The Top 3 Crypto/NFT Music Platforms Right Now
- Mar 15, 2021
- 2 min read
Updated: Mar 16, 2021
Not listed in any particular order, here are the top 3 platforms you should get involved with for your expedition through the new NFT realm
Rocki is a crypto-music platform that aims to revolutionize the music-streaming service business model. It is designed to pay the artist and other benefactors of music at a higher rate than fiat-based services like Spotify and Apple Music. They also have designed a royalty splitting system that allows users to split revenue among any contributors.
While artists are currently taking advantage of this service, Rocki is also in the “final stages” of development for an NFT marketplace. The Rocki team emphasizes that "Regardless of the initial size of their audience, artists can capitalize on their existing fan base with the introduction of Music NFT's and with our unique hybrid user-centric payment model for online streams, even in uncertain times like these.”
According to Rocki CEO Bjorn Niclas, less than 1% of the musician market is involved with NFTs. We think Rocki's launch of their NFT platform will help recruit the first big wave of musicians to this new and high potential market.
SongVest is another upcoming crypto-music platform, but this one is solely focused on NFTs. Like Rocki, SongVest offers artists the ability to split royalties amongst contributors. SongVest also follows the standard NFT business model of providing the original creator of the NFT with royalty for each resale of their NFT (25% fixed royalty commission on SongVest).
Unlike Rocki, SongVest only allows artists to join their platform if they have an artist social media account with 100,000 or more followers. This appears to be their tactic for avoiding dilution in their marketplace. However, if you happen to be one of those artists lucky enough to be eligible for SongVest’s platform, the SongVest team helps artists craft the ideal NFT products for their fanbase, and also helps design and execute marketing strategies for the NFT.
SongVest has not yet launched their NFT platform, but claims that they are in their final stages.
If you have begun gaining familiarity with the NFT space, you have likely heard of OpenSea. OpenSea is currently the largest NFT marketplace, and hosts a massive collection and variety of NFT products, ranging from visual art, to trading cards, to domain names. While the platform has yet to emphasize a niche for music NFTs, users are able to upload their artwork with an attached audio file. This has become a common tactic for musicians to take part in the NFT craze and join the most transactionally active community in the space.
While this platform is not optimized for musicians to thrive, the consumer volume is definitely something to be excited about. As music NFTs gain more traction, keep an eye out for OpenSea to provide more support for musicians.
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