NFT projects are taking over the music scene! Click here to learn more about 5 incredible music drops coming up in 2022.
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Musicians have long been some of the earliest adopters of NFTs. Artists like RAC and 3LAU were involved in ETH and DeFi even before getting into the NFT space. No surprise then, they’ve been some of the innovators in thinking about how non-fungible tokens can create new opportunities.
Thought leaders in the music space see NFTs as a way to connect with fans and offer them VIP access to one-of-a-kind experiences. Tokens can provide buyers with digital art and grant them unique interactions with their favorite artists.
Since music is having a major influence, and that influence will only continue to grow, here are 5 music NFT projects to look out for in 2022.
Sound.xzy is a unique project in the NFT space. This one-of-a-kind platform is a “blend of soundcloud and opensea”. Fans can interact directly with their favorite artists by purchasing limited edition NFTs of their songs and album art. Certain tokens also provide fans access to VIP experiences, listening parties, and much more.
Projects like Sound.xyz are the reason why so many people see NFTs revolutionizing the music space. By minting NFTs and leveraging smart contracts, artists are putting the fate of their creations back in their own hands. They no longer have to rely on bloated record labels and streaming platforms who take most of the profits. And, in addition to being properly compensated for their work, they can interact with their fans on a more intimate level.
On Sound.xyz, each album is released as a set of NFTs. Earlier editions of tracks are more valuable, so listeners and fans are motivated to act early to nab their favorite music.
In addition to listening to your favorite songs, these NFTs act as an “all access pass” to other sound.xyz features. Once they buy, owners can make a public comment on new music and use their NFT to access the sound.xyz Discord community. Artists interact with their fans on the Discord channel through weekly hangouts, listening parties, and album release parties.
Royal.io is a platform similar to Sound.xyz. Royal.io however is more focused on positioning fans as the new investors in music, an attempt to fundamentally shift the business model in the industry.
Artists use the platform to sell royalty ownership in their songs as well as give collectors access to special perks. Collectors purchase these royalties in the form of tokens. In this way, artists and collectors share aligned incentives. After a purchase is made, fans and artists essentially co-own the music together.
With this platform, artists are in control. They can choose the percentage of royalties they want to share with their fans, as well as if their NFT offering will bundle a special experience or other form of media. Fans will have to wait for royalties to accrue, but once they are available they can claim them as long as they own a token.
With a first drop from the legendary hip hop artist Nas, it’s clear that Royal has their sights set beyond small indie artists.
Soundmint focuses on helping musicians mint generative NFTs to offer their fans. The project’s mission is to change the way people interpret music collectibles.
Artists can use the Soundmint platform’s library of 30 stem “musical traits” to create 30-second digital music creations. This type of song is becoming known as a new genre courtesy of the NFT community known as generative music. Creators can also pair artwork with their generative music via the Soundmint interface to create something truly unique.
The Badkidz project is offering the what they call first music label on the Ethereum blockchain. Investing in a Badkidz token will give collectors access to cool pixel art tokens and provide budding artists with the tools they need to produce their music.
The project’s ultimate goal will be to sign an artist voted on by the Badkidz community. Once “elected,” that artist will be given the roadmap and tools necessary to make a go at the music career of their dreams.
Badkidz plans to thank their community for their support with a number of different giveaways. Prizes will include cash, exclusive NFTs, and even diamond chains.
Rockitpix NFT is a collection existing on the Polygon network. Enthusiasts will have access to 7,900 pixel art tokens complete with a music component.
The artwork includes a digital character attached to a rocketship. A buyer’s token can consist of anything from a monkey to a unicorn attached to their ship.
By buying a Rockitpix NFT, collectors own more than just their token. Their purchase also gives them ownership in the music of up-and-coming artists. All of the tokens offered are signed to Rock-it Pix records via smart contract. As a holder of a Rockitpix NFT, you’ll have a 10% share of the music loop associated with your token as well as a share of an entire track.
Ownership shares in these songs will entitle Rockitpix owners to royalty fees, and all songs are available on most major streaming platforms.
Snoop Dogg may have become the most notable name associated with NFTs. Earlier this year he claimed to be the mind behind famed NFT collector, Cozomo de’Medici. That claim has yet to be verified but, if true, Snoop is the proud owner of an NFT collection worth somewhere in the neighborhood of $17 million.
In his latest move in the Metaverse, Snoop is taking Death Row Records digital. He acquired the label in February 2022 with plans to make Death Row the biggest record label in the metaverse.
Death Row Records is no stranger to blazing new trails. In the early 90s the label was run by famed producer Suge Knight and is the label where artists like Snoop and Dr. Dre made their names in the rap world. When asked about his plans to take the label digital Snoop was quoted as saying, “Just like when we broke the industry when we were the first independent [artists] to be major, I want to be the first major [label] in the metaverse.”
As part of his plan to revive Death Row Records, Snoop released his newest album: Back on Death Row as a series of NFTs on February 11, 2022. Each one of the 17 tracks was released in a series of 25,000 stashboxes. Fans acted quickly to grab their favorite songs in NFT form, as the series has already grossed over $50 million in sales.
Exciting things are on the horizon in all areas of the metaverse. Nowhere is this truer than the music and entertainment sector.
As always, do your research before buying into any project. FTX has all of the resources you need to research your favorite projects. Download our mobile app on the Apple Store or Google Play to manage your tokens on the go.