As tokens, NFTs allow artists to have complete ownership over their music, often bypassing the common means of distribution and rights associated with traditional record labels.ĭuring this digital revolution, entrepreneurs and many established musicians are flocking to the space and creating NFT record labels to capitalize on this proclaimed gold rush of opportunity. Electronic music DJ and producer 3LAU sold $18 million of NFTs, while deadmau5 racked up $2.7 million in NFT sales, and raised a seed round for his web3 music metaverse platform Pixelynx.
NFTs present a new method for artists to syndicate, sell and build a community around their music, all while potentially earning more than they would through traditional record sales. As the market for and creation of NFTs continue to boom, both independent and signed artists are flocking to the medium. NFTs have taken the internet by storm and becoming increasingly mainstream: A recent report.) found that there were over $86 million worth of NFT sales made in 2021, and trading skyrocketed to over $ 17 billion the same year.
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