Standing out in the global sea of NFT creators will become increasingly challenging as we go mainstream.
It’s still early days, but as more creators learn about NFTs and begin to tokenize their works, the NFT music scene will become more crowded.
That said, the creators who understand why collectors collect will be at an advantage. Here are five reasons someone might consider adding music NFTs to their collection.
Motivations
- Love and Support — Emotions run deep. A collector with an emotional connection to a music NFT is more likely to try to acquire it. It must resonate with them. The collector will find joy in owning the NFT and supporting the creator if it does.
- Fun and Excitement — There is a certain thrill that comes with collecting. Especially when a collector is trying to complete a set or series of works, think about how people find pleasure in collecting Pokémon cards, baseball cards, sneakers, watches, etc. This is a gratifying experience for many people. The same applies to music NFTs and EPs or albums.
- Investment — Some collectors are looking to make future profits by reselling NFTs. Others may be interested in royalty sharing or airdrops. These collectors seek to identify and add music NFTs to their collection that are likely to appreciate over time or produce cashflow.
- Clout and Status — Bragging rights come with owning particular blue-chip or rare master edition (1/1) NFTs.
- Access — Think exclusive club memberships. A collector may be attracted by the experiences that a music NFT provides, such as access to a virtual or real-world music festival.
The creators who put themselves in the shoes of collectors and understand the various motivations involved in collecting will have an edge in the market.