The market for Music NFT development services was valued at USD 1240.3 million in 2021 and is expected to increase at a CAGR of 27.52% to reach USD 42,380.2 million by 2032.
When You See Yourself, the brand new album from the band Kings of Leon, was the first ever album to be released in 2021 as a non-fungible token (NFT). The introduction of music NFTs took place not many years ago.
NFT is more than just digital art, contrary to popular belief. It is enhanced with augmented reality, collectibles, 3D items and music. The NFT music market is gradually gaining popularity and the view of this sector is also shifting.
What are Music NFTs?
Except for the musical components and coded functions, music NFTs are similar to regular NFTs. They are usually certified as property in the form of collections, singles, digital art, live performances, medleys, concerts, video clips or audio clips.
The music NFT marketplace offers full ownership, royalties, community membership and no middlemen, all of which are beneficial to artists.
For your business, you can hire an expert NFT marketplace developer from Blocktech, a respected NFT development company with experience in the metaverse, blockchain, Web 3, and music marketplace.
Top 10 Music NFT Marketplace
Having a clear idea is a must for looking for music NFTs, such as which marketplace can be more favorable for showcasing their creative work.
1: Open Sea
With 80 million listed NFTs, OpenSea is one of the top markets for musicians. As of January 2023, this Nft marketplace had experience a million user transactions.
It enables creators to create, market and localize digital goods, music and domain names. All independent musicians, even well-known ones, have excellent opportunities in this market. It also features The Weeknd, Snoop Dogg and other artists in OpenSea’s music library.
Using their coin tool, music producers can acquire NFT ownership of their works.
The way the programming is set up allows authors to receive royalties for every work they sell. Supporting NFTs on various blockchain platforms, including Ethereum, Polygon, Klatyn, and Solana, broadens their widespread availability and use.
2: Royal
Fans can purchase music rights in the form of Non-Fungible Tokens (NFTs) on the Royal NFT music marketplace. It was founded in 2031 by 3LAU and JD Ross. Giving music artists overall control over how much of their NFT they want to make available for sale. Here, fans can directly purchase streaming royalties as tokens from their favorite artists.
This is the first NFT music marketplace dedicated solely to music and artists. It helps use the best of blockchain technology to earn cryptocurrency and accept cryptocurrency payments. The platforms for this market are Polygon and Ethereum.
3: Serenade
Serenade is a marketplace for contemporary musical NFTs that emphasizes environmentally friendly development of NFTs for users to collect worldwide. This marketplace allows artists to create environmentally friendly digital artifacts on a larger scale while producing the smallest carbon footprint possible.
For every 12-inch, this music marketplace claims 19700 pressings were generated. It eliminates all gas costs and donates its unique records, collectibles and musical creations to music makers. This is the ideal setting for up and coming musicians to build close relationships with their fans.
This platform uses Polygon blockchain technology, which allows producers to produce not only music NFTS, but also NFT artwork.
4: Catalog
Catalog is the best option for an NFT music marketplace that caters to all artists and audience preferences. Here, artists are allowed to market their albums, recordings and songs using unique means. Artists can easily create and sell their artwork on this platform.
The collection can be thought of as a streaming platform where audio is supported and guided directly from the use of the site.
Consumers can purchase their favorite artists’ NFT instantly while having a smooth experience, and the artist can use the two separate assets to earn integrated income and commissions. Here artists can effortlessly generate and earn 100% of the commission from both their first sale and resale.
5: Zora
Zora, an open media registration protocol introduced in 2021. It enables music NFT producers to publish their own digital works, sell their music NFT compositions and build communities with other creators.
Minimizing the role owner in reality allows anyone using the protocol to obtain the token. By giving the original creator a share of the proceeds, that token can be easily mined, sold and resold.
In addition, Zora offers an easy selling method and cross-platform payments with no gas fees. The NFT can be found here in a variety of assets, including artwork, objects, collectibles, and music.
By holding assets in a secure wallet, Nifty Gateway allows users to participate in a custody platform powered by Gemini. Nifty’s custodial feature guarantees producers to transact without paying gas fees. Storing and withdrawing NFTs from external wallets is free.
On Nifty, there are well-known music artworks and a variety of music NFTs, including the Numinous: the descent collection with known collections.
7: Rare
Rarible is one of the first music NFT workstations that guarantees any music producer can get a spot on it. Regardless of skill level, newcomer status or participation in community trading on their NFT platform. This platform offers a wide range of music NFTs and unique tokens such as ERC 721 and Tezos NFT.
Rarible is currently participating in numerous amazing works. It offers audio clips, wide support, and various currency types such as Ethereum, Solana, Polygon, Flow, Immutable X, and Tezos. For starters, this NFT music marketplace accepts credit and debit cards.
8: hearing
Audius enables users and artists to take full advantage of its streaming platform and drive both the audience and the market. It guarantees the best application of the blockchain technology that initiated the decentralization of the music industry.
Artists can connect with their audience on Audius by sharing audio, albums, tokens and monetization. Buying or minting the tokens of their favorite artists also allows the public to show their support in this case.
9: Super rare
SuperRare is a well-known music NFT marketplace that highlights the rarity and uniqueness of music NFTs while focusing on the artistic effort and sharing of the value of each musical composition.
It requires a personal invitation to publish for the artist to receive payment for artistic work on SuperRare. This NFT music market runs on beta production and does not provide direct access for easy trading.
10: Block party
Blockparty provides a new Web 3 hosting mechanism for all types of producers connected to NFTS and music NFT marketplace. For all the musicians who can create personalized NFT drops without paying for gas, this marketplace has been carefully crafted. This market makes the bidding process easy for NFT collectors.
Blockparty’s primary goal is to strengthen the bond between artists and their followers. It supports dealers, collectors and fans by offering a variety of gifts and rewards. Blocktech is a leading NFT development company that provides services in the development of blockchain platforms, Web 3 and NFT marketplaces.
Last thought
There are a number of music marketplaces available online, making it a challenge for artists, dealers and community members to choose wisely from them. NFTs were known to the general public, but music NFTs are now on board and continue to gain popularity.
We at Blocktech help companies outperform their competitors by having a well-functioning and cutting-edge NFT marketplace. We’re here to help you every step of your NFT development.
I am the CEO and founder of Blocktech Brew, a team of blockchain and Web 3.0 experts who help companies adopt, deploy and integrate blockchain solutions to achieve business excellence. Our team has successfully delivered over 1000 projects to clients in over 150 countries and is dedicated to designing and developing smart solutions to scale the growth of your business. We are focused on leveraging the power of Web 3.0 technologies to provide world-class Blockchain, NFT, Metaverse, Defi, and Crypto development services to businesses to help them achieve their goals.