Drum And Bass label Monstercat have found themselves a new revenue stream in the form of NFT’s, generating a staggering $180,000 in just 2 minutes!!
Partnering with renowned digital artist Giant Swan & platinum record producer Varien, the ORIGINS & Constellations packs were available on premiere NFT marketplace niftygateway.
What Is An NFT?
A non-fungible token (NFT) is a type of cryptographic token which represents something unique. Basically it’s a digital collectible.
Built on Blockchain technology, similar to cryptocurrencies such a Bitcoin, meaning that each NFT is identifiably unique… A virtual one of a kind.
How do collectibles relate to the music industry? In physical music terms think of something like the Wu-Tang Clan’s 7th studio album ‘Once Upon a Time in Shaolin’. They only made one copy of it! It was sold in 2015 and due to it’s rarity is currently the most expensive work of music ever sold.
Revolutionary
Monstercat’s co-founder Mike Darlington said on their website that,
“Innovation that leads to new transparent royalty streams for artists has been a driving force of our business since the beginning. I quickly recognized how NFTs (Non-Fungible Tokens) can revolutionize the world for artists; not just for musicians, but for creators across all forms of artistic expression”
With many artists from across the music scene facing a loss of income due to the global pandemic, plus the ongoing controversy over pitiful earnings from streaming sites, perhaps this is the future of the music industry?
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