Matt Doyle, Logcast 22nd Jun 2022

How Music Artists Can Earn Money with Spoken Word NFTs

Heard of spoken-audio NFTs? Here's how artists can earn money with them.

The financial reality of being an independent artist is… not always the brightest. Despite the constant studio sessions, gigging and travel on social media, the truth is most independent artists rely on multiple sources of side-gig income to pay their bills.

NFTs (non-fungible tokens) have been an exciting new way for artists to make extra cash, selling limited-edition digital collectibles to their fans. But have you heard of NFMs?

NFMs or “non-fungible memories” are a new spoken-word NFT tool built by social audio platform Logcast, where you can record your thoughts, memories or experiences, and sell them to your community. When I first heard about NFMs, I instantly thought about all the ways artists could use NFMs to connect better with and monetize their fans. All you have to do is download the Logcast app, record a spoken audio clip, add a picture and title and choose to post is as an NFM. The whole process takes just a few seconds and is completely free. 

You can share exclusive impromptu content with your fan base such as sharing the creative process, exclusive studio demos, inspiration and important moments through the recording process and so much more. The possibilities really only end where your imagination ends.

Typically, NFTs require hours and hours of artistic design and planning before they’re ready to be released to the masses. Whereas with NFMs, they allow for creatives to generate sellable content spontaneously whenever, wherever they go. NFMs give you the opportunity to share intimate moments within the recording process that can’t be rehearsed or duplicated, similar to live music.

Other examples include; hearing first takes of what became the biggest hit of your career, or hearing exclusive deleted tracks that never made the album. These are moments fans can’t put a price on, but you can. 

As a producer there are so many interesting ways to share your creative process using NFMs. You can share concept beats that wouldn’t typically see the light of day, explore the development of sounds, discuss song arrangement and layering, talk about how you achieved certain tones / sounds within tracks and the list goes on and on.

Producers are heard all around the world through their songs, rather than their own voice. NFMs give artists the opportunity to use their own voice to share their creative process with fans – all on blockchain.

It also doesn’t necessarily have to even be related to your creative process but rather conversations in the studio or inspiration behind songs. Songs resonate with people for tons of different reasons and I think we’d all be lying if we haven’t wondered what an artist had on their mind when they wrote a certain lyric. It’s intriguing and enlightening for your listeners to hear where your head was at when you came up with a verse or hook melody. These moments are timeless and precious to fans, which is why you should mint them as NFMs to live on the blockchain forever.

NFMs also give your listeners a chance to get to know you more intimately. This is super important when building a strong and supportive fan base. You can create amazing music but if your audience can’t connect with you on a personal level it may be hard to keep them hooked.

Recording conversations in the studio gives your listeners an inside look into relationships you have with fellow musicians and other important people in your life. I’m not saying you need to mint your private conversations with your loved ones but sometimes deconstructing a song can feel equally as intimate. 

What’s also brilliant about NFMs is that users don’t need to own cryptocurrency or have a crypto wallet to purchase them. This opens up a door to a whole new audience. All your fans can buy your NFMs, no matter their experience level with NFTs.

There are tons of people out there holding off on crypto due to the hoops and loops they feel like they need to jump through in order to get up and running. With NFMs all of that is made super easy. The Logcast app has a built-in wallet allowing users to store their NFMs directly in the app and can purchasable them with debit or credit card. This allows for a massive audience to participate in Web3 activities unlike anything we’ve seen before.

There are tons of ways that music industry creatives can earn money using NFMs from sharing your creative process, exclusive studio demos, inspiration and important moments through the recording process and so much more. NFMs give you the opportunity to monetize parts of your process never monetized before, providing additional streams of revenue for literally zero cost. 

Seems like a no brainer to me.

Logcast

Logcast the social platform where audio creators earn money direct from their fans.