🎹Music NFT

Create your first music NFTs with the NFT market for musicians. Create music and music videos directly, the platform works with BSC blockchain and supports mp4. With BENFA, you are getting control over your NFTs, with no middle man cutting your sales. Create, Buy, Sell and Earn with your music NFTs.

What is music and how do I create my own music NFT

The music industry has seen many transformations over the years. From records, tapes, compact cassettes, track tapes, and compact discs in the 20th century to downloadable streaming platforms (DSPs) since the early 2000s, the art of listening to music has numerous shapes. Now, the music industry is hinged on DSPs, and for all the ease accessibility and low-cost benefits for listeners, artists still do not profit as much. Most artists still do not earn enough from their music, with the most revenue from tours, merch sales, and partnerships (TVs, video games, and radio stations). This begs the question: might we be due for another upgrade? Well, we believe so, and this is where NFTs and BENFA come into play.

How do Music NFTs work?

NFTs are unique assets stored and tradable on a blockchain. They are, immutable, scarce, and publicly verifiable. In the music world, artists get to sell limited digital content to their fans who pay via crypto. You can now produce any music content that cannot be counterfeited.

What does it aim to solve?

While there are no set frameworks for the partnership, there are a couple of ways top artists have used NFTs that upcoming ones can take a cue from. These include:

1. Album releases

The popular American musician, 3LAU, sold off his tokenized album in February for more than $11 million. Although this sale volume might be an outlier, other artists can take a cue from the move. Limited copies of your album can be sold on-chain, creating exclusive content in a fanciful way. What’s more, artists earn a cut on every secondary sale of the NFTs.

2. Beat Selling

Producers can now sell beats directly to buyers as music NFTs. Thanks to NFTs’ immutability, end-users purchase these beats on-chain and use seamlessly or hold them for profit on resales. Music producers get to earn a royalty on every resale.

3. Merch Sales

Merch, both virtual and physical, can be brought on-chain. Anyone can buy them and resell them. And as usual, artists get a cut on all secondary sales.

4. Stock-type distribution layout

Although untested, this is another way NFTs can benefit the music industry. Imagine selling 20% of rights to your upcoming album as NFTs. This means that asides from on-chain revenue, fans holding the NFTs get to earn a cut from the off-chain revenue generated from your music, such as streaming, TV partnerships, and merch sales. Think of it as a tokenized stock certificate that grants ownership rights of the album. This way, you grow an ecosystem around your work, profiting yourself and loyal fans alike. What’re more, holders gain access to exclusive features such as front-table rows, special concerts, listening parties, etc.

Upsides

1. Artists get to build an active community.

Artists themselves become a platform. NFTs allow artists, especially upcoming ones, to create an ecosystem that allows genuine fans to buy into their market.

2. Lowers the barrier to entry.

NFT gives all the power to creators. Anyone upcoming artiste can do their stuff on-chain, making them more independent and freeing them from unfavorable deals from record labels. Also, artists won’t need to load up to centralized streaming platforms hoping to get enough streamers to generate substantial revenue.

3. Fast-tracks adoption

A positive NFT-fueled change in the music market can upstage crypto adoption at large.

Bottom line

Although the NFT space is relatively new and how labels and music industry techs, and companies level up is not yet known. What is clear, however, is that they hold promise.

BENFA, among other things, aims to connect artists to their genuine fans by providing a cheap NFT platform for music. Join in early and create your music NFTs with us.