Unlocking the Beat: Exploring Music NFTs The buyer benefits are not only limited to music pieces but can extend to encompass exclusive content, special experiences, royalties, and NFT reselling. The resale of NFTs also provides the creators with a secondary source of revenue.
By Paromita Gupta •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Everyone loves music that goes without a doubt. It's just the genre which differs. Music has evolved over decades, from Elvis Presley and RD Burman to Taylor Swift and Arijit Singh. Similarly, how one consumes music has changed as well. But the love and emotion have stayed the same.
With technological advancements in all aspects of life, music is not privy to it. It's 2023; we not only listen to music but might own them, all because of music's non-fungible tokens. NFTs are the hot topic of the Web3 town, with the sports and entertainment industry embracing it with open arms. And music NFTs are the new hit now.
What are Music NFTs?
Music NFTs are a form of digital assets representing ownership or proof of authenticity pertaining to a music piece or subsequent assets. These NFTs enable creators (musicians, creators, or artists) to monetize their music by directly selling to fans, investors, and collectors in a decentralized way.
The buyer benefits are not only limited to music pieces but can extend to encompass exclusive content, special experiences, royalties, and NFT reselling. The resale of NFTs also provides the creators with a secondary source of revenue.
The key music moments
One can say that music NFTs have been in existence since March 2021. Let us take a look at some of the notable events which disrupted the space:
- Kings of Leon's NFT album: American rock band Kings of Leon released an entire album as an NFT in March 2021. Titled ''When You See Yourself'', the album was released in three different forms, tokens for three packages under a series called ''NFT Yourself''. These editions offered a special album package, a live show package and an audiovisual package. The tokens were developed by YellowHeart, with the album being the first NFT to be displayed at the Rock & Roll Hall of Fame.
- WarNymph Collection, Vol. 1 by Grimes: Canadian singer Grimes partnered with Gemini's NFT marketplace Nifty Gateway to sell her ten exclusive digital artworks, some of which were accompanied by her original songs. She made a whopping USD 5.8 within a span of 20 minutes.
- Coachella's lifetime festival pass: One of the biggest music festivals, Coachella, in February 2022, announced its multi-part NFT drop in partnership with the now infamous FTX, which also included a lifetime free pass for the festival. With a total of 11,010 NFTs, the collectables also included unique on-site experiences, physical merchandise and more.
Web3 music players
While the space is still at its initial stage, NFT marketplaces for music are spouting now and then. Here are some of the notable players in the space-
- Sound.XYZ- Founded by Vignesh Hirudayakanth, David Greenstein, and Matt Masurka in 2021, Sound.XYZ is a suite of web3-native music connecting artists and listeners. The startup received seed funding of USD 5 million, led by Andreessen Horowitz, in late 2021.
- Audius Music- A next-generation Web3 streaming platform, Audius Music was founded in 2018 by Forrest Browning, Roneil Rumburg and Ranidu Lankage. Known as the alternate to SoundCloud, Audius Music is backed by the likes of Katy Perry, Jason Derulo, Steve Aoki, and The Chainsmokers.
- AnotherBlock: AnotherBlock was founded in 2022 as a Web3 music marketplace by Michel D. Traore, Sebastian Ljungberg, and Flip Strömsten. The Swedish startup recently raised USD 4.35 million in seed funding and has notable tracks on its platform of artists like Martin Garrix, David Guetta, Offset, Alan Walker, and Ava Max.
- Royal: This marketplace was founded in 2021 by JD Ross and Justin David Blau. Royal has raised USD 55 million in its Series A round, taking the total funding to USD 77 million. It is one of the most notable music NFT platforms. It has tracks on its platform featuring artists like The Chainsmokers, DIPLO, and Nas.
