The Future of Music in the Crypto World
The music industry has long been dominated by traditional streaming platforms, record labels, and intermediaries that control much of the revenue. However, blockchain technology and NFTs are beginning to change that. Labels like l7 are exploring how these tools can offer better profitability, more direct connections with fans, and the ability to reclaim ownership and control of their work. In this article, cooljand cal shares his journey as an artist venturing into the crypto space, the platforms explored, and why he has chosen Soundxyz as my home.
The Promise of Blockchain for Musicians
Blockchain offers a revolutionary way for musicians to profit more directly from their work. Traditional streaming services like Spotify and Apple Music take a significant cut of the revenue, leaving artists with a fraction of what they deserve. With blockchain, this middleman can be removed, giving artists a chance to earn a fairer share of the profits. Additionally, blockchain enables real-time payment systems, eliminating the lengthy delays that come with traditional royalties.
Beyond better pay, blockchain also opens creative avenues for fan engagement. NFTs (non-fungible tokens) allow artists to sell unique digital assets, such as limited edition tracks, album art, or exclusive behind-the-scenes content, directly to their audience. The potential for fan investment and profit-sharing could change the way we think about music careers and fan loyalty.
Exploring the Top Platforms: OpenSea, SolSea, and Soundxyz
In my quest to find the best blockchain platform for my music, I spent time studying several options. Three platforms stood out to me in particular: OpenSea, SolSea, and Soundxyz.
OpenSea
Pros: OpenSea is the largest and most popular NFT marketplace. It's widely used, so there’s a lot of visibility and potential for your work to be seen by a broad audience. It also offers cross-chain compatibility with Ethereum and other blockchains.
Cons: OpenSea isn't specifically designed for music. It’s a general marketplace for all types of NFTs, which means it lacks features that cater specifically to musicians. Also, gas fees can be high on Ethereum, making transactions expensive for buyers and sellers alike.
SolSea
Pros: SolSea is built on the Solana blockchain, which is known for lower transaction fees and faster speeds than Ethereum. It’s a good alternative to OpenSea for those looking for cheaper alternatives.
Cons: Like OpenSea, SolSea is not specialized for music, which means it doesn’t provide the best tools for artists to interact with their fans or manage their music sales in a more efficient, music-centric way.
Soundxyz
Pros: Soundxyz is a platform that’s specifically tailored to musicians. It allows artists to create and sell music NFTs, and it has built-in features like easy revenue splits, which is a game-changer for collaborating with other musicians, producers, or any partners. It also gives musicians more control over pricing, royalties, and the connection with their fans.
Cons: Soundxyz is still relatively new compared to platforms like OpenSea, so there may be some growing pains and room for additional features. However, what sets it apart is its focus on music and its active efforts to improve and build a stable platform.
Why I Chose Soundxyz
After exploring all three platforms, I ultimately chose Soundxyz. While each of the platforms had its merits, I found that Soundxyz’s specialization in music offered a more tailored experience for what I’m looking for as an artist. There are many who have talked about getting into the space yet this platform has steped in well.
Soundxyz has taken significant steps to build a stable platform that works, and although there’s still room for growth, I’m excited to be an early adopter. I’m looking forward to sharing my feedback and collaborating with others to shape the platform’s future.
Enhancing the Value of Music NFTs
The potential of music NFTs is immense, but it’s not just about selling music. I want to make my NFTs as valuable as possible to my fans by offering real-world and digital rewards that go beyond just the music. Here are a few ideas I’m considering:
Exclusive Content: Attaching unreleased photos, behind-the-scenes videos, or even custom graphic designs to the NFTs as a bonus for collectors.
Merchandise Discounts: Offering NFT holders a discount on exclusive merchandise as a thank-you for their support.
Physical Artwork: One cool idea I’m excited about is to give away the original painting featured on the cover of my album to one lucky fan, along with some custom 1-of-1 signed prints. These physical items will add tangible value to the digital NFT experience, making it feel more personal and real-world connected.
Thinking Outside the Box
The key to standing out in the NFT music space is creativity. While other artists are selling tracks, there are endless opportunities to create unique experiences for fans. For example, I’m thinking about offering a VIP experience, such as an exclusive livestream concert or even the ability to meet me virtually and ask questions.
By tying the value of NFTs to both digital and physical experiences, I believe I can build a more lasting and meaningful connection with my audience, while also offering something that feels special and unique.
Conclusion: A New Era for Music and Fans
The intersection of music and blockchain technology is still in its early stages, but it’s clear that the potential is immense. With platforms like Soundxyz leading the way, artists can finally take control of their careers, build stronger relationships with fans, and create new revenue streams.
As the space evolves, I’m excited to continue experimenting with new ideas, providing value to my fans, and being part of this transformative movement. It’s an exciting time for music, and I’m eager to see where this journey takes me and the entire industry.