Even though many people still use Apple Music and Spotify, many powerful Web3 streaming platforms and NFT marketplaces have come out recently and taken the world by storm. These sites are especially helpful for unsigned musicians because they show them new ways to get fans, spread their music, and even get paid in cryptocurrency through the blockchain.
Due to how Web3 streaming services are set up, there will be more P2P communication (and NFTs in particular). By eliminating the intermediaries who control everything now, like Spotify and Apple Music, these technologies help independent artists regain control of their art and how much they get paid.
Web3 streaming services and music NFT marketplaces are becoming more popular, and early adopters will get a lot out of them. So, active producers, musicians, and singers should look into these options now, even though it still needs to be clarified if these Web3 streaming platforms and NFTs will be more popular than companies like Apple Music or Spotify.
We’ve made a list of the best Web3 streaming services and music NFT marketplaces so that we can keep up with the constantly changing market.
Web3 Streaming Companies
Web3 marketplace development gives creators and consumers many extra benefits and rewards, in addition to letting listeners access growing libraries of music NFTs.
Audius is based on a public blockchain protocol that allows streaming music without a central server. It’s supposed to give musicians more control over their music. The staff promises that artists who use the service to share their music will always be able to do so for free. Also, unlike other music streaming services, Audius does not take a cut of the money that artists make.
Contributors to the Audius community get 10% of the revenue in AUDIO, while the musicians get 90%. Signing up is free, and you can start listening to music immediately.
Audius is one of the most popular music streaming services in the Web3 and NFT communities, even though it doesn’t let musicians mint music NFTs.
Like Audius, Emanate is a blockchain-based, decentralized music streaming service. It is built on the EOSIO platform, and its currency is the $EMT token. The EMT and secure internal tokens are deployed on the EOS mainnet. Anyone can use block explorers like Bloks.io and EOSX.io to track funds.
Artists who upload songs to Emanate can share them with services like Spotify and Soundcloud using Emanate Distro. All earnings are put back into the Emanate ecosystem, which makes it easy to track and keep track of every penny made. The team wants to eliminate Emanate Distro so musicians can fully control their work within the Emanate ecosystem.
OPUS is a way to share and find music online without a central server. The platform keeps the music on the Interplanetary File System and runs on the Ethereum blockchain (IPFS). The IPFS lets thousands of tracks per second be sent to the platform in a decentralized way. The company says that the smart contracts that its customers use to listen to music include the decryption keys and file hashes. Smart contracts also make it possible for listeners to pay musicians fairly for their work.
SongCamp made the BPM NFT Discord bot so that people could easily talk about music. Simply put, it’s a bot that can be installed on a Discord server and used to stream music NFTs made by services like Catalog, Zora, Sound, and others.
You can ask the moderators of your favorite Discord server to add BPM.
The NFT Market for Music
With the help of NFT marketplaces, musicians can release NFTs of their latest singles or full-length albums quickly and easily. Fans can buy these music NFTs straight from the artist. Every month, a new music NFT marketplace opens, giving artists more ways to sell their work and make money.
Common places to buy music on Nft
When picking a market, one thing to think about is whether to create a single NFT and sell it or a series of NFTs that can each be priced independently. You should think about adding OpenSea and Rarible to your collection. These are the world’s two most important NFT markets.
OpenSea doesn’t charge anything to list or mint, and it’s easy to use. It uses a standard market model in which all trades are charged a 2.5% fee. Creators can get up to 10 percent of all sales on the secondary market. By putting your NFT on OpenSea, you can get as many people as possible to see your work without spending any money. The Ethereum, Polygon, and Solana blockchains can all work with this solution.
Rarible is a multichain exchange where you can mint coins on Ethereum, Polygon, Move, Solana, or Tezos. Rarible is the main local NFT market. Like OpenSea, the platform lets many NFTs be made at once.
If you want to make a single NFT, your best bet is to use platforms like SuperRare, Basis, and Zora. Again, each market we’ve discussed has been like a tour guide for the minting process. But not all of them are the same, especially not Basis and SuperRare, where users need an invite to join, and would-be miners must go through an application process with a waitlist that can be several months long.
You should be ready to pay the initial cost of minting. Most of the time, the only fee you’ll have to pay is a fuel fee (transaction fee) from the mint. However, some marketplaces may charge you extra fees. Even if the prices need to be cleared immediately, you should still pay them.
- OpenSea: No minting payment; pay gasoline. Takes 2.5% of each sale’s value that is still left.
- Rare: No payment for making coins and no payment for gas. Takes 2.5% of each sale’s value that is still left.
- SuperRare: No payment for the coin, but you have to pay for gas. Takes 3% of the value of each remaining sale.
- Basis: No minting payment; pay gasoline. It costs 15% of the final sales price.
- Zora: Payment-free platform, pay for gas. There is no fee on sales.
Music-Specific NFT Marketplaces
You can sell something on Catalog by setting a “buy it now” price, putting it in a public auction with a reserve, or taking a collector’s offer. Artists get to keep all of the money from their first sales, and they get a share of any money made from reselling their work in the future. On top of that, artists set the prices at which they will be sold again. Still, right now, only people who have been invited can use the site. Because the platform has a small staff and takes a long time to join, this is likely to stay the case for a while. Artists can still send in their work by filling out the Catalog submission form to be put on the waiting list.
Sound.xyz is an online platform that lets you stream, mine, and playback music based on your location. Artists can promote their new music releases by throwing a limited-edition NFT release party on Sound. Every day, a new set of listening events is held on the platform, and since the first drop, nearly every set has sold out. Also, what is the most useful part? All of the money the artists make goes to them. Like Catalog, you must be invited to use the platform while it is still in beta. But if you want to get your music out on the Sound market, you should join the Sound Discord server or try to get in touch with one of the many well-known artists who already use the service.
Async Music is a part of the well-known NFT platform Async Artwork that only deals with music. On Async Music, each piece of a song—guitar, piano, vocals, and percussion—is uploaded separately and sometimes in more than one take. So, musicians can make dynamic pieces by combining different tracks into a single finished piece. If the songs on the platform are randomly put together in a master NFT, their design can change, so each time a listener comes back to the platform, the songs may sound different. But open minting is not supported on the platform right now. It is also hard and not easy for new people to learn.
When you buy a song from 3LAU’s new music NFT market, Royal, you legally own the NFTs for that song. At the moment, the platform is highly curated. 3LAU and his team choose every artist and piece of music for the site themselves. Even though Royal isn’t yet mintable, it’s important to learn how LDAs (Restricted Digital Belongings, also known as royalty-bearing NFTs) work on the platform.