In a way, minting music NFTs is a bit like
Posted: Sun Jan 19, 2025 7:08 am
In a way, minting music NFTs is a bit like having a digital vinyl cutter. The musician decides how many copies to sell and what the price will be. Labels have traditionally handled this part, with the musician getting something like a 5% royalty payout.
Music NFTs stand in direct opposition to the days of yesteryear with labels. Now the musician gets all the proceeds from the sales of their music. In addition, they get up to 10% of secondary royalty sales. As an vietnam buy cell phone number list artist, this also means you’ll be in charge of distribution and marketing, which comes with its own set of challenges. Alternatively, though I haven’t seen a lot of this yet, there may be an emergence of digital NFT music labels that may have more beneficial representation terms than traditional labels that had the market cornered.
Imagine signing with a digital NFT label and having 1000 options across the globe, knowing that your listeners would have equal access to your music no matter where they were. Contrast that with traditional labels where you’d have few or no local options compared to big cities like LA and New York where big labels dominate.
Selling Limited Edition Digital Music
As you’ve learned, music NFTs can be rare because they’re unique. In addition to having a rarity aspect, they can also be resold. It’s part of the reason they exist. This future marketability can add profit dynamics to the marketing strategy of your digital music. Imagine if listeners could not only benefit from enjoying your music, but the music could also have some future resale value as well.
Again, with the vinyl example. I know that if I buy a limited edition 200 presses vinyl record for $25 right now, there’s a good chance I can sell that same vinyl (opened and played!) for $50 later. Of course, this is with records that sell out and are no longer available as a repress. At the very least, I could sell a used vinyl record at a discount to someone who will pay for a used record instead of a brand new one.
Music NFTs stand in direct opposition to the days of yesteryear with labels. Now the musician gets all the proceeds from the sales of their music. In addition, they get up to 10% of secondary royalty sales. As an vietnam buy cell phone number list artist, this also means you’ll be in charge of distribution and marketing, which comes with its own set of challenges. Alternatively, though I haven’t seen a lot of this yet, there may be an emergence of digital NFT music labels that may have more beneficial representation terms than traditional labels that had the market cornered.
Imagine signing with a digital NFT label and having 1000 options across the globe, knowing that your listeners would have equal access to your music no matter where they were. Contrast that with traditional labels where you’d have few or no local options compared to big cities like LA and New York where big labels dominate.
Selling Limited Edition Digital Music
As you’ve learned, music NFTs can be rare because they’re unique. In addition to having a rarity aspect, they can also be resold. It’s part of the reason they exist. This future marketability can add profit dynamics to the marketing strategy of your digital music. Imagine if listeners could not only benefit from enjoying your music, but the music could also have some future resale value as well.
Again, with the vinyl example. I know that if I buy a limited edition 200 presses vinyl record for $25 right now, there’s a good chance I can sell that same vinyl (opened and played!) for $50 later. Of course, this is with records that sell out and are no longer available as a repress. At the very least, I could sell a used vinyl record at a discount to someone who will pay for a used record instead of a brand new one.