Guest writer: PayUsNoMind
Content series: Music NFT Adoption
Growth is a critical aspect of every industry, and music NFTs are no different. As most onboarding efforts attract more artists into the NFT space, I wondered, “with all these sellers, who’s buying?” This question led me to analyzing how music NFT marketplaces grow collector bases.
For the market for music NFTs to truly grow, marketplaces must do more than look for artists to bring their fans. They must give fans a reason to collect.
Additionally, NFT collecting comes with tons of friction, from installing browser extensions to purchasing new cryptocurrencies. The process of buying an NFT shouldn’t make consumers feel like contestants on American Gladiators. Marketplaces shouldn’t make it difficult for consumers to give them their money.
Purchasing should be a simple and easy process.
In this Music NFT Adoption series, we’ll analyze music NFT platforms and marketplaces to see how they handle various issues, including buyer friction and transaction costs.
The goal is to identify the best places for artists to bring their fans into the world of Web3 and music NFTs.
Mint Songs is an accessible music NFT platform with zero gate-keeping. It reminds me of Bandcamp, but for NFTs. There is a focus on ease of use, and any artist can join.
Today, most popular NFT platforms use the costly Ethereum mainnet, but Mint Songs decided to build on the affordable Polygon sidechain instead. This means cheaper transaction fees for all parties involved, from creators to collectors.
However, using Polygon isn’t without friction.
To understand the full scope of how Mint Songs reduces buyer friction, we have to know what that friction is. What’s the experience like for a new NFT collector purchasing on Polygon?
Assuming the collector has already installed the MetaMask browser extension and set up a wallet, the next step is to add the Polygon network to MetaMask. This is necessary for the collector to switch from Ethereum mainnet to Polygon to purchase NFTs.
Next, they have to purchase MATIC tokens. One way to buy is through MetaMask using a payment gateway like Wyre. Purchasing tokens using Wyre comes with the standard eCommerce process of email, billing address, credit card information, oh, and fees!
Once the collector has successfully bridged enough ETH required to make the purchase, the final step is to connect to the marketplace and buy. If you were keeping count, that’s far too many steps needed to purchase an NFT. So, how does Mint Songs address this friction?
They allow users to create an account with their email addresses. Once created, a Magic wallet is automatically created too. Users can then purchase NFTs with Mint Songs’ direct fiat-onramp Moonpay integration.
The platform has effectively simplified the onboarding and purchasing processes needed to create and collect music NFTs.
Reducing Gas Fees
I once attempted to buy an NFT for $16, which would have cost me an additional $200 in gas fees. Gas refers to a fee required to execute a transaction on blockchains like Ethereum.
Gas fees must be paid to create NFTs, burn NFTs, settle auctions and accept payment, purchase NFTs, and move NFTs between wallets.
The cost of gas prevents most fans from becoming music NFT collectors because they can’t afford to buy them, while also shutting out most artists because they can’t afford to mint them.
Mint Songs addresses the issue of high transaction fees by building on Polygon, which offers near-zero transaction costs. For example, minting 50 editions of my song “No Born ID” only cost me $0.66 in gas fees.
The Mint Songs secondary market is nonexistent.
They can do a better job fostering a secondary market and giving collectors another reason to buy. My sentiment is that if a platform doesn’t have a secondary market, it should, at minimum direct potential collectors to a safe secondary marketplace to purchase from (i.e., OpenSea, Rarible).