Where to Buy Music NFTs for Fans and Enthusiasts | Audius v OpenSea v Nifty

3 min read

Music related NFTs accounted for approximately $80 million in sales in 2021. This year will see that number eclipsed as more musicians and artists produce more NFTs and fans and enthusiasts explore options to purchase music directly from those creators.

NFTs are already starting to reshape the music industry in various ways. That’s why we will take a look at the differences between the leading NFT music marketplaces and platforms, as well as what to look out for in 2022

In a modern streaming service-dominated environment, there are substantial issues related to fair royalty payments. Still, with the use of NFTs, artists can be more independent and efficient in connecting with their fans in various ways.

In a modern streaming service-dominated environment there are substantial issues related to the timely and fair royalty payments to music artists. NFTs of course change the conversation, allowing artists to be more independent and more efficient in interacting with their fanbase.

It opens up endless possibilities in bundling virtual and real world merchandise and connecting with the fans in a myriad of new ways. As a result we are witnessing a process of reshaping of intellectual property rights in music and serious challenges to the classic label – artist relationship. These challenges often come in the form of innovative projects concerned with transforming the music artist payout, such as Opulous and Audius, two important NFT music platforms that are mentioned below.

Nifty Gateway
Nifty Gateway is one of the biggest players in NFT music sales. However, it is also one of the most difficult platforms to get accepted on, due to its focus on catering to the top musicians.

Type of Blockchain: Ethereum

Payment types: $ETH, debit, and credit card

Platform fees: 5% +30 cents on every secondary sale

Who is it perfect for?: Highest caliber artists and celebrities

Auction style: Buy It Now, Timed and Silent

Royalties for secondary sales: Subject to customization

Origin Protocol
Origin Protocol’s platform is centered around a higher degree of NFT customization, lower fees, and making it more accessible to all types of creators. The platform aims to become a leader in powering decentralized and peer-to-peer marketplaces.

Type of Blockchain: Ethereum

Payment types: $ETH, $DAI, $OGN

Who is it perfect for?: For slightly more proficient tech and crypto users who have a particular campaign in mind

Auction style: Highly customizable

Royalties: Highly customizable

OpenSea
OpenSea is the largest marketplace in the world for crypto-collectibles and NFTs, and their music NFT section is for sure one of the most active. Anyone can access it, and after initializing your account, you can create and sell NFTs without paying the gas fees. This platform is ideal for creators on a budget.

Type of Blockchain: Ethereum

Payment types: $ETH, $WETH, $DAI

Platform fees: 2,5%

Who is it perfect for?: For a creator of any size and budget

Auction style: Buy It Now and Timed Auctions

Royalties: Subject to customization

SuperRare
SuperRare is a curated digital art platform that aims to improve and maintain their music NFT section. The application process is quite selective, and is not accessible to all types of creators.

Type of Blockchain: Ethereum

Payment types: $ETH

Platform fees: 15% to the gallery + 3% to the marketplace

Who is it perfect for?: Well established artists and creators with a sizable following

Auction style: Scheduled Auctions, Reserve Auctions, Open-Ended Offers, Buy It Now

Royalties: 10% of every secondary sale

Rarible
Rarible is another easily accessible platform that, despite being originally more focused on digital artwork, is also seeing an increased volume of music NFT sales.

Type of Blockchain: Ethereum

Payment types: ETH, WETH, DAI, RARI, ATRI

Platform fees: 2,5 %

Who is it perfect for?: Creators of all sizes and budgets

Auction style: Buy It Now, Open-ended offers

Royalties: Customizable

Alternative & Innovative NFT Music Marketplaces 

Opulous
Opulous is a platform created by Ditto Music trying to create an ecosystem where creators and their fanbase can earn together. Opulous allows creators to sell NFTs with embedded royalties from a particular song or album, allowing fans to become direct stakeholders in the music This concept massively impacts the music promotion incentives of the fanbase.

Type of Blockchain: Algorand

Payment types: $OPUL

Who is it perfect for?: Artists and creators that want to connect with their fanbase

Audius
Audius is a music streaming service that operates by paying artists revenue from streams. Audius creates the timestamps of the content, allowing artists and fans to become decentralized node operators that further support the network. The platform aims to become a leader in the “B-Side” and behind-the-scenes content bundling. We are definitely going to see more of Audius after their partnership and integration with TikTok last year.

Type of Blockchain: Ethereum & Solana

Payment types: $AUDIO

Who is it perfect for?: Artists and creators that want to connect with their fanbase in a stronger way

One Of
One Of is a Quincy Jones-backed music NFT exchange that claims to be the low fee , greener version of what’s currently available. The exchange’s concept relates to creating a wide range of buying options, allowing even low budget enthusiasts to take  part in the NFT music world. Additionally, One Of tries to facilitate the wide mass adoption of this technology in music.

Type of Blockchain: Tezos

Payment types: Credit and debit cards

Who is it perfect for?: Both music enthusiasts that want to get involved with music NFTs at a more accessible level and more high-profile artists

 

As mentioned before, the music industry is starting to experience massive structural transformations. As a result, various parties such as record labels, digital streaming services and music tech companies are actively innovating and trying to come up with ways to bring legacy music industry structures into Web3.

Simultaneously, a lot of innovation and conversation is happening around creating new alternative attribution systems through the use of blockchain and decentralization. Altogether this creates a very fruitful and exciting dynamic for the world of NFTs in music as we are bound to see a great deal of diversity in what is being offered to fans and enthusiasts. Exciting times ahead for music NFTs and music NFT marketplaces in 2022!

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