You might be wondering "how many NFT-related music projects are out there? 3, 10, or maybe something like 20?" Wrong.
As of Q2, 2022, there are over 130 NFT projects with a focus on the music industry. According to data curated by Cooper Turley (also known as Coopahtroopa), over 50 new projects were added to the list since January this year.
The vast majority of music NFTs are concentrated in the "Artists" field, following "Labels" and "Avatars." Merch stories and video platforms remain to be a relatively free niche in the market.
As per Turley, music NFTs can be valued in a similar way to how digital art or collectibles are valued today. He says there are three main postulates these days that can help you to measure the success of an NFT project:
- The stronger the community, the more valuable they are.
- The more streams, the higher likelihood it sells.
- NFTs from web3 artists will outperform those who tokenize past work from Web2.
Although there's no ultimate guide on how one should create a music NFT project, Coopahtroopa believes that creators should experiment with different approaches to find their own goldmine. He also suggests creators should avoid overselling their products and value relationships over profits.