A 2022 Guide to Music NFTs: The Best NFT Music Marketplaces

NFTs were used to make $41 billion in 2021. We saw a greater mainstream adoption of the technology than ever before. Even though $80 million was not from primary music-related NFTs sales, this is exactly why there is so much potential in the space for the next year.

NFTs have already begun to change the music industry in many ways. Don’t let the numbers fool! We will be examining the differences among the top NFT music platforms and marketplaces, as well what to watch out for in 2022.

First, where is the excitement surrounding the music NFTs world? There are significant issues surrounding the payment of fair and timely royalties to musicians in a streaming-dominated world. NFTs, of course, change the conversation and allow artists to be more autonomous and efficient in their interactions with their fans.

This opens up new possibilities for bundling real and virtual merchandise, and connecting with fans in many different ways. We are now witnessing a restructuring of intellectual property rights for music, which poses serious challenges to the traditional label-artist relationship. These problems often manifest in the form innovative projects that transform the music artist payout. Opulous, and Audius are two important NFT music platforms, which are listed below.

Let’s now take a look at some of the most important NFT music platforms and marketplaces in the music NFTs world.

The Most Reputable NFT Music Marketplace

Nifty Gateway

Nifty Gateway processed almost half of all music NFTs sold to date. It is also the most difficult to accept because it caters to the best creators.

Type Blockchain: Ethereum Payment Types: Ethereum, debit and credit cards
Platform Fees: 5% +30 Cents for every secondary sale
It is perfect for who? It’s perfect for: Celebrities and artists of the highest caliber
Auction style – Buy it Now, Timed and Still
Secondary sales royalty: Subject for customization

Origin Protocol

Origin Protocol was the 2nd largest marketplace in terms of NFT sales last year. It also became an Amazon official partner. Origin Protocol’s approach is to offer more customization and lower fees to make the NFT products more affordable for all creators. The platform’s goal is to be a leader in the powering of decentralized peer-to-peer marketplaces.

Types of Blockchain: Ethereum
Payment types ETH and OGN
It is perfect for who? Designed for crypto and tech users with a specific campaign in mind.
Auction style Highly customizable
Royalties Highly customizable

OpenSea

OpenSea is the biggest marketplace for NFTs and crypto collectibles in the world. Their music section is one of the most active and vibrant around the space. You can access it from anywhere. After creating your account, you can also create and sell NFTs without having to pay gas fees. This is great for creators who are on a tight budget.

Types of Blockchain: Ethereum
Payment types WETH, DAI, ETH
Platform Fees 2,5%
It is perfect for who? It’s perfect for any budget and size creator
Auction Style: Buy it Now and Timed Auctions
Royalties Subject to customisation

SuperRare

SuperRare, a digital art platform with curated content, has put a lot of effort to maintain and improve their music NFT section. Similar to Nifty Gateway, the application process for SuperRare is very selective and not accessible to all creators.

Types of Blockchain: Ethereum
Payment types ETH
Platform Fees: 15% to Gallery + 3% to Marketplace
Who is it best for? : Established creators and artists with a large following
Auction style, Reserve Auctions and Scheduled Auctions. Buy it Now
Royalties 10% for every secondary sale

Rarible

Rarible, another platform easily accessible, is seeing an increase in music NFT sales, despite its initial focus on digital artwork collectibles.

Types of Blockchain: Ethereum
Payment types ETH and WETH, DAI/RARI, ATRI
Platform Fees: 2,5%
It is perfect for who? Creators of all budgets and sizes
Open-ended Offers: Purchase It Now
Royalties: Customizable

NFT Music Marketplaces that are Innovative and Worth Noting in 2022

Opulous

Ditto Music created Opulous, a platform that allows creators to earn with their fans. Opulous allows creators to sell NFTs that have an embedded amount of royalties from songs or albums. This would allow fans to be directly involved in the product and greatly impact music promotion incentives.

Types of Blockchain: Algorand
Payment types $OPUL
It is perfect for who? : Artists and creators who want to build stronger relationships with their fans

Audius

Audius is a music streaming platform that pays artists revenue through streams that are generated by individual users who play their music. Audius generates the timestamps for the content. This allows artists and fans to become decentralized network operators. Audius aims to be a leader in behind-the scenes content bundling and the platform has incorporated TikTok into their partnership. We will definitely see more of Audius.

Types of Blockchain: Ethereum & Solana
Payment types $AUDIO
It is perfect for who? : Artists and creators who want to build stronger relationships with their fans

One of

One Of, a Quincy Jones-backed music NFT platform, claims to be the lowest cost and greener alternative to what is currently available. One of uses the Tezos blockchain. This blockchain is more democratic than the traditional Ethereum blockchain in terms energy consumption. The exchange’s purpose is to provide a broad range of purchasing options that allow even low-budget enthusiasts to participate in the music NFT community and to encourage widespread adoption of this technology in music.

Types of Blockchain: Tezos
Payment types: Debit and credit cards
It is perfect for who? Music lovers who want to be involved in music NFTs at an accessible level with more prominent artists

The music industry is undergoing massive structural changes, as we have already mentioned. Different parties, including record labels, digital streaming service providers, and music tech companies, are constantly innovating to find ways to integrate legacy structures from the music industry into Web3.

A lot of conversation and innovation is taking place simultaneously around the creation of alternative attribution systems using blockchain and decentralization. This creates an exciting and fruitful dynamic for NFTs in music, as there will be a lot of variety in the offerings to fans and other enthusiasts. In 2022, music NFTs and music marketplaces are in for exciting times!