10 Innovative Web3 Music Products for Musicians Beyond the Traditional
In my last post, I explained how a music Nft was different from a crypto Nft. A music Nft is a non-fungible token but the NFT’s role in music is to mint the NFT on the blockchain.
By minting your music on the blockchain, you ensure that you are the owner/creator of the music, and your ownership can be easily identified on the blockchain. You can create a direct relationship with fans and maintain control over how your music is licensed and used.
Currently every musician has only three (3) products to sell, Streaming (which pays so little Snoop and Taylor Swift complain) merchandise and live performance. A musician can’t stand on a stage and say to their audience “Go to the record store” and look for my new album or single.
If you’re a web3 musician, you have many different products you can create and here are a few of them with suggested retail prices.
Product | Estimated Price |
Single Track NFT: Offer a single track as an NFT, allowing fans to own a unique digital copy of the song. Consider streaming the track on platforms like Spotify or Apple Music to reach a wider audience while offering exclusive ownership through the NFT | $50 - $200 |
Exclusive Album NFT: Release an exclusive album as an NFT bundle, including high-quality audio files, artwork, and bonus content Stream individual tracks from the album on streaming platforms, with the NFT offering exclusive access to the full album and additional rewards. | . $200 - $500 per NFT bundle. |
Limited Edition Vinyl NFT: Create a limited-edition vinyl record as an NFT, offering collectors a physical and digital version of the album. Stream the album digitally while offering the NFT as a collectible item with added value. | $500 - $1000 per NFT |
Live Performance NFT: Mint NFTs for exclusive live performances, such as virtual concerts or intimate acoustic sessions. Stream the live performance event for ticket holders while providing NFT holders with exclusive access and bonuses, such as backstage footage or virtual meet-and-greets. | $100 - $300 per NFT |
Custom Song NFT: Offer personalized songs as NFTs, where fans can request custom compositions tailored to their preferences or occasions. Stream similar songs or demos to highlight your style and capabilities while offering NFT holders a unique and personalized experience. | $300 - $1000 per NFT |
Merchandise NFT Bundle: Create NFT bundles that include digital merchandise such as T-shirt designs, posters, stickers, and digital downloads. Stream your music while offering NFT holders’ exclusive access to digital and physical merchandise. | $100 - $300 per NFT bundle |
Collaboration NFT: Collaborate with other musicians or artists to create joint NFT releases, offering fans a unique fusion of talent opportunities s and styles. Stream collaborative tracks or teasers to promote the release while offering NFT holders’ exclusive ownership of the collaborative work. | $200 - $500 per NFT |
Instrumental or Stem Packs NFT: Release instrumental versions or stem packs of your tracks as NFTs, allowing fans to remix or use your music in their own projects. Stream the original tracks while offering NFT holders’ access to additional creative assets and for remixing. | Price: $50 - $200 per NFT |
. Early Access NFT: Offer first access to unreleased tracks, demos, or behind-the-scenes content as NFTs, allowing fans to be the first to hear new music. Stream the finalized tracks on platforms like SoundCloud or YouTube while providing NFT holders with exclusive previews and insights. | Price: $50 - $150 per NFT |
Exclusive Membership NFT: Create a membership program where NFT holders gain access to a community of dedicated fans, exclusive content, discounts on future releases, and other rewards. Stream your music publicly while offering NFT holders a premium experience and ongoing benefits. | $100 - $500 per NFT membership |
These are just some examples of the types of music products that a Web3 musician can create, leveraging NFTs and blockchain technology to offer unique and engaging experiences to fans. Prices and streaming strategies can vary based on the musician's brand, audience, and market demand.
Join us for the How To Become a Web3 Musician Podcast on YouTube
Launching Monday June 3rd
About Dwight Miller
With a dynamic career spanning the realms of technology and music, I've established myself as a pioneering entrepreneur at the intersection of innovation and creativity.
Beginning in the computer industry, I honed my skills as a computer engineer and educator, notably training engineers at Cape Canaveral and immersing myself in the cutting-edge world of technology. Transitioning to the music industry, I co-founded PKB Arts & Entertainment, producing iconic events such as the St. Lucia Jazz Festival and collaborating with legendary artists including Carlos Santana, Luther Vandross, and Patti Labelle.
Amidst the challenges of the pandemic, I delved into blockchain technology, aiming to revolutionize the music industry by empowering musicians through Web3 technology. My vision is to create a more equitable and sustainable music ecosystem, where artists thrive and technology serves as a catalyst for positive change. As I continue to navigate the ever-evolving landscape of entrepreneurship, I remain committed to driving progress and leaving a lasting impact on both industries.