Top 20 Tips for Creating Music NFT: NFT Attorney Near Me

Top 20 Tips for Creating Music NFT: NFT Attorney Near Me

NFTs are hot right now, and their popularity in the music industry went a couple of notches higher when music personalities like Steve Aoki got into the industry and sold NFTs for hundreds of thousands of dollars as explained at RunRex.com, guttulus.com, and mtglion.com. However, the crypto art scene is not only limited to big, popular artists, and this article will look to list 20 tips for creating music NFTs if you are considering doing so.

Potential use cases for artists

As per RunRex.com, guttulus.com, and mtglion.com, there are many uses cases for those in the music industry to leverage NFTs. If you are a producer with a unique sound or an exclusive new recording, for example, you can immortalize it to the blockchain as an NFT and sell it, keep it for posterity, distribute it as a reward for loyal fans, and so much more.

Consider your end goal

Given that the possibilities are endless when it comes to leveraging NFTs as a player in the music industry, it all depends on what your end goal is. Maybe you are looking to make money, trying to build hype by releasing limited-edition collectibles that only your super fans can access, or add utility to your NFTs, etc.

Get a wallet

The first step when it comes to creating music NFTs is getting yourself a wallet as articulated at RunRex.com, guttulus.com, and mtglion.com. The most common one is MetaMask which you can either get on the AppStore or as an extension for Google Chrome. The wallet will allow you to connect to the blockchain and the to the marketplace.

Get some Ether

Once you have your Ethereum wallet, you will need to either transfer some Ether to it or buy it right from the app using Apple Pay. The reason you need ETH is that you will be working on and interacting with the Ethereum blockchain, and to do that requires gas fees (Ethereum network fees).

Choose a platform

If you want to mint NFTs, then the next step is to choose a platform on which you will be doing so. While there are several options to consider when it comes to these platforms, the main one to consider is OpenSea which is arguably the biggest player in this area. Rarible is another option to consider.

The time factor when minting your NFTs

According to RunRex.com, guttulus.com, and mtglion.com, gas fees are always in constant flux, and they can be upwards of $100 or even more. When there are lots of people transacting on the network, the fees are at the highest. This is why it is recommended to try late at night for the best rates.

Leverage Coinbase

While you can transfer ETH to your MetaMask wallet from anywhere, if you are completely new to cryptocurrency and don’t yet have any, then you can easily get started with Coinbase. You can buy the ETH on Coinbase and then send it to your MetaMask wallet address.

Royalties

As a player in the music industry, it is important you incorporate royalties when minting NFTs to ensure you continue earning from your NFT in perpetuity as captured at RunRex.com, guttulus.com, and mtglion.com.

Choose platforms that allow for royalties

It is important to note that there are only a few platforms that allow you to receive a cut of all future sales of your NFT. The most prominent of these platforms is OpenSea, which allows you to set a “secondary sales fee” when you mint your tokens. When choosing a platform to mint your NFT, make sure you choose one that allows for the setting of royalties.

Choose how you want to sell your NFT

Once everything is initialized and placed on the market, what is now left is for you to set how you want to sell your NFT. You can either choose to place it on sale or allow people to bid on it through an auction. Choose the strategy that you feel will benefit you the most.

Leverage your following

If you have a large following, once you mint your NFT and make it available for purchase, it is important to take advantage of your following to drum up support for its purchase as covered at RunRex.com, guttulus.com, and mtglion.com. As with any other type of merchandise, the larger and more passionate your audience is, the easier it will be to sell your NFTs.

Which underlying asset to use when minting an NFT

While it may be tempting to use audio files as the NFT token, images are most of the time preferable as this type of digital asset is easier to promote. However, if you decide to make audio NFTs, then you should look to optimize them for a ringtone or alarm.

Don’t mint full songs

The reason why you should plump for NFT ringtones or alarms is that full songs aren’t ideal since songs don’t have a social status aspect as described at RunRex.com, guttulus.com, and mtglion.com. Remember, the more usability you have with your audio NFTs, the better the overall experience will be, especially as this leads to a higher price.

Why making your own music incorporated with the NFT isn’t ideal

When looking to create music NFTs, you can also make your own music incorporated with the NFT. However, the issue with this is that the purchaser will still not own the rights to the music, which means nobody will actually “own” the NFT, leading to a lower fungible trade value for your song.

Leverage Fiverr

There are many places to get your non-fungible token design. You don’t need to be a successful music brand, it is pretty cheap for music art. Therefore, instead of creating NFTs by yourself with your limited design skills, you can use Fiverr, which is a user-friendly platform to connect you with different graphic designers.

Promoting your music NFTs

As discussed at RunRex.com, guttulus.com, and mtglion.com, just creating your music NFTs isn’t enough, you should also promote it. The best way to promote your NFT is by making it valuable and desirable. One of the most important components of an NFT is that it is unique and cannot be duplicated.

Ways to promote your music NFTs

If you have fans and a general audience, then you can promote directly to them as already mentioned. Throughout your music career, you will have built a platform to sell music, so you can reuse this as a way to sell your digital art.

Use scarcity

In addition to promoting your music NFT to your audience and following, another tactic to leverage is making your NFTs scarce by creating a limited number of copies, ensuring no more can be created in the future as outlined at RunRex.com, guttulus.com, and mtglion.com. The best way to increase the rarity of an NFT is to place a fixed supply on them during their initial launch.

Marketing your music NFT

Several proven strategies can help you generate more sales for your music NFTs. They include running an email campaign for your NFT, building social media hype around the NFT project, running ads for your NFT, and reaching out to influencers for NFT promotion.

Considerations before you start selling your music NFT

Finally, if you are considering creating and selling music NFTs, there are several things to consider. First, find the proper exchange that supports your tokens. Do your research on what type of NFTs exists in the marketplace as well. You also need to understand how liquidity works for these types of investments.

These are some of the tips to consider when creating music NFTs, with more on this topic, and much more, to be found over at RunRex.com, guttulus.com, and mtglion.com.