Top 8 Best NFT Music Marketplaces in 2022

NFTs have become extremely popular in multiple different industries. The biggest public spotlight has been on art NFTs, but many have realized the opportunity that lies in music NFTs for both musicians and their fans and investors. Several high-profile artists have moved to capitalize on the new opportunity and have generated millions of dollars in revenue. A few examples are Steve Aoki, Eminem, Tory Lanez, and Dillon Francis among other world-widely known artists.

Music NFTs and NFT music marketplaces are helping solve a long-standing problem in the music industry of artists not getting paid what their talents and work are worth. This has mostly been behind record labels and for the last years, streaming services with both acting as centralized bottle-necks between artists and listeners. NFTs solve the problem by connecting the artist directly to their most loyal fans, who are dying to support them an NFT marketplace for music.

Like with most other things regarding NFTs and crypto, there are multiple ways for artists and fans to utilize music NFTs to their advantage. The main differences come from the amount of NFT editions released and how it’s done, which are both closely tied to what NFT music marketplace is being used. This article brings the best music NFT marketplaces out there so you can decide which one is the best one according to your needs and preferences.

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1. OpenSea

Start the list off with the most well-known NFT marketplace out there. OpenSea is the go-to place for NFTs, hosting pretty much every kind of NFT imaginable, including art, sports collectibles and it of course includes an NFT music marketplace section.

OpenSea acts as both a marketplace to sell or buy music NFTs, but also as a place to create your NFT with their minting tool. OpenSea’s music NFT marketplace supports Ethereum, Katyn, and Polygon. OpenSea does not allow for NFTs to be purchased straight with regular currencies like dollars, so you’ll need to have crypto to purchase your music NFTs from here.

OpenSea is a great NFT music marketplace for musicians, as the creators of NFTs receive royalties every time their NFT is sold on the platform, helping make sure that musicians are paid fairly for their work. The royalty payment amount is up to the creator to decide up to 10%. OpenSea also allows creators to mint their NFTs with lazy-minting, which curbs ETH gas fees.

Being the biggest music NFT marketplace, OpenSea can afford to charge only a 2,5% fee on all transactions on the platform, which is quite low compared to many other options out there.

Key points:

• The biggest NFT marketplace, but not specifically a music NFT marketplace
• Creator royalties on secondary market up to 10%
• Transaction fee 2,5%
• Allows lazy-minting (no ETH gas fee)

2. Rarible

Another well-known music NFT marketplace, Rarible operates a bit differently than OpenSea. The platform runs on its own RARI digital token. The holders of the token make up Rarible’s community and are the ones running it, as every member has a say in the progress of the platform. Rarible allows for NFT minting on their platform as well with the RARI digital token. The platform supports Ethereum, Flow, Tezos, and Polygon blockchains.

The NFT music marketplace offers up to 10% royalties on every sale to the creator and like OpenSea, charges a 2,5% fee on transactions. Rarible’s advantage over OpenSea is the fact that the platform accepts regular debit/credit cards, making it easier for fans to buy their favorite artist’s NFTs.

Key points

• Operates on RARI digital token.
• Supports Ethereum, Flow, Tezos, Polygon blockchains + debit/credit cards.
• Creator royalties on secondary market up to 10%.
• Transaction fee 2,5%.

3. Royal

Royal is one of the best NFT music marketplaces for creators, as the platform is one of the few exclusively music NFT marketplaces. Founded by Justin Blau PKA 3lau, an EDM DJ, and Justin Ross, co-founder of Opendoor, the platform launched in August 2021.

Musicians get a lot of control, as they are the ones that decide the fees and royalties that go with the NFT. The buyer of a token gets a determined percentage of royalties from streaming services, a licence for non-commercial use of the digital artwork associated with the token, and other perks and bonuses the artist may decide to add. Royal supports Ethereum and Polygon, but also allows for debit/credit cards to be used, making it very accessible and comfortable for buyers. Many big, well-known artists have released their NFT collections through Royal, including Nas, The Chainsmokers, and Diplo.

Key points:

• NFT marketplace for music specifically.
• Artists give the buyer a portion of royalties from streaming.
• No fixed fees except ETH gas fees.
• Supports Ethereum and Polygon + debit/credit cards.

4. MakersPlace

A more niche NFT music marketplace, MakersPlace is a platform that has been designed for more limited-edition collections. MakersPlace’s mission is to enable digital creativity of all kinds and aims to empower digital creatives and help create a better deeper connection between artists and their fans. The NFT music marketplace has caught the attention of Sony Music and Shady Records, as they are both investors in the platform.

MakersPlace accepts payment with both Ethereum and debit/credit cards. Every sale is charged a 15% transaction fee and debit/credit cards are also charged an extra fee. Creators get a standard 10% royalty payment for every sale on the secondary market, plus the platform takes a 2,5% cut from secondary market sales.

Key points:

• Supports Ethereum + debit/credit cards.
• Creator royalties on secondary market 10% + 2,5% to the platform.
• Transaction fee 15%, extra fee for debit/credit cards.

5. NiftyGateway

NiftyGateway is one of the leading NFT music marketplaces. Many of the biggest stars have released their NFT collections via the platform, like Eminem, Steve Aoki, and Grimes. NiftyGateway works on a fixed release schedule with NFTs (or Nifties) being released every three weeks. When the Nifties sell out from the initial drop, they can be purchased from the marketplace. While big artists have made a home here, smaller artists can also use the platform to build very well.

The platform supports Ethereum and also directly debit/credit cards for purchases. NiftyGateway charges a 20% transaction fee, one of the highest out there, and creators get 5% royalties from sales on the secondary market.

Key points:

• Supports Ethereum + debit/credit cards.
• Creator royalties on secondary market 5%.
• Transaction fee 20%.
• One of the most mainstream NFT marketplaces for music

6. Catalog

Catalog is a music NFT marketplace that focuses on single-edition music NFTs. Unlike other platforms, only one edition of a token can be minted and released to the market, making Catalog the perfect place to find rare and exclusive tokens. In addition to being an NFT music marketplace, Catalog acts as an audio player for the music that you have bought on the platform. Catalog describes itself as a digital record shop and music community. 

When creators sell their work, they get 100% of the initial sale of their record and earn royalties from later sales on the secondary market. Catalog supports Ethereum blockchain.

Key points:

• Creators get 100% of sale price.
• Supports Ethereum.

7. Decentraland

Decentraland stands out from other NFT music marketplaces for its big involvement with the metaverse, as it is the first fully decentralized digital world. The marketplace is not solely an NFT marketplace for music, as it is largely tied to the Decentraland digital world. In addition to music, custom skins, accessories, plots, and more are sold. 

Decentraland is the best NFT marketplace for music if you’re invested and interested in the evolving metaverse and want to be closely involved with it. Additionally, it exposes creators and their work to a different clientele. Decentraland supports Ethereum and Polygon.

Key points:

• Connected with the metaverse
• Supports Ethereum and Polygon.

8. Audius

While not exactly a music NFT marketplace in the classic sense, Audius deserves to be mentioned in this list. Audius is a new kind of streaming service based on blockchain technology. Artists can monetize their music NFTs with the platform’s digital token $AUDIO. Audius puts focus on helping artists connect with fans, as they empower artists to share extra content, conduct remix contests, and more exclusive bonuses. Audius is backed by and works with many big artists, the most notable ones being deadmau5 and Rezz. You can stream tracks for free on Audius.

Key points:

• Blockchain streaming service
• Free to use

Conclusion

The foundations are being laid to completely shake up the music industry and give power back to the artists creating the music we all love and listen to. Big artists are already making the move to NFT music marketplaces and enjoying the decision’s rewards. The first blockchain-based streaming service is already here and artists are already taking a liking to it. Whether you’re a big star, an up-and-coming artist, or a big fan, music NFTs will very likely start playing a large part in your music-creating and listening experience in the near future.

Determining what is the best NFT music marketplace for you depends entirely on what your needs are and what role you play in the market. For creators looking to release a bigger collection, bigger platforms like OpenSea and NiftyGateway are the NFT music marketplaces for you. For a 1-of-1 release, Catalog and SuperRare music NFT marketplaces will be more suited for you. As a fan, you’ll most likely be confined to whatever NFT marketplace for music your favorite artist has opted for, but the secondary market will often be yours to decide, should you want to resell the token.

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