Minting NFTs: one offs, or a limited edition?
by the MusicArt team
It’s arguably never been a better time to be a creator. It feels like every month brings another new platform that allows artists to express themselves to new and wider fan bases—and gives artists the ability to make money from their art in novel ways.
So, if you’re an artist looking to expand your fan base, and make money from your creative output, where should you begin? One exciting place, that’s red hot, and growing, as NFTs, or non fungible tokens. Today, any artist can create their own unique "token" on a blockchain to represent their work. That token can then be bought and sold, or auctioned. It means that if you are an artist, musician, writer or any other creative that owns the rights to your work, you have the opportunity to offer your artistic output as either one-off tokens, or as limited edition tokens for purchase.
MusicArt is one of the world's first NFT platforms devoted to the purchase and sale of album and single artwork NFTs. In this blog post, you'll learn the implications of deciding to mint a limited edition of multiple NFTs, versus minting a one off NFT. The great news is that, in either case, the rightsowner will always make a royalty on every sale.
So you've decided to mint an NFT on our platform. Congratulations. It's the first step towards finding new fans, and making money from your album or single artwork. One of the first decisions you'll have to make is whether to mint a one off NFT, or a limited edition.
One thing that may help you decide: researching what others have done in this space. To start, simply browse our platform. See which recording artists have minted on MusicArt, and which of their album or single artworks have been offered up for sale or auction as limited editions, and which have been offered for sale or auction as one offs. Then, think about what makes the most sense for your particular art.
To help, here are some of the most common considerations rightsowners think about when deciding to mint a limited edition of multiple NFTs, versus minting a one off NFT.
a) Who is your desired target audience? If you don’t quite know, think about the size of your fan base. How fervent are they? Do you have a tight knit group of hardcore fans? Or is your popularity expanding? Knowing this will help you choose an option that will best reach your desired target audience. A limited edition will typically all have a lower purchase price than a precious one off, meaning limited editions can be more egalitarian than one offs. Think about your fan base, and which approach will speak to more of your fans and followers, and allow more of them to connect with you.
b) Think about the other collectibles, if any, that you have available for your fans to purchase out in the world? How many other opportunities do your fans have to purchase collectibles of your art? If you were to mint a one off of your single or album art, and it sells quickly, will you have dozens of disappointed hardcore fans that weren't able to buy an authentic collectible that’s attached to your art and your music? Who do you want to own your album artwork NFT?
c) How much does the one-off or limited edition NFT cost to create, and how long will it take to do so? The great news here is that minting an NFT on our platform is super simple. Just follow these steps. And our setup (aka minting) fees are clear and transparent, starting at just £7.50, without any gas fees.
Our platform is an fun, user-friendly, and exciting way for you to create a digital one off or a digital limited edition of your single or album artwork that you can then sell or auction to your devoted fans. We hope this helps outline the elements to think about when deciding which option to go with. Keep in mind that whichever option you choose, you, the minter, will make a royalty on every sale forever no matter how many times their NFT changes hands, and no matter whether it's a one off or a limited edition. Happy minting!
Published at 11/8/2021, 11:41:34 AM