In recent times, centralised music streaming platforms like SoundCloud and Spotify are facing stiff competition. The surreal growth of the metaverse is the reason. Today, amateur composers, as well as professional singers, are gaining hefty revenue by launching
their exclusive songs and raps as crypto collectibles. Besides that, they have complete freedom in pricing and selling their individual tracks and numbers. Are you desiring to be a cryptopreneur? Begin NFT music marketplace development.
The Main Features of an NFT Marketplace for Music
Artist dashboard - Aspiring singers should create an account. Subsequently, the admin of the platform verifies their credentials and approves their profile. Later, they can choose options like Tracks, Live Performances, and Concerts. Vocalists
can later upload the audio and video files and pay the gas fees.
Consequently, singers can set a price for their numbers and organise an auction. They can keep a close watch over the bids made by buyers. Further, they can select the best offer, receive the payment from the music enthusiast, and transfer the limited-edition
NFT to them.
Filter and locate mechanism - Music aficionados can discover rare NFTs launched by playback singers and legendary composers. They can tap the filters button and choose options like nationality, audio quality (high, normal, and basic), and
genre (hip-hop, rock, jazz, electronic dance music (EDM), pop, K-pop, and metal).
Featured Drops section - The songs of composers and reputed singers are listed here. Interested investors can play the track and listen to it. Later, they can participate in the auction and make a bid. Generally, music listeners can do this
after seeing information about the price and the contents (cassettes, DVDs, songs, merchandise, passes for attending concerts and live shows).
Interestingly, skilled artists can also raise funds to uplift their musical careers. They can organise a campaign on a tiered basis. Donors can transfer the required amount after checking details like the total number of tokens, the royalty percentage offered,
and the total funds to be raised.
Escrow protection - Singers and talented musicians can protect themselves from frauds and scams through the escrow mechanism. Both NFT buyers and sellers must deposit a specific amount in a third-party account. Thus, investors receive the
musical piece only after making the payment to the seller.
Subscription plans - Talented performers can directly reach out to their target audience. They can offer subscription packages to their hardcore listeners.
Likewise, buyers can purchase the latest tracks, foot-tapping numbers, and tickets for live performances. Likewise, singers get benefits like protection against copyright infringement and intellectual property violation, direct interaction with fellow musicians,
and instant generation of digital invoices.
Moreover, musicians can name the subscription plans as gold, platinum, and diamond. This will lead to a steady increase in the number of paid members.
NFT collectors panel - Users who collect the most number of musical Non-Fungible Tokens (NFTs) are showcased here. Details like the name of the NFT collector, his/her contract address, the token ID, token standard (ERC-721 and ERC-1155),
name of the song, release date and time, and names of singers and collaborators are displayed.
Help Centre - Users can solve problems by contacting the technical support desk. They receive instant support for issues such as modification of account credentials, syncing of software and hardware wallets, delays in receiving royalties,
and glitches while transferring funds.
What are the trends to watch out for in the global music industry?
Community Ownership - NFT collectors will get access to several perks by purchasing songs and albums of musicians. They can render financial support for promising musicians by purchasing digital tokens. Thus, they will also receive a share
of the royalty proceeds. Moreover, artists can claim their share of revenue after releasing their numbers.
Whitelisting - Unquestionably, loyal fans will continue to listen to the songs of artists. Importantly, blockchain networks like Ethereum suffer from high gas fees. Thus, singers who launch NFTs can sell exclusive tokens directly to regular
listeners. They can share details about the number of tokens and the time till which buyers can purchase them. Potential collectors will receive benefits like early access to songs, and one-on-one interaction sessions with composers.
Splitting of Royalties - Two singers can organise a concert together and divide the proceeds proportionally. For several centuries, centralised music streaming and distribution platforms were pocketing revenue instead of handing it over
to the composers and singers. Artists would pay a lump sum amount to Digital Service Providers (DSPs), labels, and agents.
However, NFTs will change that due to their priority towards authenticity, transparency, and indivisibility. Singers can build their wealth by listing their one-of-the-kind collectibles on various platforms. They also need not hand over their copyright infringement
and ownership rights to these powerful conglomerates.
Subsequently, music enthusiasts can sell an NFT after a specific duration. The original creator will receive royalty. Generally, their revenue depends on the terms and conditions locked in the smart contract.
Fan Edits - With the boom in technologies like Augmented Reality (AR) and Virtual Reality (VR), popular composers can engage better with their fans. They can encourage their listeners to remix their iconic numbers and also collaborate with
other persons for dubbing and creating unique content. Singers can also organise talent-hunt sessions, competitions, and contests. They can reward the best performers with valuable tokens, products, and a chance to have an interaction session.
Storefront creation - Composers can sell off fashion accessories, rare videos, as well as their old musical instruments directly to buyers. They can develop a storefront, organise their prized accessories in numerous categories, finalise
a price, and sell them. Moreover, offering discounts and offers to buyers will uplift the total sales.
Music aficionados will also receive live updates about auctions, NFT drops, and the sale of products. They can link their hot and cold wallets and purchase their favourite goodies.
Undoubtedly, a revolution has begun in the global creator economy. Importantly, crypto collectibles are here to stay in the long run. The future of the music sector will depend on aspects like the extent of gas fees and multi-chain compatibility. Want to
take early advantage of this huge trend? Reach out to a white-label solution provider for developing an NFT marketplace for music.