For the last 20 years music market has changed drastically. From musicians being dependent on big labels, managements and important people in the music business we moved to the open world where everyone can try their hand at making music and becoming a ‘star’. We can pursue our dreams and not lose the hope that one day we will make it and music will become the only source of our income.
Being an independent musician means having many different sources of income: patreon, online shop, concerts, partnerships, vlogging, online courses. Seems that the basket has no bottom and here it comes one more interesting idea on how to make money on your music. NFT.
It’s a non-fungible token that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and colloquially speaking it’s a digital token that we can sell online. It can be a digital album cover, limited edition animations to our songs, digital jewellery. Ideas here are rather endless. It would seem that this idea can only work for more recognisable artists but the truth is, it doesn’t matter how big you are, there is always a chance that some rich person will discover your NFT and you will receive an unexpected financial top up.
Let’s see now a few interesting NFTs in music
Lil Pump once said:
In 2021 he dropped an NFT in a form of digital jewellery. Each digital diamond worth $10 000.
“The 3-piece collection features a 500-piece giveaway to fans, an affordable and exclusive collectible card with a limited 2,000 piece inventory, and the uber-rare capstone “Esskeetit Diamond VVS” NFT for the true connoisseur,” the announcement details.
Korean – American singer and a producer, Yaeij dropped NFT in a form of a fish gif, that is actually really cute. She sold the fish many times and the biggest payment for it reached over $24 000!
Elon Musk dropped his NFT as a song about… NFT. He was offered a $1000000 and he said:
In 2021 Snoop Dog invited his fans into his mansion to his pool party! Digitaly of course. People who bought tickets were able to dance and view his digital estate.
Brooklyn-based artist VÉRITÉ gained over $10 000 offereing 2.3 % to master recording of her song ‘By Now’. Let’s be honest, for any DIY musician $10 000 is a really good amount of money! Buying this type of NFT can be also a very good way of investing money! If you’re lucky enough and the artist blows up you can get some nice % in the future!