In 2021 almost $41 billion was spent on NFTs and we witnessed a mainstream adoption of the technology on a grander scale than ever before. Even though only approximately $80 million of that came from the primary sales of music-related NFTs, it is precisely why the space has a lot of potential for the upcoming year.
Do not let the numbers fool you – NFTs are already starting to reshape the music industry in various ways. That’s why we will take a look at the differences between the leading NFT music marketplaces and platforms, as well as what to look out for in 2022 – right here.
First of all, where does the excitement about the world of music NFTs come from? In a modern streaming service-dominated environment there are substantial issues related to the timely and fair royalty payments to music artists. NFTs of course change the conversation, allowing artists to be more independent and more efficient in interacting with their fanbase.
It opens up endless possibilities in bundling virtual and real world merchandise and connecting with the fans in a myriad of new ways. As a result we are witnessing a process of reshaping of intellectual property rights in music and serious challenges to the classic label – artist relationship. These challenges often come in the form of innovative projects concerned with transforming the music artist payout, such as Opulous and Audius, two important NFT music platforms that are mentioned below.
Now let’s have a look at the most relevant NFT music marketplaces and platforms in the world of music NFTs.
The Most Popular NFT Music Marketplaces
Nifty Gateway
Nifty Gateway has processed up to almost 50% of all music NFT sales up to date. At the same time however it also is arguably the most difficult one to get accepted to, due to its focus on catering to creators of the highest caliber.
Type of Blockchain: Ethereum
Payment types: ETH, debit and credit card
Platform fees: 5% +30 cents on every secondary sale
Who is it perfect for?: Highest caliber artists and celebrities
Auction style: Buy It Now, Timed and Silent
Royalties for secondary sales: Subject to customization
Origin Protocol
Origin Protocol was the second biggest marketplace by a number of sales of music NFTs last year, as well as becoming an official partner of Amazon. Here the approach is centered around a higher degree of customization of the NFT product as well as trying to achieve lower fees and make it more accessible to all types of creators. The aim of the platform is to become a leader in powering decentralized and peer-to-peer marketplaces.
Type of Blockchain: Ethereum
Payment types: ETH, DAI, OGN
Who is it perfect for?: For slightly more proficient tech and crypto users who have a particular campaign in mind
Auction style: Highly customizable
Royalties: Highly customizable
OpenSea
OpenSea is the largest marketplace in the world for crypto collectibles and NFTs, and their music NFT section is for sure one of the most thriving and active around the space. It can be accessed by anyone and after initializing your account you can also enjoy creating and selling NFTs without paying the gas fees which is very convenient for creators on a budget.
Type of Blockchain: Ethereum
Payment types: ETH, WETH, DAI
Platform fees: 2,5%
Who is it perfect for?: For a creator of any size and budget
Auction style: Buy It Now and Timed Auctions
Royalties: Subject to customization
SuperRare
SuperRare is a curated digital art platform that has been putting a lot of attention to improve and maintain their music NFT section. Same as with Nifty Gateway the application process is quite selective and it is not easily accessible for all types of creators.
Type of Blockchain: Ethereum
Payment types: ETH
Platform fees: 15% to the gallery + 3% to the marketplace
Who is it perfect for?: Well established artists and creators with a sizable following
Auction style: Scheduled Auctions, Reserve Auctions, Open-Ended Offers, Buy It Now
Royalties: 10% of every secondary sale
Rarible
Rarible is another easily accessible platform that despite being originally more focused on digital artwork collectibles is also seeing an increased volume of music NFT sales.
Type of Blockchain: Ethereum
Payment types: ETH, WETH, DAI, RARI, ATRI
Platform fees: 2,5 %
Who is it perfect for?: Creators of all sizes and budgets
Auction style: Buy It Now, Open-ended offers
Royalties: Customizable
Innovative NFT Music Marketplaces to Look Out for in 2022
Opulous
Opulous is a platform created by Ditto Music that is trying to create an ecosystem where creators and their fanbases can earn together. The concept is that Opulous would allow creators to sell NFTs with an embedded amount of royalties from a particular song or album, allowing fans to become direct stakeholders in the musical product, massively impacting the music promotion incentives of the fanbase.
Type of Blockchain: Algorand
Payment types: $OPUL
Who is it perfect for?: Artists and creators that want to connect with their fanbase in a stronger way
Audius
Audius is a music streaming service that operates by paying artists revenue from streams that come from individual users that play their music directly. Audius creates the timestamps of the content, allowing artists and fans to become decentralized node operators that further support the network. The platform aims to become an absolute leader in the “B-Side,” behind the scenes content bundling, and we are definitely going to see more of Audius after their partnership and integration with TikTok last year.
Type of Blockchain: Ethereum & Solana
Payment types: $AUDIO
Who is it perfect for?: Artists and creators that want to connect with their fanbase in a stronger way
One Of
One Of is a Quincy Jones-backed music NFT exchange which claims to be the low fee and greener version of what’s currently out there. One Of operates on the Tezos blockchain, which is much more democratic in terms of the energy use as opposed to the traditional Ethereum blockchain. The concept of the exchange is related to creating a wide range of buying options, allowing even a low budget enthusiast to be part of the music NFT world and trying to facilitate the wide mass adoption of this technology in music.
Type of Blockchain: Tezos
Payment types: Credit and debit cards
Who is it perfect for?: Both music enthusiasts that want to get involved with music NFTs at a more accessible level and more high-profile artists
As mentioned before, the music industry is starting to experience massive structural transformations. As a result, various parties such as record labels, digital streaming services and music tech companies are actively innovating and trying to come up with ways to bring legacy music industry structures into Web3.
Simultaneously, a lot of innovation and conversation is happening around creating new alternative attribution systems through the use of blockchain and decentralization. Altogether this creates a very fruitful and exciting dynamic for the world of NFTs in music as we are bound to see a great deal of diversity in what is being offered to fans and enthusiasts. Exciting times ahead for music NFTs and music NFT marketplaces in 2022!
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Music data strategist and a music artist. One of the co-founders of the IMA data analytics startup, concerned with identifying trends and spreading awareness about the web3 transition in music.