For better or worse, non-fungible tokens (NFTs) took over the music business in the first half of 2021. NFTs can be anything digital, but the technology’s use for digital art sales is currently generating a lot of buzzes. It was only a matter of time before musicians adopted NFTs generally as music NFTs in the same way that the art world has since the advent of streaming, as the music industry struggles to pay artists fairly.
The outcomes of musicians investing in NFTs speak for themselves. Recently, artists have started selling NFTs and making more money than they could have ever imagined.
The most well-known Communist on TikTok really got caught up in the NFT gold rush and made money in February after selling a series of 10 pieces on Nifty Gateway. Two works, titled “Earth” and “Mars,” which combined original artwork with short musical videos, generated the majority of the sales, with thousands of copies selling for $7,500 each. A unique video called “Death of the Old” was able to sell for an astounding $389,000 dollars. It is one of the most popular music NFTs.
Also Read: What Are Music NFTs? How Are They Changing the Music Industry?
One of the first artists to recognize the potential of the emerging digital market was the legendary American DJ and producer. His first NFT collection, Dream Catcher, which he created in collaboration with renowned visual artist Antoni Tudisco, experienced tremendous success on Nifty Gateway, one of the top NFT marketplaces. Naturally thrilled, Aoki was very wealthy.
The stadium rockers became one of the first well-known bands to sell their most recent album, When You See Yourself, as a compilation of NFTs. What a brilliant choice that was: six “Golden Ticket” auctions, which provided lifetime access to four front-row seats at one King of Leon headline show, brought in over $2 million in sales.
When Eminem’s first NFT collection, ‘Shady Con,’ sold out on Nifty Gateway, it was a huge success. It featured digital action figures based on some of the most memorable characters from his hilarious music videos. The collection also includes original instrumental beats. The most valuable item in ‘Shady Con’ was ‘STANS’ REVENGE.’ However, it is a one-of-a-kind video that came with a rare pair of Eminem’s Carhartt Air Jordan sneakers. Eminem is one of the artists who made an early investment in music NFTs.
André Anjos, a lesser-known artist on this list, quickly realized that NFTs were the way to go. He sold a collection of NFTs related to his new record YOU and was soon confronted with a sobering reality. The $708,000 he earned from the sale was more than his previous decade’s combined album sales.
Also Read: What Are NFT Derivatives? How Are They Different From Original NFT?
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