Best Music NFT Marketplace – Where to Buy Music NFTs – Business 2 Community | NFTRADIUS

Music NFTs are changing the way that artists interact with their fans. A music NFT is a unique token that gives you ownership of a piece of audio or video. If you have a passion for music and are interested in exploring the concept of music NFTs further, this guide is for you.

We’ve explained how the NFT music space works for beginners, and listed a rundown of our picks for the best music NFT marketplaces of 2022.

The 5 Best Music NFT Marketplaces 

Here is a quick overview of the best Music NFT marketplaces to explore right now:

  1. Crypto.com – Overall Best Music NFT Platform
  2. Binance – Top Music NFT Marketplace With Low Fees
  3. OpenSea – Popular NFT Music Marketplace With a Large Suite of Assets
  4. Rarible – Best Music NFT Marketplace for Blockchains Diversity
  5. Royal – Solid Marketplace Exclusive for Music NFTs

You might also want to consider reading our guide on the best NFT wallets that can be used to pay for your purchases and store them securely.

The Top Music NFT Marketplaces Reviewed

There are several marketplaces that have popped up in recent years that give you easy access to NFTs.

These platforms not only allow you to buy and sell NFTs but also mint your own non-fungible tokens.

1. Crypto.com – Overall Best Music NFT Platform

Crypto.com is a one-stop-shop for solutions concerning cryptocurrency, and that includes a dedicated NFT marketplace. Through Crypto.com, you will be able to buy, sell, and create NFTs across a wide range of categories. The platform features NFTs representing art, games, sport, music, crypto, and plenty more.

Crypto.com hosts both primary and secondary markets for music NFTs. This means that creators of music NFTs can directly drop them on Crypto.com, and buyers of these tokens can resell them via the same platform. Depending on the pricing model set by the seller, you might have to pay a fixed fee on the music NFT that you want to buy or place a bid via an auction.

Crypto.com NFT

What sets Crypto.com as the best music NFT marketplace is that it makes the payment process simple for everyone. You will be able to pay for your NFT using cryptocurrencies via the Crypto.com app or through a private wallet, such as Metamask or WalletConnect.

Read our full review of the Crypto.com NFT marketplace.

On top of this, the platform also facilitates purchases via your USD account balance or even using a debit/credit card. Crypto.com is also regarded as one of the best places to buy cryptocurrency. The platform supports over 250 digital assets and facilitates margin trading.

You can also access other services such as crypto interest accounts, loans, and even credit cards that allow you to spend your digital tokens to make online purchases.

Number of Music NFTs 50+
Blockchain(s) Crypto.org Chain
Fees No fees on purchases, 1.99% seller fees

What We Like:

  • Wide range of music NFTs
  • No additional fees for buyers
  • Accepts multiple payment methods, including debit/credit cards
  • Great reputation
  • Suitable for all skillsets

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

2. Binance – Top Music NFT Marketplace With Low Fees

Binance is one of the world’s largest cryptocurrency platforms. Like Crypto.com, Binance also offers a variety of services including trading, crypto savings accounts, staking, and more. Its NFT marketplace – known as ‘Binance NFT’ – is powered by the Binance blockchain infrastructure, allowing you to buy and sell a large selection of non-fungible tokens.

Binance offers three product lines within its NFT marketplace. First, Binance allows you to mint, sell, bid, and purchase music NFTs from creators across the world. Secondly, Binance gives you exclusive access to premium music NFTs launched by leading global artists. And finally, this marketplace offers unique NFT mystery boxes that give you a chance to win rare rewards.

Binance NFTs

In order to buy music NFTs on Binance, you can purchase an item at the quoted price, make an offer to the seller, or bid in an auction. You will be able to buy NFTs using BUSD, BNB, and ETH via this marketplace. When it comes to the costs involved, you will have to pay a 1% transaction fee when buying or selling music NFTs. 

If you are depositing NFTs into the Binance platform, you will be able to set the gas fee you are willing to pay. Although there are no listing fees, you will have to pay a 1% royalty to the creator if you are reselling a music NFT. Binance also supports the minting of music NFTs; however, this feature is only available to selected artists and partners.

See our full review of Binance NFT.

Number of Music NFTs 1,500+
Blockchain(s) Binance Smart Chain
Fees 1% transaction fees

What We Like:

  • Large selection of music NFTs
  • Low transaction fees
  • Access to events and rare NFTs

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

3. OpenSea – Popular Music NFT Marketplace with Large Asset Selection

OpenSea is the oldest and most used NFT marketplace of today. It hosts virtually every kind of NFT you can think of, including but not limited to art, sports collectibles, game tokens, and photography. As the largest marketplace for non-fungible assets, OpenSea has a dedicated NFT for music catalogue too.

Not only can you buy NFT music tokens via this marketplace, but you can also create your own using OpenSea’s item minting tool. On this marketplace, you will also find support for NFTs running on Ethereum, Klatyn, and Polygon. The platform also accepts 150+ digital tokens as payment, which includes Ethereum, Solana, USDC, DAI, and many others.

OpenSea

That said, unlike Crypto.com, OpenSea does not support purchases of NFTs with fiat currencies like US dollars and euros. However, if you already own cryptocurrencies, OpenSea is the best Music NFT marketplace in terms of ease of use. But this accessibility also comes with a slightly higher fee – OpenSea takes 2.5% of all transactions that take place on the platform.

Number of Music NFTs 175,000+
Blockchain(s) Ethereum, Klatyn, Polygon
Fees 2.5% transaction fee

What We Like:

  • Largest collection of music NFTs
  • Support for multiple blockchains
  • Over 150 different payment options

4. Rarible – Best Music NFT Marketplace That Supports Multiple Blockchains

Rarible is also one of the best music NFT marketplace sites. This platform is actually owned and operated by its community. This decentralized framework is run by those who hold the digital token RARI. Rarible also rewards active users of its NFT marketplace with RARI by distributing 75,000 tokens every week.

Apart from music albums, Rarible also supports other types of NFTs – including books, digital art, and movies. Those who wish to mint music NFTs on Rarible can do so using the RARI token. Furthermore, this platform offers up to 10% on royalties, which makes it one of the best NFT music marketplaces for musicians.

Rarible

In terms of fees, Rarible charges 2.5% on each and every sale that takes place on its marketplace. And importantly, it also gives you the option to pay for your music NFTs using your debit/credit card. It also supports multiple blockchains, which gives you access to a large selection of music NFTs.

We did an in-depth Rarible vs Opensea comparison.

Number of Music NFTs 1,500+
Blockchain(s) Ethereum, Flow, Tezos, Polygon
Fees 2.5% transaction fees

What We Like:

  • Wide range of music NFTs
  • Support for multiple blockchains
  • Fee-free minting
  • Royalty fees that can go as high as 10%

5. Royal – Specialist Marketplace Exclusive for Music NFTs

While the other marketplaces we reviewed so far give you access to a variety of tokens, Royal caters specifically to music NFTs. On this platform, the priority goes to content creators. As such, creators have the ability to set the royalty commission on their own work. For this reason, many artists state that Royal is the overall best music NFT marketplace.

That said, Royal is also very convenient for buyers. You can pay for Royal music NFTs using a credit/debit card or cryptocurrencies. Royal allows you to link MetaMask and also gives you the option to create a new wallet account on the platform itself.

Royal NFT

Depending on the music NFT you buy, you will also receive fan experiences, special tracks, and digital art – as decided by the creator. It is important to remember that Royal only facilitates airdrops of music NFTs.

If you miss the opportunity, you will still be able to purchase tokens from secondary markets such as OpenSea. Royal currently hosts music NFTs on Polygon and Ethereum – which covers a large chunk of this industry.

Number of Music NFTs 500+
Blockchain(s) Ethereum, Polygon
Fees Set by the creator of the respective music NFT

What We Like:

  • Best music NFT marketplace for creators
  • Gain access to music NFT airdrops
  • Royalties and fees decided by creators

What is a Music NFT?

NFTs are digital tokens stored on a blockchain that can record the ownership of items, such as music. On the surface, music NFTs might appear like an alternative to buying tracks on a conventional platform such as iTunes.

However, there is a key difference here:

  • When you purchase music, you only receive the right to listen to the tracks you have bought.
  • On the other hand, when you buy a music NFT, you also acquire ownership of the track itself.
  • This way, you will be able to sell or trade your NFT music tokens on public marketplaces.

Moreover, NFT marketplaces also allow musicians to collect royalties on any future sales of their non-fungible tokens. This means that every time a music NFT is sold, the creator of the token will be able to receive a portion of the fee.

Music NFTs vs Art NFTs

NFTs are not exclusive to the music industry alone. In fact, you will be able to find NFTs that can represent practically any item.

In this section, let us explore the two most popular types of NFTs in the market today – music and art.

  • A growing number of artists and musicians have started using NFTs to connect with their audiences.
  • In a sense, this allows you to become an early investor of a specific music album.
  • In case the artist becomes more popular in the future, you might be able to sell the music NFT at a profit.
  • The popularity of art NFTs is also increasing.
  • You can purchase an art NFT to sell it in a marketplace or hold it as part of your collection.
  • There is a third approach to combining the best of both art and music NFTs.
  • That is, you can invest in NFTs of limited edition posters, covers, and even exclusive photographs from concerts.

These can turn out to be rare and thus even more valuable in the market.

For example, the Melos X David Bowie series available on the Binance music NFT marketplace includes unreleased audios, as well as photographs and behind the scene stories.

Music NFT Marketplace Blockchains

NFTs use blockchain technology to digitally record ownership. The blockchain on which a music NFT is built on can impact the price you pay as well as the transaction speed of the purchase.

Below we discuss the top blockchains that host the best NFT marketplaces in 2022.

1. Ethereum

Ethereum is, undoubtedly, the most established blockchain for music NFT marketplaces. More than 90% of NFTs are created as ERC tokens on the Ethereum network. The main reason why many prefer the Ethereum blockchain for creating music NFTs is that it has the largest user base in this industry and a well-developed infrastructure.

Ethereum

Not so surprisingly, some of the best music NFT platforms, such as OpenSea, are hosted by this blockchain. However, the Ethereum blockchain handles only a limited number of transactions at a time. When compared to demand, this leads to congestion on the network, resulting in high gas fees that can greatly add to your NFT costs.

These aspects have encouraged developers to look for alternative blockchains that offer more efficiency. That said, the network’s shift to a proof-of-stake consensus model is expected to facilitate much better scaling. This will also help to increase the speed of transactions and reduce the cost simultaneously.

Cryptoassets are a highly volatile unregulated investment product. 

2. BNB Smart Chain

BNB Smart Chain is the blockchain that hosts the Binance music NFT marketplace. The blockchain possesses an advanced smart contract functionality and compatibility with the Ethereum Virtual Machine, which makes it an attractive choice for minting NFTs.

While BNB Smart Chain runs in tune with the Binance Chain, it is totally independent and will be able to function even if the latter runs into issues.

Bnb smart chain

This blockchain uses BNB as the native utility token of its ecosystem. This token is used for running smart contracts on the blockchain and paying transaction fees. The main advantage of BSC over Ethereum is that it offers high transaction speeds at a much lower cost. You can buy BNB tokens on eToro from just $10.

Cryptoassets are a highly volatile unregulated investment product. 

3. Polygon

Polygon is another blockchain that allows developers to design scalable and robust decentralized applications. Similar to BNB Smart Chain, Polygon also facilitates high speeds and low fees, making it a top choice for NFT marketplaces. As a blockchain, Polygon essentially functions as a layer on top of the Ethereum network.

Polygon

However, Polygon allows NFT minting to happen outside of the Ethereum network. Moreover, this process requires a low gas fee – allowing for efficient and free minting of music NFTs. As such, Polygon is emerging as a top alternative to Ethereum, which can encourage the best music NFT marketplaces to integrate this blockchain into its platform.

Cryptoassets are a highly volatile unregulated investment product. 

Are Music NFTs a Good Investment?

Many view NFTs as a viable alternative to the current system of the music industry dominated by major labels.

NFTs can be advantageous to music artists in many ways by offering better control of the distribution as well as for establishing a direct-to-fan revenue stream.

However, from an investment point of view, there are a few other aspects to consider before you buy NFT music tokens.

Let us take a look at what makes music NFTs a good investment.

Secured by Blockchain Technology

NFTs are created using blockchain technology, which records each and every transaction made on the network.

This means that all NFTs stored on the blockchain have a chain of ownership and records of authenticity. Once this data is added to the blockchain, it cannot be altered or deleted.

This is what makes NFTs unique – by fostering a level of confidence that is unparalleled in the music industry. In other words, this makes your ownership of NFT music tokens more valuable, secure, and transparent.

Support Your Favorite Artists

Music NFTs are promoting a new kind of collaboration between artists and their fans. When you invest in an upcoming album, you receive music NFT tokens in return. This will help artists produce work without having to rely on label funding.

As an investor in NFTs, you gain direct access to streaming, become an early buyer of the collectible merchandise, and in some cases, even obtain control over a portion of commercial rights.

On top of this, if the music NFTs increase more in value, you will be able to sell them and make a profit on your investment.

Diversify Your Investment Portfolio 

As you know by now, NFTs are entirely different from traditional assets, such as stocks and bonds. Music NFTs have some distinct qualities and investing in these non-fungible tokens can give you exposure to a separate market.

Therefore, if you are looking to diversify your investments, adding music NFTs to your portfolio is worth considering.

That being said, NFTs are highly speculative – very much like cryptocurrencies. Therefore, you will need to determine the level of exposure you want to allocate to music NFTs in your portfolio – while keeping in mind the most pertinent risks.

The Best Music NFTs to Buy

There are hundreds of thousands of music NFTs that are available across many of the best online NFT marketplaces.

While the value of music NFTs is often subjective to personal preferences, there are many projects that have gained popularity among a broader audience.

Below, we have rounded up a list of the best music NFTs to consider buying in 2022.

1. Kings of Leon

Kings of Leon made history by becoming the first band to release a music NFT album in blockchain format. Due to its success, the band is planning to release more music NFTs in the coming months.

Kings of Leon

The Kings of Leon NFTs that were released consisted of three types of tokens. The first is the special album package, the second is a lifetime front row ticket to the band’s concerts, and the last is meant for audiovisual art.

2. Tracks to the Metaverse

This music NFT album is an extended collection from the makers of the Key to the Metaverse tokens. The entire collection consists of 4,000 unique audio clips. Each is distinguished based on the properties of the NFT.

Tracks to the Metaverse

This NFT music has tracks that have vocals mixed based on the character in the key and provide a third dimension to each collectible. A part of this collection is available to purchase on OpenSea.

3. Omgkirby Genesis

Omgkirby Genesis is deemed as one of the best Music NFT projects to date, This collection is unique and gets you a combination of animated visuals along with a unique music track. Although popular, this NFT music series has a low floor price.

Omgkirby Genesis

There are 3,000 NFTs in this collection, and each is unique with its own traits. Investing in an Omgkirby NFT gives you access to the full master recording and publishing rights, as well as the opportunity to become part of the DAO.

4. Trey Songz

Trey Songz released a one of a kind music NFT mystery box on the Binance Smart Chain. This collection features exclusive music tracks composed by Trey Songz, along with additional rewards. This mystery box was released in multiple stages based on the rarity of the rewards on offer.

NFT Calendar svg%3E

For instance, rewards include a chance to co-create music with Trey Songz, a one-on-one video session, up to $100,000 worth of cash rewards, and an autographed photo NFT.

5. 3LAU

DJ Justin Blau was the first artist to release a blockchain-based album. Titled Ultraviolet, the album was launched in early 2021 and consisted of just 22 NFT linked vinyl records.

best music NFts

Due to the rarity and popularity of this album, this music NFT is likely to gain more value in the secondary marketplace. At the time of its drop, the album collected $11.6 million. You can also invest in other NFTs created by 3LAU if you would like to add his albums to your collection.

How to Buy Music NFTs

Most marketplaces are hosted on blockchains, which require you to own cryptocurrencies to buy a music NFT.

Since the majority of the best music NFT marketplaces discussed today function on the Ethereum platform, it will be easier for you to make purchases using ETH tokens.

As such, in this section of our guide, we provide you with a step-by-step breakdown of how you can buy Ethereum via eToro and then use your ETH tokens to buy music NFTs on Crypto.com.

Step 1: Open and Fund Your eToro Account

One of the first things to do is to buy Ethereum in order to purchase your chosen NFT music. To do this, you need an account with a reputable and regulated online broker such as eToro.

This platform stands out for its low fees, user-friendliness, and copy trading tools. You can start by creating an account on eToro. This involves entering your basic information – such as your full name, email address, and phone number.

You will then have to verify your account by providing a copy of your government-issued ID, along with a utility bill or bank statement.

eToro sign up

After creating your account, you will have to add some funds. The minimum deposit required is only $10, and you can make the payment using your debit/credit card, or via a bank transfer.

eToro also lets you buy cryptocurrency using PayPal and other e-wallets.

Cryptoassets are a highly volatile unregulated investment product. 

Step 2: Buy Ethereum on eToro

With your account sufficiently funded, you can now use eToro’s search bar to find Ethereum.

Once you find the right result, click on the ‘Trade’ button to open up the order box. You will then see a box appear – like in the image below.

eToro buy Ethereum

To buy Ethereum, you only need to enter the amount you wish to invest in this cryptocurrency.

Once the purchase is made, your ETH tokens will remain in your eToro account. To access the ETH tokens easily, you can download the eToro Money crypto app on your phone and sign in with your account credentials.

Step 3: Open and Verify Crypto.com Account

As noted above, Crypto.com came up as the best music NFT marketplace for both buyers and sellers. To invest in NFTs via this marketplace, you will first need to create an account.

You can simply head over to the Crypto.com homepage and sign up. You will have to enter your email address and assign a username and password for your account.

Crypto.com NFT

After creating your account, you will have to get yourself verified before you can buy music NFTs.

This can be completed in one of the following two ways:

  • If you have a Crypto.com account, you can go to the ‘Settings’ section and click on ‘Connect to App’. You will then receive a confirmation email with a link that you can click to verify your account.
  • If you are new to Crypto.com altogether, you will also have to verify your cell phone number.

After completing this step, your account will be fully equipped to buy music NFTs.

Step 4: Transfer Ethereum to Crypto.com

At this point, you have a Crypto.com account and Ethereum tokens in your eToro wallet. Now, you will need to transfer your ETH coins into your Crypto.com wallet.

To do this:

  • Sign in to Crypto.com and tap on the ‘Transfer’ button.
  • Click on the ‘Deposit’ button, choose ‘Crypto’, and then select ‘Ethereum’.
  • A pop-up will show you the deposit address of the wallet and a QR code.

You can then use this address to transfer your ETH tokens from the eToro Money crypto wallet.

Step 5: Buy Music NFT

Now, you can head to the ‘Marketplace’ section of Crypto.com to find what NFT music tokens take your fancy. You can also use the search function to find a specific NFT that you have in mind.

Once you see an NFT music token that you would like to purchase, click on it to go to the listing page. There, you will see the current price of the music NFT in question.

You can choose to buy the NFT at the listed price or make an offer.

Buy Music NFT

When you are ready to pay for your music NFT, you can choose ‘Crypto.com Pay’ as the preferred mode of payment. You can then open the Crypto.com app on your mobile device, scan the QR code of the wallet and complete the transfer.

Alternatively, you will also be able to pay for your music NFT using a credit/debit card.

Either way, once you have completed the purchase of a music NFT, you will be able to find it under the ‘Collectibles’ section of your Crypto.com account.

You can then transfer the NFT to another wallet or sell it on the Crypto.com secondary marketplace.

Conclusion

Music NFTs are emerging as a disruptive technology. This niche market promises a new front in the world of music and offers exciting prospects for both artists and investors.

That said, music NFTs are still in the early days of development, so consider the risks before investing in this category of digital assets.

If investing in the music NFT arena makes sense for you, your first port of call is to choose the right marketplace.

We found Crypto.com to be the best music NFT marketplace to use right now. The platform gives you access to a wide range of music NFTs and lets you buy your favorite tokens in just a few taps – which includes support for debit/credit card payments.

crypto.com logo

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

FAQs

How do you sell music as an NFT?

What does NFT stand for in music?

How do I get a music NFT?

What is the best music NFT marketplace?

Source : Read More

You May Also Like

X