Spotify, Apple Music, and other frictionless applications are quickly becoming the go-to destinations for music NFTs enthusiasts. But artists receive only 12% of the revenue from these services, according to a Citigroup study. NFTs cut out the middle layers, which often hinder creators. Some NFTs confer unique album packages and perks, while others offer exclusive live show experiences. This article explores some of the reasons why NFTs are so popular.
Grimes sold images of babies toting spears through space
It’s hard to imagine an artist earning as much money from selling pictures of babies toting spears through space. But the work of Grimes isn’t the only work he’s sold. Some of his works feature cherubs and piglets orbiting an alien monolith, a baby with wings, and more. And even though his work isn’t necessarily well received, it’s definitely worth checking out.
One of Grimes’ most famous works, WarNymph, is a set of winged babies toting spears through space. This collection sold for over $5 million in less than 20 minutes. The twins of Winkelvoss also founded Nifty Gateway, a blockchain platform that is generating a lot of money. But Grimes’ work isn’t only worth buying. And you can’t miss out on the newest addition to the Winkelvoss twins’ collection: an original Grimes song.
Other NFTs confer their buyers with distinctive album packages or live show perks
Although the music industry has yet to take NFTs seriously, advocates believe the technology could change the way it pays artists and musicians. NFTs are based on blockchain technology, which powers bitcoin and many other cryptocurrencies. This technology essentially creates a tamper-proof database of all transactions, which buyers can use to ensure that the item is as described. They also give artists a way to directly interact with fans, and can eliminate the need for traditional music publishers.
The latest music NFT was sold by Kings of Leon. The band released their seven-song EP, When You See Yourself, in March 2021. The limited-edition record sold for $50 included a moving album cover, concert tickets, and a limited-edition vinyl. Kings of Leon’s NFTs were sold through YellowHeart, a live event ticketing platform.
Although electronic music artists have been at the forefront of this innovation, NFTs are starting to reach fans of other genres. Parker McCollum, who has been enjoying success with his Signature Edition Gold Chain Cowboy, is one example of a musician who has capitalized on NFTs by creating a fan club-style community around his music. The Signature Edition includes exclusive meet-and-greet events, secret airdrops, and private jam sessions for his fans.
StereoheadZ Music Club will host a “Battle of the Bandz” competition
Among the many projects that are in the works at StereoheadZ Music Club are the promotion of music groups within the community, such as the Battle of the Bandz competition. Its members are required to purchase NFTs (Network-Free Tokens) of the music they create. Upon purchasing the NFTs, the owners receive the rights to make derivatives and use the characters in any media. In addition to the competitions, the club will also be hosting a “Battle of the Bandz” competition in which the winning group will receive a monetary prize.