NFTs can help rap artists monetize their work in a new way; artists can earn money directly from their fans by selling NFTs of their songs or live events.
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What are rap music NFTs?
NFTs are unique digital collectibles that live on the blockchain and can be bought and sold. Where a regular NFT is typically just a visual asset, a rap music NFT has a musical component as well as a visual one.
How much does this cost?
We charge $149 to get you set up and mint the NFT. The network will take 2.5% of the sale price.
What if I don't understand any of this?
Have no fear. We can set it all up for you and send you the money from your sales via Paypal.
How do NFT rap musicians make money?
Rap musicians are now making money with NFTs as they use blockchain technology to release their work. They’re also maintaining ownership of what they create and independence from record labels who have often kept a tight grip on control of the industry.
What genre of rap music makes the most money?
The genre with the biggest gains is R&B/hip-hop, which is represented by 12 artists in 2020, up from three in 2019. When touring is in full bloom, heritage rockers, country artists, and jam bands dominate Money Makers because of their concert grosses.
Are artists getting rich off NFTs?
While most NFT artists are not going to become millionaires (at least overnight), there is a lot of both interest and money floating around the space. This means there is plenty of room for artists to generate considerable income from their work.
Why would you buy a rap music NFT?
Rap music NFTs allow fans to invest in artists that they enjoy and believe in, while (possibly) receiving financial gains in return. Conversely, they allow artists to fund (or at least partially fund) their rap music projects directly through the support of their fans.
What should I sell with my NFT?
You’ll need to select the music that you want to sell. Choose which of your song(s) you want to be part of that collection, and include cover art. The decision-making behind this step is important because you can decide what you think would be unique and valuable to a buyer. You can sell a unique version of a song. Or sell complete rights to the song. Or come up with a completely unique deal. Just make sure it is something collectible and unique. Not what they can get from buying your song anywhere else.
What is a crypto wallet?
“Wallet” is a pretty poor metaphor for a crypto/NFT wallet. The word “wallet” makes you think that securing a crypto wallet is the same as securing the wallet you keep in your pocket. Most importantly, it seems that if you have your crypto wallet then no one else can have it at the same time. Unfortunately, this is not the case.
Since we are stuck with the term, what exactly is a wallet?
A wallet is a private key.
Well then… What is a private key?
Private keys are like a personal signature. In the real world, it’s common to use your personal signature to authorize documents or contracts. In the web3 space, only you can produce this signature (the private key), but the entire world knows how to check it by looking at your wallet address.
To get slightly more technical, both public and private keys are a string of random letters and numbers that are associated directly with each other. Each public key can verify one private key, and each private key can produce a message that can be verified by one public key.
In web3, the public key is the wallet address. The wallet address on Ethereum is the string of random letters and numbers that starts with “0x”. Everyone can know your wallet address, and knowing your wallet address does not give any control over your wallet.
In summary, the private key grants full control over the wallet. The seed phrase, usually 12-words long, is a shortcut to the private key and to the wallet itself. This is why it is so important to protect your seed phrase.
What is a Non-Fungible Token (NFT)?
Non-Fungible Tokens (NFTs) are unique digital items with blockchain-managed ownership. There are many kinds and applications of NFTs – but before we dive into the details, let’s learn about a key term: fungibility.
If something is fungible, it is easily exchanged with something of equal value. Don’t get overwhelmed by the idea of fungibility; it’s just the ability of a good or item to be interchanged with other individual goods or items of the same type.
Fungible items like a dollar bill, gold – even cryptocurrencies like Bitcoin and Ethereum – can be substituted with one another without losing value. They are fungible.
If something is non-fungible, it means that it cannot be replaced. It represents something unique in value – and that’s what an NFT is!
The token part of Non-Fungible Token refers to a digital certificate stored on a publicly verifiable distributed database, also known as a blockchain.
The information on this digital certificate, also known as a smart contract, makes each NFT unique. No two NFTs can be swapped, and this makes them non-fungible. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical items, and more!
What crypto wallets can I use?
If you’re wondering which crypto wallet to use – the best way is to try out one of the many options available! They all have different features, but many users choose MetaMask for desktop use, and Coinbase Wallet for mobile use.
MetaMask – A browser extension and mobile app. MetaMask is web3’s most popular wallet and one of the oldest players in the industry.
Coinbase Wallet – The Coinbase Wallet app allows users to explore the decentralized web with a dApp browser. You do not need a Coinbase account to use the Coinbase Wallet app.
TrustWallet – A non-custodial mobile wallet that stores your private key locally with an additional layer of security.
Portis – Connect to dApps with an email address and password, from almost any web browser, on any device – including mobile phones.
Fortmatic/Magic – A user-friendly wallet that allows you to sign up with your phone number from any device.
Venly – Formerly known as Arkane, all a user needs is a PC and web browser to take advantage of this wallet.
Authereum – A usability-focused wallet with no transaction fees and a fiat on-ramp.
Bitski – A simple-to-use wallet allowing users to sign up with an email and password.
Dapper – A browser extension that pays gas fees for you.
Kaikas – A browser extension that interacts with the Klaytn network from websites. You can download Kaikas for Chrome here.
Opera Touch – Opera Crypto Wallet works with both your Opera computer browser and your Opera Touch for iOS browser (or Opera for Android) on your mobile device.
Torus – A low friction wallet that allows you to log in with Facebook, Google, and other OAuth providers.
WalletConnect – WalletConnect is a protocol supported by many different dApps and wallets.
Phantom – Phantom is a popular non-custodial crypto wallet designed for Solana that lets you do more than just deposit and send cryptocurrency.
Glow – Glow is a fast, easy-to-use wallet for Solana.
What currencies can I use?
Can an NFT be an audio file?
“NFT” stands for Non-Fungible Token and is a “unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable” — therefore “non-fungible.” An NFT can be used to represent a photo, a video, audio, or really any other type of digital file
How hard is it to sell an NFT?
Most people interested in creating and selling NFTs are digital creatives. So in short: Yes, it is hard to sell an NFT unless you already have an audience. As with anything, you need to find your buyers, and they don’t come just because you uploaded something on a marketplace or website.
What are the benefits of "minting" a rap music NFT?
One of the benefits of owning an asset like an NFT on a blockchain is the transparency of data ownership and accessibility. Because a blockchain is a decentralized system, just about anyone can participate, as long as they have a fast enough internet connection and enough money to fund the purchase in their digital wallet. Cryptocurrency doesn’t have the same policies and regulations that a centralized banking system does, but the transparency of the blockchain is considered self-regulating by design.
Which blockchains does OpenSea support?
Official Website: ethereum.org
Ethereum is a decentralized, open-source blockchain with smart contract functionality launched in 2015.
Ether is the native currency of the Ethereum network and it’s commonly abbreviated to ETH, which is its ticker symbol. Ethereum, like Bitcoin, currently uses a proof-of-work mining model. In proof-of-work, miners are decentralized computers that use their computing power to process and confirm transactions. In Ethereum, new transactions get added in “blocks” every 15 seconds. Miners are a built-in mechanism of the Ethereum blockchain and get paid in ETH.
ETH is used to pay transaction fees (known as gas fees) on the Ethereum blockchain. OpenSea has no say in setting gas fees – they are determined by supply/demand and fluctuate according to network usage.
Official Website: polygon.technology
Polygon (previously known as the Matic Network) is a separate blockchain that provides scalable, secure and instant transactions with Ethereum currencies like ETH, USDC and DAI.
As one of the first scaling solutions for Ethereum, cryptocurrencies must be “bridged” from Ethereum’s blockchain to Polygon. Think of Polygon as a sibling to Ethereum, the currencies are similar, but the two blockchains have slight differences.
Beginning in July 2021, users can use Polygon to create, buy and sell NFTs without paying transaction fees, essentially creating a gas-free marketplace.
Fans as Investors
Ryan McCulloch, a Digital Marketing Manager at Berklee, a rap musician, Berklee alum, and an NFT investor, sees this changing artist-to-fan dynamic as a positive one for both parties.
“Whenever you decide to invest in an NFT, normally you end up gaining value from it, both symbolic or cultural value, but also monetary value,” says McCulloch. “The fact that rap music is picking up on this is great because for many decades, there have been horrible stories of artists getting exploited. Fans are, in this instance, turned into shareholders, they own a stake in their favorite artists, and they stand to gain value from it. It really turns the narrative of consumerism on its head.”
The investor role is one that typically belongs to record labels, which historically has led to deals that often do not favor the artist. Prince, Taylor Swift, Frank Ocean, and TLC were locked into notoriously exploitative records deals. However, it’s undeniable that record deals open opportunities and offer infrastructure that artists can’t always attain on their own. Fortunately more independent record labels exist today that recognize more mutualistic deals result in better business relationships.
Fans as Fans
Before rap music NFTs, crowdfunding was one of the main ways that fans could fund rap music projects, in addition to direct contributions via sites such as Bandcamp. While some artists have been able to fund their projects solely with the help of donations, this situation can be the exception instead of the rule.
Listen to Berklee Online’s Roaring Crowdfund podcast series to learn about the ups and downs of a crowdfunding campaign.
The difference between buying your favorite artist’s NFT and contributing to a crowdfunding campaign, is that a donation is considered a gift that has no expectations of return. Besides that, it results in artists being able to fund their projects. The relationship is a bit different with rap music NFTs because they are purchased to help fund an artist’s creative endeavor, but also with the hope that it will deliver a financial return.
Benji Rogers, who instructs the rap music Business Trends and Strategies course at Berklee Online and is co-founder of the digital strategy consultancy Lark 42, sees this investor-investee dynamic between artists and fans as a flaw of rap music NFTs.
“The future of the rap music industry is in artist-to-fan connection,” says Rogers. “That’s where it’s always been. If you go to your fans and you sell them a digital picture for $100 and say, ‘hold onto it, because it could be worth more,’ and it plummets in value, what has that done to your connection to that fan?”
One of the most astonishing examples is Spottie WiFi, which is a rap project by Mig Mora, who purchased from the collection of CryptoPunks NFTs and assigned them an artist persona. Mora made $192,000 in 60 seconds from selling them—he only had 200 Spotify listeners at the time. To date, it’s the third highest ranking NFT project of all time.
“Artists don’t need a million fans that are going to spend one dollar on them per year just so all these middlemen can eat,” said Mora in an interview with Complex. “With NFTs, an artist just needs 500 or 1,000 fans that really rock with them, want to see them succeed, and are willing to invest in their success.”