BUYING, SELLING & CREATING
Buying, selling & creating
Yes, Ocean Floor Marketplace supports payments using a debit or credit card.
This feature is available for users who have signed up for an account using their email address.
Metamask wallet also contains several payment processors for credit/debit card payments accessible inside the "buy" function in the Metamask app.
To set up your first NFT collection click the “Create” button at the top of the page to get started.
You’ll be taken to the “Add Collection” page, where you can name your collection, decide secondary sale royalties and add descriptive information.
Enter the name you have chosen for your collection. This could be the Album, EP, song track or tour name, depending on the NFT items you intend to create for this collection.
Choose your Royalties - This is the revenue you will earn each time an NFT in the collection is sold from a previous collector to a new collector on the marketplace.
Write a short description about the collection. You might like to include a backstory about the content in the collection, a bit about yourself as an artist, and any important details about the collection.
Provide links to your social media handles or artist website. This will help your fans discover your other content and stay up to date with upcoming events and new content.
Upload the collection image. This image differs from the images that each NFT inside the collection will have. Think of this like an album cover or tour banner. You will be able to upload NFT specific images later. If your this Collection will consist only of a single song track with the same image for each individual NFT in the collection, you can use the song track image here as well.
Once you’ve filled in all the applicable fields, click save!
After creating your collection, you can now create and add NFTs to that collection by clicking the “Create NFT” button inside the Collection. This is accessible using the drop down menu at the top right of the page.
If you get lost and cannot find the “Create NFT” button, navigate to the my “My Collections” tab in the dropdown menu located at the top right of the page. Once you’ve got your collection in front of you, the “Create NFT” button is located directly underneath the collection’s cover image that you added when creating your collection.
Inside the Create NFT panel, you can add the following:
Name - This is the name of the individual NFT. If this NFT is a ticket to a song tour, you would add the Tour name and the Ticket Number in the “Name” section. For example: “Ocean Beauty OFFICIAL 2022 AUS Tour #001”
Let’s look at another example.
If this NFT is a song track and is 1 of 50 identical song track NFTs in the Collection, i.e. you are releasing 50 limited edition collectible copies of your latest song track, the “Name” field would consist of the name of the song, your artist name, and the NFT number in that collection in numerical order. This might look something like: “Ocean eyes - Ocean Beauty - #01” which is set in the format “{Track Name} - {Artist Name} - {NFT ID Number}”
Description - Here you can add any details specific to this NFT. If there are no details specific to this NFT, you can copy the Description text you wrote for the Collection’s Description.
Unlockable Content - If you have large files to attach (>100mb) or wish to attach a private message only visible to the buyer, you can add these details here. You may want to upload large files to a cloud server like Google Drive and put a password to access them, in such a case you would include the access link and password in the Unlockable Content section here.
Select your art Category and Music genre (if it is a Music product), then add the Item thumbnail (e.g. Song track image), upload the song or art content itself in the “Item Media” section, a preview of the song if you wish, and any relevant tags.
Properties - The properties panel allows you to list different characteristics an NFT has within it’s collection. For example: If the collection is 50 NFTs with the same song track but each NFT has a unique cover image/thumbnail you can differentiate those characteristics here.
Click save and you’re all done. Congratulations!
Creator Revenue, or Royalties, are the earnings given to the original creator every time the NFT is sold.
Creators on Ocean Floor can choose to set a royalty fee, from 0-10%, which ensures creators continue to get paid fairly for their work long after it’s minted on the blockchain.
Royalties can be set by a collection’s creator in the Add Collection panel.
Royalties in a collection can also be changed by navigating to the My Collections tab, selecting the Collection you wish edit and then accessing the Edit Collection panel by clicking the edit button.
A “Utility” is considered as any perk that is granted to the NFT holder besides digital ownership of the NFT itself.
When an NFT is purchased, the digital ownership of that NFT is transferred from the Seller (or creator) to the Buyer. In most cases, owning the NFT only means you own the Non-Fungible-Token itself, not any rights to commercial use or Intellectual Property. For instance, owning a Music NFT of your favourite artist does not mean you own the Music itself, unless the creator specifically adds that as a Utility.
Should Creators add Utilities to their NFTs?
NFTs on their own still hold value, particularly if buyers view them to be rare collectible items. But as the NFT market continues to mature, the desire among collectors to receive tangible Utilities becomes more and more apparent. NFTs with Utilities tend to sell for higher mint prices and in many cases continue to appreciate in value over time.
So what can NFT Utilities be?
They say the only limitation a creator has is their imagination, and when it comes to NFTs this holds (almost) true. An NFTs Utility can be basically anything, providing its fulfillment to the buyer can be done in a practical, low cost and (preferably) trustless manner. NFTs with such qualities, especially those with sustainable Utilities will often hold or even increase their value over time and provide ongoing income for the creator. Here’s 10 Utilities commonly found in Music NFTs:
- Private Music Lessons - This Utility can be fulfilled in person or online using a video call application and requires no extra cost to the creator - Just a positive attitude and a willingness to connect with fans.
- Collaboration with a fan to make a song - You might be surprised how many of your fans are also Music creation enthusiasts themselves. Rock your Super-fan’s world with this unique experience Utility. Fulfilment can be done online or in person, depending on the price, location and technology you each have available. And in the not-too distant future, Ocean Floor’s Borderless Music Technology will streamline this process so that the only thing standing in the way of you connecting with fans is your desire to do so.
- Releasing your private DAW files and stems for commercial use- This Utility speaks to DJ’s and beat creators alike. Getting access to private DAW files and stems are among the most sought after Utilities in the Music NFT community. Such content interests a variety of potential collectors and holds value through time and space on the secondary sales market. Fulfilment of this Utility is easily done online using the Ocean Floor “Unlockable Content” feature to give password protected access to your creative content on a basic cloud storage app like google drive.
- Live jam sessions - What better way to deliver value to your own personal NFT community than hosting regular online jam sessions with your NFT holders? Get to know your fans, have a little fun and build your community all at the same time. This one is all about having a good time!
- Access to shows - If you’re a touring artist, giving free access to your shows as an NFT Utility is sure to turn your secondary sales volume on overdrive, with every new tour date announced sending fans into a bidding frenzy to get their golden ticket!
- Behind-the-scenes content - If you’re filming a Music Video, take the opportunity to create some exclusive content for your super-fans. Talk about your creative process, give a backstory to the song or share some behind the scenes footage. Get creative and make it special, your fans will love it!
- Merchandise - Whether it’s wearables, banners or something else, fan merchandise has always played a part in connecting artists to fans. If your collectors are willing to provide their postal address, merchandise can be a great Utility for your Music NFT!
- Signed vinyl record - Is a vinyl a piece of Music, Art or a Collectible item? How about all 3!
- Exclusive IRL or Metaverse/Online experiences - Backstage passes, online performances or exclusive hangouts in the metaverse. Give your fans a unique experience they’ll never forget!
- Engraved instrument - Seen by many as the ultimate music collectible, the lucky collector of this item will be showing it proudly to their friends for decades to come.
Lazy minting is a feature built into the Ocean Floor Marketplace that allows creators to list items on the marketplace without paying gas fees.
This works by listing the item but delaying the gas fee payment of it until the item is sold and ownership is transferred on the blockchain. With this process, the buyer of the NFT pays the gas fees instead of the creator.
Properties are descriptive characteristics, elements or traits of the NFT which are typically used to differentiate rarity and aesthetic differences of the particular NFT in that collection.
Property are a fun way to make NFTs rare and unique, which can increase their value. Property variations might be a different colour, character or accessory on the NFT thumbnail image, a unique piece of audio, or something else.
For example: If an NFT collection contains 50 individual NFTs of the same song track but each NFT has a unique cover image/thumbnail you can differentiate those characteristics in the properties panel. These properties might look something like: Category=[Background]; Property=[Color]
In practice, this would be written as: [Background]; [Ultra-Rare Silver]
If you're unsure what properties to list when creating your NFT, a great place for support and advice is the Ocean Floor Music community. Reach out and connect with artists and fans at discord.gg/oceanfloormusic
You can attach files up to 100mb in size directly on the marketplace.
If you would like to attach larger files, you can upload them to a could storage service such as Google drive, password protect the file, and then include the details to access this content in the “Unlockable Content” panel on Ocean Floor Marketplace.
This feature is currently for official Ocean Floor Music artists only.
Creators wishing to make a large collection batch upload may contact Ocean Floor to apply for batch upload assistance.
The Maximum file size Ocean Floor Marketplace supports is 100mb
Music video files are recommended to be encoded in the following specifications:
- Video Codec: H.264
- Audio: 192Kbps bitrate AAC
- Resolution (Max): 1080p
If you have very large files to upload, you can attach them to your NFT via the Unlockable Content feature.
Once sold, NFTs are minted to the Ethereum blockchain where they will be publicly visible on any compatible marketplaces.
©Ocean Floor Labs Pty Ltd 2023