There's no cover, but they pass the hat and it feels good to support the musicians generously. It's a small place, but the band truly makes everyone feel welcome. I would say that the crowd was 3/4 tourists and maybe 1/4 local but it still felt like a very 'real' vibe. The musicians were really friendly and seemed to walk the line between authenticity and a nod to tourism. We didn't have time or energy to rustle up alternatives, but the beer was really cold and also inexpensive.
It feels like a long way from Beale Street - in the very best sense! It is BYOB, but they do sell beer. And of course the place doesn't look like much on the outside. It's a bit of an Uber ride from downtown - maybe 15 minutes - it was a dark rainy night but from what I could see it didn't look like there was a lot of other things around. Many music places aren't open on those nights, but Wild Bill's was definitely wide open on Sunday night with their house band.
We were in Memphis for only 2 nights, Sunday and Monday.