While NFTs, or non-fungible tokens, have largely disappeared from mainstream media coverage in recent months amid the crypto market crash, many NFT projects are pressing ahead and fighting for their rightful place in the Web 3.0 ecosystem.
NFT trading volumes are a fraction of what they were – for example, trading on OpenSea plummeted 99% from May to August – but Music NFTs in particular nevertheless still have a promising future, as they are true collectibles and therefore have real value.
This contrasts to other NFT projects, such as the Bored Apes Yacht Club (BAYC), which are solely purchased as speculative investments and have little-to-no underlying value.
The Music NFT space is still in its infancy, but competition is already fierce, with a number of platforms and dedicated marketplaces being launched in the last two or so years.
With there being so many rival platforms for artists to release their NFT drops on, and collectors to scour in the hopes of finding a gem, it can be difficult to determine which is best.
So, we’ve ranked the three best and most exciting music NFT platforms, in no particular order…
Serenade
With offices in the UK and Australia, Serenade is at the forefront of the Music NFT space.
Serenade was founded by Australian tech entrepreneur Max Shand in mid-2020, and the project has collaborated with an impressive array of artists, including The Kooks and Super Furry Animals.
Earlier this year, they raised $4.2 million in a fundraise which Hugh Jackman and executives from the Warner Music Group participated in.
Their platform runs on Polygon – a Layer-2 Ethereum blockchain – which allows them to mint NFT collectibles using as little energy as possible. In fact, 197,000 Serenade NFTs would need to be minted to equal the carbon footprint of a single 12” vinyl, according to the company.
Shand, a music writer and venture capitalist, outlined how anyone can use their platform to buy “digital pressings” from their favourite singer or band.
“The sale of that digital pressing gives you a direct new revenue stream from fans and a relationship to your superfans that you can develop over time. It also allows artists to do things that have been either too expensive – such as a box set – or just not feasible,” he said.
At the moment, Serenade’s USP is they are the first chart-accredited NFT platform in the UK and Australia.
This means that NFT sales generated from their platform will count towards artists’ ranking on the charts – something that’s understandably very important to all artists, irrespective of what stage of their career they’re in.
TokenTraxx
Although a relative newcomer, TokenTraxx is coming in hot, moving from an MVP blockchain development in May this year, to a market-leading platform in just four months. This home of music-related digital collectibles has already surprised with innovative drops, which makes it a prime destination for discovery, buying and trading.
Headquartered in London and founded in 2021 by musicians, the all-star team of music and blockchain industry experts, including Miles Leonard, the renowned ex-Chairman of Parlophone Records and Warner Music and TommyD, the award-winning DJ and producer who’s worked with everyone from Kylie Minogue to Kanye West, is set to turn TokenTraxx into one of the loudest terminals in web3.
A look under the platform’s hood reveals a bigger agenda, one to financially benefit the entire music community by empowering it to choose and own the sound of a decentralised future.
Look out for the launch of Traxx Protocol, which will unveil web3 technology intentionally built for the music industry, creating a demand and supply asymmetry for third-party web2 and web3 properties.
By developing an entire ecosystem, TokenTraxx is emerging as the main stage for music in web3 – powered by TRAXX, already listed on both CEX and DEX platforms.
“I created TokenTraxx to unlock the true value of music for artists,” said TommyD.
“In a world where a streaming dominated music market has reduced the value of music to nothing, we are dedicated to shepherding the artist community into this new economy. We do this by applying a hands-on, white glove approach to artist campaigns and businesses. Our dedicated team of music industry professionals offer both insights, marketing & PR to create digital collectibles with real life value across the entire music ecosystem – from live gigs to merchandise to metaverse.”
TokenTraxx’s curator and collector-centric approach into the decentralised world of unleashed music is ready to uncover an infinite array of experiences for music consumers.
Async Art
Last but not least, we have Async Art. Founded in 2020 and based out of California, Async Art is another music NFT marketplace that is seeking to introduce the world to “21st Century Art”.
Like the other platforms mentioned in this article, Async Art allows artists to unlock another revenue stream by selling digital collectibles to their fans. On the other end, music-lovers can support their favourite artists – or up-and-coming singers or bands – by purchasing their NFTs.
While Async Art primarily caters to artists, it does also allow other, non-music NFTs to be minted. Furthermore, some NFTs minted on Async Art have even been sold at Christie’s, a leading British auction house founded in 1766.
At the moment, their platform doesn’t support fiat, so all NFTs must be purchased and traded using Ethereum, which may not be ideal for crypto novices. However, their support section has a step-by-step guide on how to buy some Ether and connect your wallet to their platform, so even fans who aren’t crypto-savvy won’t struggle to use this platform.
Overall, Async Art is a great music NFTs marketplace, with a great selection of collectibles and frequent new drops and collaborations, even during the recent bear market.
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