Music is under-monetized. While just about everyone enjoys music, musicians in entertainment hubs like NYC and LA would have to amount a whopping 406,505 streams per month on Spotify, just to earn minimum wage.
It’s clear that the current model of music isn’t financially feasible for most artists. Thankfully, the world of Web3 and NFTs are completely reworking the landscape for creators. These virtual art pieces can help you build capital off of your artist brand and create new experiences for fans. Below, we’ll showcase 5 ways musicians can utilize NFTs to monetize their craft.
What is A NFT?
An NFT or nonfungible token is a unique digital asset hosted on the blockchain. Think of it as a virtual painting or art piece that’s unique, and exists solely within a virtual space.
These assets are one of one and can represent any digital good, from audio files to artwork, or metaverse merchandise. NFTs are minted and given their own unique code on the blockchain, creating a distinct identity for each piece of minted art.
Why Should Musicians Use NFTs?
NFTs can be beneficial for musicians in more ways than one. Here’s a couple of reasons why you might want to consider making your own NFTs as a musician:
- Access To Direct Monetization: NFTs allow musicians to monetize their art directly, cutting out the middleman historically needed in the music industry. They can also monetize NFTs at any stage in their career, providing assets for fans to invest into their future careers.
- Connection With Top Fans: NFTs can help you learn more about your audience and provide a space for you to connect on a deeper level with your top fans.
- Introducing Fans To Web3: Song NFTs provide fans with an eased introduction into Web3, which is prosed to serve as the future of music.
5 Ways Musicians Can Use NFTs
Are you ready to start minting your own NFTs? Consider these 5 different ways to incorporate NFTs into your output as an artist:
Fundraise Through An NFT
NFTs can be used as a way to fund your project, or donate to a cause you believe in. Audio visual pieces, music, and any piece of digital content can be used as an NFT. Musicians can convert their influence into action.
Build Your Own Token Community
You can even create your own token or build a community powered by NFTs. Link in bio mini apps like Giveaway an NFT and NFT Locked Giveaway incentivize fans to invest in your community and creations.
NFT listening parties can be a great way to connect with your tops fans, too! Koji’s NFT Listening Party mini app allows fans to unlock exclusive music via token, and can direct fans to join your Discord or other communities after completing the listening experience.
Provide IRL Incentives For Token Holders
NFTs aren’t just for digital enjoyment, they can also be redeemed for in-person experiences. For instance, you can sell exclusive meetup or concert tickets unlocked via NFT. Or have your fans unlock a coupon via NFT that permits them a personalized merch item on tour! Get creative and create experiences that align with your artistic vision and voice.
Mint Your Music
Music track NFTs are an excellent way to monetize your music without too much heavy lifting. Your fans are able to support your art directly, and can resell your early NFTs to earn value as you grow.
You can also set up a music NFT storefront seamlessly utilizing your link in bio. Koji supports Mint Songs, a platform that enables musicians to create music NFTs without additional minting fees. Plus, every time a fan resells one of your NFTs, you earn an additional 10%, creating long-term passive income streams.
Metaverse Merchandise
You can already sell IRL merch through your link in bio storefront, but NFTs allow you to sell your merch in the Metaverse, too! Fans can enjoy utilizing custom digital merchandise or avatars sold via NFT through their favorite musicians. These assets give fans a fun way to support artists and connect with other niche community members.
NFTs can be a great resource for musicians and fans alike. Enjoy exploring the NFT space with your audience!
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