Around 150 artists have earned $55.7 million in just two months
It was only a matter of time before music artists began joining the NFT community and now we can partially understand why, NFT’s are extremely profitable, especially for already successful artists. A recent document posted by music-tech writer Cherie Hu, exhibits how much music artists are truly profiting from NFT’s. The study was conducted between June 6, 2020, and April 25, 2021, where Hu was successfully able to examine various NFT marketplaces including Zora, SuperRare, Curio, and Rarible.
In his research, Hu states that $60.2 million has been made in music NFT sales since June 2020, generated from over 55,000 total NFT’s, and, just in the last two months (February 25 to April 25, 2021), sales amounted to a staggering $55.7 million of the total $60.2 million that has been made over the time the study was conducted. Most of these purchases (60.4% of them to be exact) have come from listings with no bidding process involved, meaning, ‘the price is fixed at the point of sale.’ Auctions account for the remaining 40%.
We have seen many NFT’s in the electronic dance music community specifically, including a first full-length concert NFT from Don Diablo (which sold for $1.25 million), MIA’s $52,000 ‘KALA COYN,‘ and Gareth Emery’s $250,000 laser-shooting cube, to name a few. Not to mention Ja Rule’s $122,000 Fyre Festival NFT.
According to Hu’s study, 80.7% ($48.6 million) of the reported total of $60.2 million, was earned by electronic artists.
To read Cheri Hu’s full report, click here.
H/T – Ra.co