Audio (Podcast, Audiobooks)
Usually, when a podcaster creates a podcast episode, subscribers listen to it and probably tweet about it, and that’s it. But what if there could be more? With audio NFTs, the entire marketplace for audio creators can be transformed. It can include fan service and a community of creators and listeners. The possibilities of this would vary for different kinds of audio creators.
Audio involves broader subcategories, unlike other content in the creator space. Audio contents can be music, audiobooks, podcasts, audiograms, audio blogs, jingles, etc. Altogether, these contents can be useful for entertainment, information, and marketing. As audio-visual content becomes the most preferred type, more people will also demand audio. That is beside the obvious proliferation of the music industry.
While audio contents are present in many videos, creators hardly make enough money or get any recognition for their work. This includes voice actors, producers, etc. Since most audio content is sold, it may be hard for fans to find the creator as they are often not given credits in the final artwork. Audio creators, therefore, face difficulties in building a fan base and getting useful referrals.
A lot of energy is spent on acquiring new customers, and when creators decide to go under a management company, they end up paying a high percentage of their little earnings in fees. Although the music industry is the most common that comes to mind when this problem is described, the music industry often faces the least impact of this problem compared to creators of other kinds of audio content.
If audio contents are so versatile and present in other content material, why don’t audio content creators make more money? Two major factors are intermediaries and the lack of ownership that exists within the industry. Fortunately, creators can mitigate these factors by creating audios as NFTs.
Though there are still several gray areas regarding ownership and access for audio creators compared to other forms of NFTs, it is still highly profitable.
What are Audio NFTs
NFT is an abbreviation for Non-Fungible Tokens, which can be any digital file type. Two critical things needed to create an NFT are unique digital content and tokens with which to sell or buy that material.
When an NFT is created, it is one of a kind, and the creator is not just selling the material but also selling ownership of that material. For example, when an artist sells a concert ticket, a buyer can resell the ticket (transfer ownership), but they cannot share ownership of that ticket. Even though there are multiple tickets, several measures like a security code exist to ensure a ticket is one of its kind. With NFTs, each asset has a unique digital signature.
Therefore an audio NFT will inherently sell higher than an audio file that can be downloaded or accessed on other digital platforms since the creators are also selling ownership/digital rights. The scope of these rights may differ with different kinds of audio NFTs. For example, ownership of an in-demand audio NFT will differ from ownership of music as NFT.
How Audio Content Creators can benefit from Audio NFTs
Audio NFTs allow creators to charge more for their content. The creator typically decides how much they want to sell an asset while they create it. Price constraints of any platform do not bind them. Thereby allows creators to assert their value with all their content.
Creators can easily get recognition and increase client retention with audio NFTs. When NFTs are created on the blockchain, they possess a unique digital signature that can never be altered or erased. Hence, a buyer can view an asset’s history, and creators can have more ownership of their work. This is especially helpful when creators have a website or social media through which clients can contact them for future jobs.
The audio content industry is rife with middlemen, all wanting to get a cut of the artist’s money and exert some control over the content. However, NFTs are created on the blockchain, a decentralized platform that eliminates middlemen.
Creators can build a community with their fans by creating NFTs. Things like a Telegram community and discord links as NFTs have become common. The community can then enjoy exclusive content or work towards a greater cause together. This humanizes creators and makes them easier to connect with than when they are merely sound-producing machines.
One of the beautiful attractions of creating audio NFTs is that it is a new industry. Therefore early adopters can make the rules as they go without constraints of what was done by predecessors.
How to Get Started with Audio NFTs Using Xircus
Minting involves uploading your audio content to the NFT marketplace. This process often takes minutes to hours, depending on your file size. It also costs some fees you will pay from your digital wallet.
In summary, with NFTs, you can earn more from your audio content by charging higher fees and through future royalties. You may also have control and ownership over your content which is difficult for audio content creators. This allows you to spend less on marketing yourself because you can improve client retention.