Bybit: Can’t sell NFT music? The reason

Bybit

NFT music is produced by artists, but will it sell? will be explained in the article. Speaking of the NFT market, art and games are the mainstream. These are 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 attach value to digital music works because they were subject to falsification and duplication. However, advances in a technology called blockchain have made it difficult to copy or tamper with digital works, and digital content has come to have value. This has given rise to the genre of NFT music. NFT music has the following characteristics: I have summarized the information and will present it to you. Please use this as a reference when getting started.

resale of music

In the NFT market, you can resell purchased music to other people who want it, so you can earn money. In that case, the system is such that the artist who created the music also receives a certain amount of compensation. In order to protect creators, the NFT market has a system where creators receive a certain amount of compensation when their items are resold. If the song is good, fans will follow, so we recommend using the platform. It will be easier to get fans from now on.

royalty

Purchasers of NFT music also receive royalties, which can also be called copyright income. Some marketplaces have a system where people who purchase music works also receive royalties. The more popular the music you purchase, the more profitable it will be for both parties, and the more it will become more active. Next, you will be able to use the proceeds to perform various live performances. This will be an important and big step.

Even beginners can sell

NFT music can not only be sold 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 NFTs are very flat and fair. You can set the price and sell it yourself, and you can also announce musicians, give them benefits, and promote them on SNS (X, Twitter), blogs, etc., which is advantageous.

Why NFT music doesn’t sell

NFT music can be started on Opensea, etc., but unfortunately, when marketing and researching the market both in Japan and overseas, collections are not as necessary as illustrations, art, and games, and even if they are released, there is little distribution, so sales are slow. cannot be expected. In fact, depending on the category, there are cases where the management does not handle songs. The reasons for this are as follows.

Many amateur works

Currently, there are many amateur works, which means that there are many works of low quality, so there are few people who buy them. NFTs are not limited to artists who are signed to major labels; amateurs are also eligible to participate, but they are not recognized. Therefore, the quality of the music work itself is low, and it cannot be said to be an opportunity because it will not be able 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 Marketplace

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.

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