With the metaverse on the horizon, let’s learn how to make money with music on web 3.0.
In 2021, music NFTs led to $80 million in first-time sales. Part of the reason for this is the 2021 NFT boom. It is also partly because musicians and people who make music are looking for ways to make money without going through middlemen. Many people are looking for ways to fix it now that Web 2.0 is broken.
What is Web3
The next version of the internet is called Web 3.0, and it uses blockchain technology. Gavin Wood, who helped start Ethereum, came up with the idea. As NFTs and the idea of the metaverse grew in popularity in 2021, so did the idea.
Web 3.0 might not solve all the problems that music creators have with the internet as it is now, but it looks like it will be more focused on the artists. Web3 companies give artists more freedom and new ways to make money off of their music.
Let’s learn more about how people who make music on Web 3.0 can make money.
Make money with music NFTs
You may have heard of NFTs, but you might not know what they have to do with music. Learn more about NFTs by reading our guide.
Music NFT is used as proof that someone owns digital music. Because they are made with blockchain technology, music NFTs can’t be copied. Web1 and Web2 are safe from downloading, sampling, and copying without permission.
Music NFTs are a popular way for artists to make extra money. Independent artists like Grimes and Snoop Dogg use music NFTs to make money and avoid streaming services, just like the big names like Grimes and Snoop Dogg.
NFTs are great because you get a cut of every NFT you sell again (also known as a secondary sale).
On a lot of platforms, it’s easy to make your own music NFTs. Some of the easiest platforms for music NFTs are OneOf, Pianity, and Atlanticus.
Make money with music via Web3 merch
Fans buy unique items from their favorite artists to show their support.
Music NFTs are like merch for Web3. They let collectors find new artists, support them, and be part of a community that shows off their “merch.”
You don’t have to know how to make music. Your fans can wear virtual merch NFTs that you make in places like Decentraland and The Sandbox. MerchNFT is a platform that lets creators sell both NFTs and physical goods. It connects the real world and the virtual world.
Related: How to Develop a Winning Mindset
Make money with music via decentralized streaming.
Streaming services like Spotify and Apple Music have had a problem with low pay per stream for a long time. The Web3 alternative to streaming services is a decentralized streaming platform that gives artists more power and lets them make a living from their music.
Like the big Web2 streaming sites, these Web3 sites are easy to sign up for and make it easy for users to upload their music. But Web3 platforms like Rocki, Myx, and Audius give artists a bigger chunk of the money made from streaming.
These platforms also give music listeners rewards, which Web2 companies did not. There are tokens on these platforms as well. They will give you more tokens the more you listen to music. You can trade these tokens for real-world money or get voting rights that let you vote on changes to the platform.
How to make money with music in the Metaverse
Web 3.0 is still in its early stages, but it’s a good idea to get involved now. Web 3.0 is more about artists than Web 2.0. Social media is great for music, but web 3.0 is the new game.
If you want to make a career out of making music, you need to learn the language and platforms that make up Web3.
Web3 also opens up new ways for artists to make money without relying on old systems that don’t work anymore.