Music NFT Marketplace
NFTs have transformed how musicians interact with fans. The benefit to musicians and fans is obvious as highlighted in recent posts about deadmau5 and Alesso NFTs. If you are new to NFTs and not sure where to start, we have selected our 6 best music NFT marketplaces where you can buy music NFTs in 2023.
You’ve probably heard of some of these marketplaces before if you follow the news for music industry technology. But, a few of these may be a new opportunity for you to participate in newly minted music NFTs or secondary sales. While there are platforms available that only offer NFT music, the marketplaces here include platforms that offer all types of digital art, including music NFTs. Platforms that only offer music NFTs don’t currently offer a wide selection or the best quality digital collectibles.
OpenSea
If you are a casual follower of cryptocurrencies or blockchain technology, you’ve probably heard of OpenSea. OpeanSea is by far the most popular digital art marketplace in the web3 universe with the highest NFT trading volume. The marketplace, founded in 2017, has over 2 million NFT collections and over 80 million individual NFTs.
If you’re minting a NFT or thinking about purchasing digital collectibles, OpenSea is going to be one platform to check out. OpenSea, which supports multiple blockchains, is the largest marketplace for NFTs. Given the volume of NFTs transacted on the site, competitive prices for secondary sales are more likely.
SuperRare
SuperRare, also founded in 2017, describes itself as a social network and marketplace for digital artwork. Creating and selling art is a social endeavor and SuperRare highlights the interaction between the artist and collector. Built on Ethereum, the platform is known as the “Christie’s of Instagram”.
SuperRare has a reputation for showcasing higher quality digital art. In order to mint an NFT on SuperRare, the art must not have been minted anywhere else and must be completely unique–giving it “rare” status. Not all artists are able to sell their work on SuperRare. There’s a thorough application process that’s keeps the marketplace ultra-exclusive. This exclusivity also comes with higher prices for their NFTs.
Rarible
Rarible, founded in 2019, is a multi-chain NFT marketplace. The marketplace, better suited for those new to minting NFTs, features the ability of collectors to display their art collections for sale. Those new to NFTs may find Rarible more user-friendly when compared to SuperRare. Plus, gas fees are lower when compared to Ethereum only marketplaces. Overall, Rarible is an easy to to use NFT platform for those new to the space.
Nifty Gateway
Cryptocurrency exchange Gemini acquired the NFT platform Nifty Gateway in 2019. Nifty is a custodial platform which makes it unique from other NFT marketplaces. Instead of requiring self-custody of NFTs, buyers have the ability to use Nifty’s platform to store their digital assets. A big benefit of using the custodial platform is that there are no gas fees when transferring NFTs on the platform. And, if you lose your password, the Nifty team can help you retrieve it. If you lose your password using self-custody, it’s possible you won’t be able to access any of your digital property. Other features of Nifty are the curated and verified NFT drops.
LGND Art
LGND Art, established in 2021, describes itself as a premiere auction house and NFT marketplace for artists. The platform, created by artists for artists, uses the WAX (Worldwide Asset Exchange) blockchain. Using WAX allows LGND Art to verify blockchain transactions more efficiently (using less energy) than other exchanges, leaving a smaller carbon footprint behind. The LGND team is committed to support new and established artists by providing an efficient and secure NFT platform for digital art sales.
LGND Music
This new music NFT platform is from the team that brought your LGND Art, is a new entrant to the web3 NFT scene and is a music first platform. LGND Music describes the digital collectibles sold on its platform as ‘Digital Vinyl’, essentially a digital record shop. The NFT platform, built on the Polygon blockchain, brings musicians and their community closer together by offering a product (Digital Vinyl) with transparent royalties to artists and a high quality web3 product for collectors.
Similar to Nifty Gateway, LGND offers a custodial platform that doesn’t require users to connect their own self-custody wallets. Currently there aren’t many music NFTs on the platform. But, with high-profile DJ’s like Tiësto on the marketplace, the future of the the platform looks promising.
Related: NFTs in the Music Industry
What’s next for the music industry?
Musicians often have difficulty generating a huge income from streaming platforms as fair royalty payments are quite low. Consequently, this forces musicians to hit the road for live performances in order to make big money. Now NFTs are changing the music industry and providing a new revenue stream for musicians selling music and art. Sale proceeds from NFT sales go directly to the artist. Artists also receive royalty payments from future secondary sales.
How much does a NFT cost?
The price of individual NFTs traded can range from $1 to over $1 million. One of 3LAU’s NFTs sold for over $1 million. The rarity, benefits, and rewards will determine the NFT price.
How do I buy NFTs?
In most cases you’ll need to set up a digital wallet such as Metamask and obtain cryptocurrency through an exchange. You’ll be able to purchase NFTs after connecting your wallet to the marketplace. Some NFT sites accept credit cards, but it’s a good idea to learn the process of using digital wallets and cyrptocurrency for your purchases.