Speaking of the NFT market, art and games are the mainstream. These genres will be the genres where the most money is flowing. On the other hand, the reality is that music doesn’t sell very well. Of course there are exceptions, so I can’t generalize.
What is NFT music?
NFT music is music created using NFT technology. Originally, it was difficult to find value in digital music works due to falsification and duplication. However, due to the advancement of technology called blockchain, it has become difficult to duplicate or falsify digital works, and digital content has come to have value. This gave rise to the genre of NFT music. NFT music has the following characteristics:
resale of music
In the NFT market, it is also possible to resell purchased music to other people who want it. In that case, the artist who created the music will also receive a certain reward. In the NFT market, there is a system in which a certain reward enters the creator when it is resold to protect the creator.
Buyers of NFT music are also loyal. Some marketplaces have a mechanism in which royalties are generated even for those who purchase music works. The more popular the purchased music work becomes, the more profitable it will be for both parties, and the more active it will be.
Even beginners can sell
NFT music is not only for sale by professional musicians. No qualifications are required, so even unknown newcomers have the right to take on the challenge. Therefore, in the professional world, it is common to sign a contract with a major label, but NFT is very flat and fair.
Why NFT music doesn’t sell
Unfortunately, NFT music cannot be expected to sell as well as art and games. This is for the following reasons.
Many amateur works
There are many amateur works = there are many works with low quality. NFT is not limited to artists who have contracts with major labels, amateurs are also eligible to participate. Therefore, the quality of the music work itself is low, and it is not possible to satisfy the purchaser.
tough for beginners
Beginners in music have the above-mentioned low quality. And because it is not well known, it is difficult for people to care about it even if you advertise it on SNS. In the world of music, whether it’s NFTs or not, there’s an oversupply of demand, and there’s the problem that if you’re not reasonably well-known, people won’t notice you.
not well known
In the case of music amateurs, there is no name recognition. Therefore, there are not many places to get your name known in the first place. On the other hand, when professional artists enter the NFT market, they tend to sell quickly. Professional artists are also advertised by record companies, so there is a world of difference between amateurs and amateurs.
The hurdles for NFT music are high
In the case of NFT music, the competition is fierce. Therefore, the reality is that it is more difficult than art and games. You should consider entering the NFT market after becoming a professional artist first. The world of music is not limited to NFT, it is a narrow gate and it is never easy.
Bybit has a marketplace. Now it is possible to enter the NFT market. If you are considering entering the market, open an account and start listing. You can learn how to participate from the article below.