N.F.T. stands for non-fungible token. It's a unique digital asset that can be sold using blockchain technology. Each N.F.T. is unique and irreplaceable. It's like a digital version of a first edition vinyl record.
That's why N.F.T.s are considered so valuable. You can "mint" your music as an NFT and sell it as a limited edition collectible. This is sometimes referred to as an Audio NFT or Audio Token.
These 5 musicians made over $18 million with NFTs
Electronic music producer Jacques Greene reportedly made 20,000 dollars from an NFT of the rights to his single, "Promise".
Electronic music producer, DJ, and musician Dead mouse sold 6,000 NFT collectibles for a reported sum of 96,940 dollars.
Musician Steve Aoki sold an NFT in collaboration with Antoni Tudisco that featured a clip of Aoki's music along with a dancing animated figure. The NFT reportedly sold for 888,888 dollars and 88 cents.
DJ and producer, Blau, auctioned off 33 NFTs, including one for a custom song to be written with creative input from the buyer. He reportedly made 11.6 million dollars for the entire collection.
Musician Grimes created 10 NFTs that combined original digital artwork and short videos with her music. Her total earnings from the NFTs reportedly topped 6 million dollars.
Your Audio NFT Checklist
Thinking of selling your music as an N.F.T.? You'll need a few things ready before you can mint your Audio Token. Here's a list of what you'll need to mint your Audio N.F.T.:
- Your Music in MP3 or WAV format
- Artwork to go along with your music in JPEG, PNG or another image file format
- A Bank Account
- A Cryptocurrency account connected to your bank account
- A Cryptocurrency wallet connected to your cryptocurrency account
How to Mint an Audio NFT
Go to Coinbase and create an account.
Verify your account and connect your bank account in the settings. Your bank account has to be linked in order for you to fund your account and buy the cryptocurrency necessary to mint your NFT. Add funds to your account - you'll need about $60 worth of Ethereum to mint one NFT.
It can take several days for the bank account to be verified and funds to be transferred, so make sure you register at least 2 weeks before you want to release your NFT.
Download the Coinbase wallet app. This is your cryptocurrency wallet. In the process of setting up your Coinbase app, you'll be given a recovery phrase. This is a series of random words that will be used if you ever need to verify your account in the future. Write them down and save them in a secure place, making sure to write the number and word in order.
Transfer funds from your Coinbase account to your Coinbase wallet.
Now it's time to prepare your NFT files.
Go to Piñata and register for an account. Verify your account in your email and log in.
Piñata is an IPFS (or Interplanetary file system) manager. This guarantees that the files you're minting are original and unique.
Upload your audio file and enter the title in the "custom name for pin" field and tick the box to preserve the file name.
Once uploaded, your file will appear in the dashboard.
Click the three dot icon and select "mint NFT"
This will take you to Rarible. This is where you enter the details about your NFT and publish it to the marketplace.
First, choose "Single" or "Multiple".
“Single” means your Audio NFT will be one of a kind.
“Multiple” means you'll sell your Audio NFT multiple times.
Upload an image that represents the song that you're minting as an Audio NFT.
Toggle the button for "Instant sale price" to the on position and enter the sale price for your NFT. The value is entered in Ethereum. At this time, 1 Ethereum is worth about 2,284 US dollars. You can add a whole number or decimal. For example, if you wanted to sell your NFT for $200, you would enter 0.1. If you wanted to sell your LFT for $10,000, you would enter 4.4. Check the current Ethereum conversion rate to make sure that your pricing is accurate.
Toggle the button for "Unlock once purchased" to the on position. Go back to Piñata, right click the name of the file, and click "copy link location". Paste this link in the "Unlock once purchased" field.
Enter a file name.
Enter a description. You can describe your work here. You should also include a statement that the link to download the file will be provided upon purchase of the NFT.
Enter your royalty rate. This is the percentage of any re-sales you'll receive if your NFT is sold again. Once it's purchased, it can be traded again in the future by the purchaser. The royalty rate gives you the option to set the amount you're owed for any future trades of your NFT.
Click the "connect wallet and create" button.
Follow the prompts to connect your cryptocurrency wallet and pay for your NFT release.
There will be 2 fees: a Transaction fee and a Minting fee. The total amount will depend on the current value of Ethereum. Make sure you have sufficient funds available in your cryptocurrency wallet to cover the costs of the transaction.
You'll see a confirmation page when the NFT has been minted.