{"id":2469,"date":"2021-04-07T19:18:49","date_gmt":"2021-04-07T19:18:49","guid":{"rendered":"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/"},"modified":"2021-04-07T19:18:49","modified_gmt":"2021-04-07T19:18:49","slug":"5-reasons-why-nfts-dont-matter-yet-for-indie-musicians","status":"publish","type":"post","link":"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/","title":{"rendered":"5 Reasons Why NFTs Don\u2019t Matter (YET) for Indie Musicians"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#The_DIY_Musicians_Guide_to_NFTs\" >The DIY Musician\u2019s Guide to NFTs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#So_heres_what_you_need_to_know_about_NFTs_if_youre_a_DIY_musician\" >So here\u2019s what you need to know about NFTs if you\u2019re a DIY musician:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#What_is_an_NFT_and_why_do_they_matter_to_the_music_industry\" >What is an NFT and why do they matter to the music industry?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#1_NFTs_dont_invent_demand\" >1. NFTs don\u2019t invent demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#2_DIY_musicians_must_be_selective_about_scarcity\" >2. DIY musicians must be selective about scarcity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#3_Youre_competing_with_famous_artists\" >3. You\u2019re competing with famous artists<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#4_You_rarely_benefit_from_evangelizing_a_new_platform_or_technology\" >4. You rarely benefit from evangelizing a new platform or technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#5_NFTs_solve_problems_that_dont_exist_for_lesser-known_artists\" >5. NFTs solve problems that don\u2019t exist for lesser-known artists<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#How_to_mint_and_sell_your_own_NFTs\" >How to mint and sell your own NFTs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Ready_your_wallet\" >Ready your wallet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Fill_your_wallet%E2%80%A6\" >Fill your wallet\u2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Choose_your_NFT_marketplace\" >Choose your NFT marketplace<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Create_an_NFT_collection\" >Create an NFT collection\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Mint_your_tokens\" >Mint your tokens!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Set_the_quantity_and_initial_price_of_your_NFT\" >Set the quantity and initial price of your NFT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Tell_people_youre_selling_NFTs\" >Tell people you\u2019re selling NFTs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/craighordlow.com\/index.php\/2021\/04\/07\/5-reasons-why-nfts-dont-matter-yet-for-indie-musicians\/#Are_NFTs_the_future_of_the_music_industry\" >Are NFTs the future of the music industry?\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"The_DIY_Musicians_Guide_to_NFTs\"><\/span><span>The DIY Musician\u2019s Guide to NFTs<\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><i><span>NFTs will save the music industry! <\/span><\/i><\/p>\n<p><i><span>They\u2019 ll restore music\u2019s value! <\/span><\/i><\/p>\n<p><i><span>Artists can better merchandise themselves with NFTs! <\/span><\/i><\/p>\n<p><span>These are just some of the claims I\u2019ve been hearing about <strong>NFTs, which are all the rage in the music press<\/strong> and\u2026 on Clubhouse.<\/span><\/p>\n<p><span>Every music biz discussion is filled with chatter about NFTs these days. Every business magazine is talking up NFTs like it\u2019s some Gold Rush. Silicon Valley cheerleaders are scooping up NFTs left and right! <\/span><\/p>\n<p><span><em>S<\/em><\/span><span><em>aturday Night Live<\/em> even did a sketch about NFTs:<\/span><\/p>\n<div class=\"embed-responsive embed-responsive-16by9\">\n<div class=\"iframe-container\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"So_heres_what_you_need_to_know_about_NFTs_if_youre_a_DIY_musician\"><\/span><span>So here\u2019s what you need to know about NFTs if you\u2019re a DIY musician:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Forget about them (for now).<\/strong><\/p>\n<p><span>Seriously, you will know when it\u2019s time for NFTs. Until then, don\u2019t worry. <\/span><\/p>\n<p><span>Yes, if you\u2019re a big enough artist to capitalize on verifiably-limited digital products, cool \u2014 dive into NFTs, or let your manager handle it.\u00a0<\/span><\/p>\n<p>And yes, there are many promising big-picture possibilities and exciting current uses for NFTs. They could end the practice of ticket scalping, which would help both fans and artists. NFTs could also benefit artists who license their music. And the Blockchain could stand in for copyright registration, since it\u2019s acting as a similar time-based witness of a work\u2019s creation and usage. The list goes on.<\/p>\n<p><span><strong>But if you\u2019re a brand new or emerging artist, still working hard to simply reach listeners, drive awareness, and build a modest fanbase, there are other things you should focus on.<\/strong> Ignore the hype around NFTs. Turn around now. Stop reading. Stop reading!!!<\/span><\/p>\n<p><span>Oh, still here? Okay, fine. <\/span><span>Let\u2019s learn about NFTs then: What they are, how to mint them, and why they\u2019re not the answer to your prayers.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_an_NFT_and_why_do_they_matter_to_the_music_industry\"><\/span><span>What is an NFT and why do they matter to the music industry?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span>To oversimplify: an NFT is a limited digital item. <\/span><span>Think of it like virtual merch or artwork.\u00a0<\/span><\/p>\n<p><span>Something rare or one-of-a-kind.\u00a0<\/span><\/p>\n<p><span>Who buys music-related NFTs? <\/span><span>Collectors, diehard fans, and randos that have money to burn proving their cachet in the Secret Order of Aficionados.<\/span><\/p>\n<p><strong>\u201cNFT\u201d stands for \u201cnon-fungible token.\u201d<\/strong><\/p>\n<p><em>Fungible<\/em> means that something can be replaced with an identical, interchangeable unit.<\/p>\n<p>So <em>non-fungible <\/em>means it can\u2019t be replaced.<\/p>\n<p><span>[<\/span><i><span>Remember, you still have time to turn around. And after a term like \u201cnon-fungible token,\u201d I hope you make the right choice.<\/span><\/i><span>]<\/span><\/p>\n<p><span><strong>A non-fungible token is a unit of data that lives on a blockchain; a blockchain is a public, digital ledger proving ownership.<\/strong> The \u201cpublic,\u201d distributed nature of that ledger helps prevent tampering and fraud. Thus the blockchain also helps ensure proper rights attributions and allows for the tracking of subsequent transactions as the NFT is bought, sold, or traded.<\/span><\/p>\n<p><span>Whenever the NFT is re-sold, the original creator can earn a percentage of all future transactions. In perpetuity. That means the revenue you earn per sale will likely increase as your career and stature grow as an artist. Because the same NFT now commands a higher price.<\/span><\/p>\n<p><span>Cool, right? But there are (at least) five problems with NFTs.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_NFTs_dont_invent_demand\"><\/span><span>1. NFTs don\u2019t <em>invent<\/em> demand<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>For our purposes, let\u2019s say your NFT is some form of digital music content, such as:<\/span><\/p>\n<ul>\n<li><span>A complete song<\/span><\/li>\n<li>A riff or musical idea<\/li>\n<li><span>An image of the album cover\u00a0<\/span><\/li>\n<li><span>A band logo<\/span><\/li>\n<li><span>A concert recording<\/span><\/li>\n<li><span>A filter<\/span><\/li>\n<li><span>A music video<\/span><\/li>\n<li><span>etc.<\/span><\/li>\n<\/ul>\n<p><span>Or maybe it\u2019s a Microsoft Paint image you made when you were 4 years old. <\/span><span>Or perhaps you\u2019ve decided to express your musical brand in the form of animated trading-card GIFs that resemble Garbage Pail Kids.<\/span><\/p>\n<p><span><strong>While any of those files might be replicable, the \u201cofficial\u201d NFT version is not \u2014 thus limiting ownership<\/strong>, and rendering that particular presentation of the digital content more rare. In theory, when quantity is limited, value increases.<\/span><\/p>\n<p><span>But only if there\u2019s demand. Just because my neighbor made a one-of-a-kind voice memo of his dog barking doesn\u2019t mean I want to buy it.<\/span><\/p>\n<p>As <a href=\"https:\/\/www.fastcompany.com\/90618623\/nft-myths\" target=\"_blank\" rel=\"noopener noreferrer\">Vladislav Ginzburg says<\/a>, \u201cthe traditional principles that govern the value of collectibles still apply\u2014quality, authorship, uniqueness, scarcity, provenance, and cultural relevance.\u201d<\/p>\n<p><span>Ask yourself this:<strong> Do I have diehard fans with expendable income who will pay big money for an NFT<\/strong> if the same content is available elsewhere online for free?<\/span><\/p>\n<p><span>[<em>Remember<\/em>,<\/span><i><span> you can stop reading at any time.<\/span><\/i><span>]<\/span><\/p>\n<p><span>Already selling shirts and vinyl? Great. Sell those better.<\/span><\/p>\n<p><span>BUT WAIT! Didn\u2019t I say NFTs are all about limited quantities? Why would the same NFT content be available elsewhere online?<\/span><\/p>\n<p><span>Because let\u2019s get real for a second; you don\u2019t have extra time in your life. <\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_DIY_musicians_must_be_selective_about_scarcity\"><\/span><span>2. DIY musicians must be selective about scarcity<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>As an independent musician you might already be responsible for songwriting, recording, videography, editing, design, marketing, touring, and occasionally sleeping.\u00a0<\/span><\/p>\n<p><span>You don\u2019t have bandwidth to create one set of amazing songs that are widely available on Spotify, AND THEN make a bunch of separate songs that only a few people can hear.\u00a0<\/span><\/p>\n<p><span>You don\u2019t have time to make a bunch of great music videos for TikTok, YouTube, Instagram, Facebook, Triller, and Snapchat, AND THEN have a whole other production process for limited-edition videos.<\/span><\/p>\n<p><span>I mean, sure \u2014 once in a while you might do something like that. But this isn\u2019t a sustainable habit for the average indie artist.<\/span><\/p>\n<p><span> <strong>Whenever you create something great, it\u2019s to your advantage to deploy that content as widely as you can<\/strong> in order to reach and entertain as many people as possible. Not sell rare gems to whatever rich weirdo wants to hoard a piece of your brilliance.<\/span><\/p>\n<p><span>And seriously, can we talk for a second about the type of fan who wants to be the ONLY person to hear <a href=\"https:\/\/en.wikipedia.org\/wiki\/Once_Upon_a_Time_in_Shaolin\" target=\"_blank\" rel=\"noopener noreferrer\">a particular album<\/a>, or see a painting, or read a one-of-a-kind book? What\u2019s their deal?<\/span><\/p>\n<p><span>Music is personal, but it\u2019s also communal. It should be shared. With the audience. But also amongst the audience.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Youre_competing_with_famous_artists\"><\/span><span>3. You\u2019re competing with famous artists<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>What people are really obsessed with right now is the trendy concept and delivery format of an NFT, not necessarily the contents inside. It\u2019s an economy and news story based mostly on hype. The hype is fueled by already famous or well-connected people cashing in.<\/span><\/p>\n<p><span>Once NFTs lose their de facto luster, we\u2019ll have <strong>a musical landscape that is crowded with competition<\/strong>, and fewer investor-types who want to buy NFTs \u201cjust because.\u201d<\/span><\/p>\n<p><span>Which leaves you in exactly the same place you are right now.<\/span><\/p>\n<p><span>Depending on your outlook today, you\u2019re either competing with Beyonc\u00e9 for streaming attention (and losing) or responsibly acting like the cottage industry you are! Meaning that your success is tied to the ways in which you appeal directly to your fans, asking them to do something that has an immediate impact on your career.<\/span><\/p>\n<p><span>If that\u2019s where you\u2019re already at, what\u2019s the benefit (to you) of an NFT?<\/span><\/p>\n<p><span><strong>Your fan is probably MORE likely to send you $1000 USD through PayPa<\/strong>l for a signed vinyl and their name in the liner notes. Because to purchase an NFT, that same person would have to Google what the hell an NFT is in the first place, acquire the crypto to buy it (yeah, you and your fans will need cryptocurrency to dabble in NFTs), and then they\u2019ll have to jump through a few more hoops to finally purchase. <\/span><\/p>\n<p><span>That\u2019s <strong>a lot of obstacles to overcome for the average music fan.<\/strong><\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_You_rarely_benefit_from_evangelizing_a_new_platform_or_technology\"><\/span><span>4. You rarely benefit from evangelizing a new platform or technology<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>In the limited time that you command your fans\u2019 attention, you need to deepen that relationship, either by furthering your own story or learning more about theirs.<\/span><\/p>\n<p><strong>How much time can you afford to spend teaching your fans about some new app, marketplace, or digital trend they don\u2019t care about yet?<\/strong><\/p>\n<p><span>Once they DO care, be there. Until then, be where they already are.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_NFTs_solve_problems_that_dont_exist_for_lesser-known_artists\"><\/span><span>5. NFTs solve problems that don\u2019t exist for lesser-known artists<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>Some people I really respect are thrilled about NFTs. <\/span><span>And I know I probably sound like a luddite here, but your average DIY artist just doesn\u2019t suffer from the problems that crypto\/blockchain enthusiasts assume need to be solved.<\/span><\/p>\n<p><span>Digital music usage is already being tracked and monetized in a more thorough way than ever before. Rights are being accurately claimed. Royalties are being paid. It\u2019s not a problem of payments.<\/span><\/p>\n<p><span>DIY artists also don\u2019t have a problem creating exclusivity or scarcity.<strong> Prior to NFTs there were plenty of IRL ways to provide that value:<\/strong> limited pressings, meet-and-greets, private Zoom concerts, signed CDs.<\/span><\/p>\n<p><span>But speaking of rarity, in the digital age a lot of this stuff just seems like false-scarcity to me.<\/span><\/p>\n<p><span>Theorize and mathamattack me all you want. I think we\u2019re wired to see a difference between scarcity in the virtual realm and scarcity in the physical world. And yes, I know an NFT is pretty much the same as arbitrarily saying \u201cI\u2019m only going to print 25 of these shirts, so order now!\u201d<\/span><\/p>\n<p><span>But it still FEEEEEELS different to your average human (at least today) when the entire process from creating, to buying, to accessing an NFT happens digitally.<\/span><\/p>\n<p><strong>What is the real problem for your average artist? Same as always. Obscurity.<\/strong><\/p>\n<p><span>Get past that giant issuue and you won\u2019t have any trouble selling things: NFTs, boxed sets, old socks\u2026<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_mint_and_sell_your_own_NFTs\"><\/span><span>How to mint and sell your own NFTs<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span>So, you still want to make some of your own NFTs? I award you 100 points for stubbornness.<\/span><\/p>\n<p><span>Here are the basic steps you\u2019ll have to take to create and sell NFTs related to your music:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ready_your_wallet\"><\/span>Ready your wallet<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>You\u2019ll need a way to buy, sell, or swap NFTs. <\/span><\/p>\n<p><span>A \u201cwallet\u201d is a digital place to store your cryptocurrency while also storing private data used to validate transactions. Some wallets are used for specific currencies, such as Bitcoin, while others allow for multiple cryptocurrencies. <\/span><\/p>\n<p><span>With something like <\/span><a href=\"https:\/\/metamask.io\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span>MetaMask<\/span><\/a><span> (available on mobile and as a Chrome extension) you have a secure way to access Blockchain-based applications. More to the point, this is the way you\u2019ll get paid for your NFT sales! <\/span><\/p>\n<p><span>Just be sure to do your research on which wallet is best for you. Also be sure to download it from the correct official source \u2014 because there are some scams that trick people into going through a fraudulent signup flow.<\/span><\/p>\n<div class=\"embed-responsive embed-responsive-16by9\">\n<div class=\"iframe-container\"><\/div>\n<\/div>\n<p>\u00a0<\/p>\n<p><em>NOTE: A new-ish, free app called <a href=\"https:\/\/savetosing.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">S!NG<\/a> gives you a way to create NFTs without a wallet. You can list those NFTs on the Open Sea marketplace mentioned in more detail below.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fill_your_wallet%E2%80%A6\"><\/span>Fill your wallet\u2026<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>\u2026 with cryptocurrency such as ETH, BTC, USDC, DAI. You\u2019re going to need crypto in order to cover the costs of creating your NFTs.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Choose_your_NFT_marketplace\"><\/span>Choose your NFT marketplace<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>A marketplace is where people make, buy, sell, and trade NFTs. Check out options such as <\/span><a href=\"https:\/\/opensea.io\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span>https:\/\/opensea.io\/<\/span><\/a><span> where you can \u201cmint\u201d and sell the NFT in the same place. When you create an account you\u2019ll also be able to flesh out your profile as an artist\/seller.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Create_an_NFT_collection\"><\/span>Create an NFT <em>c<\/em><em>ollection\u00a0<\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>Within OpenSea, you can list collections of NFTs (items that are grouped together by theme or series). Give the collection a good name and description.<\/span><\/p>\n<div class=\"embed-responsive embed-responsive-16by9\">\n<div class=\"iframe-container\"><\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Mint_your_tokens\"><\/span>Mint your tokens!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>Once your collection is created, you get to the fun part \u2014 actually making your NFTs.\u00a0<\/span><\/p>\n<p><span>You can upload a digital file along with any other unlockable content that you want to be bundled with the NFT. <\/span><span>Then write a description for the item.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Set_the_quantity_and_initial_price_of_your_NFT\"><\/span>Set the quantity and initial price of your NFT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span> Now you choose how many of this particular NFT item you want to make available. Remember: <\/span><i><span>limited<\/span><\/i><span> is the name of the game. One-of-a-kind is always an option too.<\/span><\/p>\n<p><span> After you set the quantity, list the buying price.<\/span><\/p>\n<p><span>If your NFTs don\u2019t sell at the asking price on Open Sea, someone can enter a bid at a lower price. It\u2019s up to you whether you want to say <\/span><i><span>yes<\/span><\/i><span> or <\/span><i><span>no<\/span><\/i><span>.<\/span><\/p>\n<p><span>One other thing to know, the cost to \u201cmint\u201d these tokens is paid (by you) in crypto when the NFT actually sells.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tell_people_youre_selling_NFTs\"><\/span>Tell people you\u2019re selling NFTs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>Again, I wouldn\u2019t expect armies of rich folk to come calling. So it\u2019s up to you to spread the word about your exclusive, digital merch.<\/span><\/p>\n<p><span>But holy moly that was a lot of work to make, list, and market this NFT stuff, wasn\u2019t it? <\/span><\/p>\n<p><span>Maybe you should\u2019ve just offered your fans some autographed vinyl. ; )<\/span><\/p>\n<hr>\n<h3><span class=\"ez-toc-section\" id=\"Are_NFTs_the_future_of_the_music_industry\"><\/span><span>Are NFTs the future of the music industry?\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span>Maybe.\u00a0<\/span><\/p>\n<p><span>How much should that matter to your average DIY musician in the present moment?\u00a0<\/span><\/p>\n<p><span>Not much.\u00a0<\/span><\/p>\n<p><span>Keep focusing on getting your music out there, making connections, and building an audience. <\/span><span>Then do a better job of selling them the merch, experiences, and patronage access you already offer.<\/span><\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/diymusician.cdbaby.com\/music-career\/nfts-for-musicians\/\" target=\"_blank\">5 Reasons Why NFTs Don\u2019t Matter (YET) for Indie Musicians<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/diymusician.cdbaby.com\/\" target=\"_blank\">DIY Musician<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DIY Musician\u2019s Guide to NFTs NFTs will save the music industry! They\u2019 ll restore music\u2019s value! Artists can better merchandise themselves with NFTs! These are just some of the claims I\u2019ve been hearing about NFTs, which are all the rage in the music press and\u2026 on Clubhouse. Every music biz discussion is filled with chatter about NFTs these days. Every business magazine is talking up NFTs like it\u2019s some Gold Rush. Silicon Valley cheerleaders are scooping up NFTs left and right! Saturday Night Live even [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"h5ap_radio_sources":[],"cybocfi_hide_featured_image":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-2469","post","type-post","status-publish","format-standard","hentry","category-best-seo-blogs"],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":false,"author_link":"https:\/\/craighordlow.com\/author\/"},"_links":{"self":[{"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/posts\/2469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/comments?post=2469"}],"version-history":[{"count":0,"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/posts\/2469\/revisions"}],"wp:attachment":[{"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/media?parent=2469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/categories?post=2469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/craighordlow.com\/index.php\/wp-json\/wp\/v2\/tags?post=2469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}