NFTs have been one of the most intriguing topics lately. The popularity of “Non Fungible Tokens” amongst Electronic Music Producers has been brought to attention thanks to some of the early adopters - Steve Aoki, 3LAU, Dillon Francis and Illmind - all of which have sold NFTs for hundreds of thousands of dollars. However, the crypto art scene is not limited to big, popular artists. In this article, we’re going to explore how you can create music NFTs yourself. Let’s get started!
NFTs for Music Artists
Before we dive into making your own NFTs, here’s a quick introduction if you are new to crypto art.
Once a digital work of art is bought, the owner can receive a token of ownership in the form of an NFT. It works similarly to buying a “signed copy” of a work of art - but the digital signature cannot be faked. The abbreviation “NFT” stands for “Non Fungible Token” - they are signed to only one work of art and make validation of ownership super secure.
NFTs can be sold on special, digital marketplaces. The most popular marketplace is Opensea.io - often compared to “an eBay for NFTs” - which allows you to buy images, videos and audio files for a cryptocurrency - Ethereum.
What’s special about selling NFTs as an artist is that every time the token gets sold (or re-sold to a new owner) the artist is able to keep a percentage of that transaction. For example: You sell your NFT for around 100 dollars. You specify that each time the NFT gets sold you get 10 percent from the transaction (called commission). Now if the NFT gets sold again for around 200 dollars, $20 ends up in your wallet.
Rarible - one of the most popular NFT Marketplaces.
How to Create NFTs - Step by Step Guide
Creating an NFT Token is usually called minting.
The minting process begins from having created an original piece of art. It may be an audio file (for example your latest electronic track) - but it can also be a video (for example if your pair it with visuals. Other types of content include 3D animations, gifs and images - for instance, you can always sell the artwork for your track as an NFT. The possibilities are pretty much endless - as long as it can be saved as this kind of file.
Next, you’re going to need something called an “Ethereum wallet”. The most popular wallet - and one that is easily linked with Opensea.io is called Metamask. It can be accessed directly from the Opensea platform. You have to download a special “Metamask” Google Chrome extension and create your account.
Bear in mind that in order to mint an NFT, you will need funds on your Ethereum wallet in order to pay something called a “gas fee”. It’s a one time payment necessary for each transaction on Opensea.
After you’ve done it, all you need to do is create an Opensea account. There, you’re able to create a “Collection”, inside of which you can place your NFTs. You’re going to need to pay your gas fee to start the listing, and your work of art should be up for sale.
Bored Ape Yacht Club - one of the most expensive collections on Rarible.
Interesting Ways to Sell NFTs
One of the early adopters of NFTs among electronic music producers was 3LAU. He announced that “The top bidder (of the NFT auction) will be able to collaborate with me on brand new single”. In the NFT community this type of perk is called “added utility” - not only does the winner of the auction get the NFT, he also gets to collaborate with 3LAU. Added utilities often make NFTs gain market value, as fans outbid one another.
Another interesting approach is using the platform Triptcip. It allows users to easily create visualizations for music using a tool called VOID, and to later sell NFTs created in this way on their special platform. This makes it very fast for electronic music producers to create outstanding visual content which is synchronized to their tracks - all without the use of a 3D artist.
The music producer Illmind has another creative approach towards NFTs. He has released an exclusive sample pack as a non fungible token - which he called the “first ever NFT-backed sample loop/melody pack” - which means the owner will acquire TRUE digital ownership of the pack, backed by blockchain history”.
Void by Triptcip - tool for generating NFT visuals to electronic music.
Pros and Cons of Selling NFTs
NFTs are still very new technology - and it’s a rapidly evolving space. The early adopters definitely have an advantage - and you might easily become one of them. It’s a space for creatives who are ready to innovate and push the boundaries of what we call art.
However, if you don’t already have an audience or connections with crypto art collectors, the likelihood of seeing significant returns from posting your tracks or music videos to an auction site is quite low. Another con is that creating NFTs is not completely free - you must pay the gas fee for minting each new token. And on top of that - there is the danger of your work being stolen and minted as another NFT.
Bear the pros and cons in mind and decide for yourself. Good luck with your NFTs!