Musicians have always faced issues when it comes to making money from their music. Most musicians make a large portion of their revenue through streaming services. Still, they don’t receive more than 12% on average of the revenue earned by these platforms. 

Then there are other issues such as loans, record labels, and relying on live concerts to make a decent living. For this reason, NFTs have become a popular medium for musicians to make money. NFTs provide musicians with endless creative opportunities to engage with their audience and take full ownership of their music. 

Below are just a few of the ways on how to make money from NFT music.

Release an album as an NFT

Kings of Leon are a prime example of this. Instead of releasing separate songs, they were one of the first bands to release a whole NFT music album. They even went a step further and sold three different types of NFTs along with the album. Each type offered different perks; for example, one of the NFTs came with visual artwork, and the other had exclusive access to live events. 

Musicians can come up with all sorts of ways to make their NFTs special and offer their fans an album that is a cool digital collectible with great music and extra perks. 

Royalties on secondary sales

All popular NFT music marketplaces offer creators the option to set their own royalty percentage on secondary sales. This means that if someone buys your music NFT and then sells it, you will get a percentage of that sale. Unfortunately, this only works if they sell the NFT on the same platform. For example, if they buy it on OpenSea and sell it on Rarible, you won’t get any royalties. Luckily, this is something that these platforms are working to solve. 

Collaborate with other NFT artists and musicians

NFTs became popular through digital art, and many collectors still buy NFT art and collectibles more than music. Most NFT marketplaces were also built for selling digital art and later added additional file formats to support music NFTs.

So, it’s not a bad idea to partner up with some NFT artists and create a musical piece with visuals. This method gives you two audiences to market to and a better chance of selling your work (if you’re still trying to grow your social media presence and audience).