Non-fungible tokens (NFT or JNF, in French) are unique cryptographic assets that can be acquired or sold. Once listed in the blockchain, they are authenticated and cannot be replicated. Music NFTs can take different forms: works of art, virtual objects (clothes, avatars, etc.), music albums, collectibles, plots in a virtual world, videos…
How To Buy NFTs?
There are various Music NFTs platforms that allow the purchase of non-fungible tokens. These marketplaces are presented in the same way as any other marketplace, and each digital work has a product sheet, with its characteristics and price.
Marketplaces can be generalist, as is the case with platforms such as Open Sea, Rarible, or Binance NFT. Others are specialized, such as Super Rare, Foundation, or Nifty Gateway, marketplaces that mainly offer art, or the Ethernity platform specializing in sports, and Axie Marketplace, specializing in video games. These marketplaces and the transactions carried out on them pass through the Ethereum blockchain, on which most Music NFTs are produced, and through the use of the resulting cryptocurrency: Ether. However, some platforms are compatible with other types of tokens, such as Open Sea which accepts up to 150 different tokens. Other marketplaces like Super Rare or Binance NFT offer their own tokens.
To buy Music NFTs, you must create an account on a marketplace. For this, it is essential to:
- Hold an Ethereum wallet that supports ERC-721 (the NFT token standard based on Ethereum), such as Meta Mask, Coinbase Wallet, or Formatic,
- Load your wallet by buying Ether from your crypto wallet or on a crypto exchange,
- Bid on a Music NFTs or opt for a buy it now, depending on the option(s) chosen by the seller.
How to sell NFTs?
Most of the marketplaces mentioned above allow you to sell and Use Of Music NFTs. For this, several steps are necessary.
1. Create a crypto wallet :
This step is essential because it allows you to create an account on a marketplace, whether to sell or buy Music NFTs. Be careful, however, to check the compatibility of the different wallets (Coinbase, Meta Mask, Wallet Connect, Fortmatic, etc.) with the platform you have chosen. It is from this wallet that you will be able to receive or acquire Ether, the most widespread cryptocurrency as far as Music NFTs are concerned.
2. Create an NFT :
NFT marketplaces do not allow graphic creation, so you will have to create your digital work using suitable software, then upload it to the platform, once your account has been created. Marketplaces thus take care of tokenization, i.e. saving a copy of the file you want to sell in the blockchain. Given the multiple forms that Music NFTs can take, many formats are supported by marketplaces (PNG, SVG, GIF, MP3, MP4, etc.). Once your artwork is uploaded, you can choose a title and description for it.
3. Choose the right platform :
Be sure to choose the most suitable marketplace, depending on the type of Music NFTs you want to sell. The other criterion to take into account is the fees that will be deducted from your sales by the platform. They can vary depending on the marketplaces, but also on the course of the cryptocurrency.
4. Choose a mode of sale :
On marketplaces that offer Music NFTs, it is possible to define different means of sale. In particular, it is possible to sell an NFT via an auction, a very widespread mode of sale, or via an immediate purchase, the price of which you define.
Once sold, your NFT becomes part of a user’s collection. He can decide to keep it or resell it. You have the option to choose the commission percentage for each resale of your NFT.
