow. The tech has gone passed the point of simple experimentation. Indeed, in a recent address, John Glen, the Economic Secretary to the Treasury of the UK, declared that "The UK is open for crypto firms." Even now, the Royal Mint is creating its own NFTs.
It's important studying, these patterns. MPT clients get the privilege of our war room info and can decide with a clear view of what's going on. But at the end of the day, the artist needs to understand monitoring the development of music NFTs, whether or not you choose to produce, acquire, or sell music NFTs. Your understanding of the music business will allow scaling your creativity with a fresh perspective on the NFT music community.
How MPT Agency can help with your music NFT community
If fans invest in NFTs as if they were a fan contribution, like purchasing a T-shirt without expecting a financial return, then the best of both worlds would exist for the blockchain community. Depending on the investor, and their financial/social profile, NFTs might provide community and identity in addition to a chance to make money. This organic characteristic of the technology, bringing people together, is what NFTs are all about. Trust in the network, trust in the blockchain
“Normally when we think about investing, we think about the exchange of money,” says McCulloch. “I think this is really beyond investing. This has a lot more to do with mapping our real and digital identities to the things that we care about. So I think it goes beyond money, frankly.”McCulloch claims that supporting topics that are important to him, particularly diversity, equity, and inclusion in web3, is one of the main reasons he invests in NFTs.
The fate of music NFTs is still unknown, even our MPT Agency crystal ball can't say for certain that the creators of today will be the Goliaths of tomorrow. One thing is for sure though, MPT Agency bets on technology. As a medium for distribution the NFT has created a unique product that combines all of the market tool kits into one digital portal and we offer this capacity to our artists, should their community fit the profile of being apt in entering this market.
To find out what other services can enhance your musical career, make sure you check our blog regularly and follow us on Instagram for more music marketing-related updates.
Join our weekly newsletter
Music related articles every week in your inbox
We promise not to spam you. You can unsubscribe at any time.