The window of possibilities with NFTs is wide open, and no one plans on ever closing it. The music industry has taken a huge leap, and indeed a leap of success. Music NFT trading volume surpassed $44.2 billion in 2021. Pretty impressive? Well, it won’t stop there! The NFT market cap is expected to reach $80 billion by 2025. Music NFT projects are the current big thing, and many of your favorite artists are joining the wave.
Buckle up as we take you on this music revolution step by step. Who knows? You may end up investing in music NFTs. Or even wilder, go all the way to releasing your own music NFT!
What are Music NFTs?
Non-fungible tokens (NFT) in their nature are unique digital assets. This appeal found its way into music with great potential for music creators. The silver lining is that music NFT projects offer a certificate of digital ownership for the artist. Therefore, the artist has the creative exclusive freedom to do whatever their wildest dreams desire with them. Music NFTs are naturally a digital form of music. They can be a single song, a whole album, digital merchandise, an opportunity to meet the artists, special event tickets, or a music video.
Usually, artists plan these projects as an immersive experience. For example, they include digital artwork with an original soundtrack. Which in turn opens chances for a meet-and-greet, exclusive merchandise, access to their metaverse, or all of the above!
Why are Artists Making Music NFT Projects?
The “big shark” nature of the music industry cages most artists. It rips them of their creative freedom, and the right to own their masters. Web3 offers musical democracy for these artists. With blockchain technology, there is no need for that control-freak middleman. Therefore, the NFT universe offers artists unlimited freedom to create and own their digital or musical art. It is also a platform that pushes the boundaries of fan-artist relationships. With music NFT projects, fans engage with exclusive experiences directly without a third party’s involvement!
The most appealing reason is obviously making serious dough! Trust me when I say it makes them a ton of money!
Like how a lot?
Let’s take Steve Aoki’s statement to demonstrate. This world-famous DJ claims to have made more money from his NFT sales in a year than he has from his past six albums! MIC drop… Pun intended.
Top 7 Artists with Music NFTs
The list of music NFT projects is impressively long. In the following selection, we bring you the artists that hit a breakthrough with NFTs. I bet you, most of these artists are already among your favorites!
Don’t believe me? Read on.
Eternally marking his name in the NFT world, Snoop Dog is the big whale. He has literally put his print everywhere! Issuing non-fungible tokens, investing in blockchains, and owning multiple BAYC and MAYC NFTs. It doesn’t stop there. He built his own gaming metaverse, Snoopverse. He’s ahead of the tech curve as always. For example, one of his many NFT projects, Stash Box NFT sold for $45 Million in Six Days!
Slim Shady’s first NFT collection is titled Shady Con. It includes digital action figures based on iconic characters from his music videos with original instrumental beats. It sold for $1.78million on Nifty Gateway. The most valuable item in ‘Shady Con’ was Stans Revenge sold in an auction for $100 million. It’s basically a unique video accompanied by a rare pair of Eminem’s Carhartt Air Jordan trainers.
One of the leading artists in realizing the cutting-edge potential of the new digital market is American DJ Steve Aoki. His debut collection Dream Catcher’s huge success encouraged his many other NFT projects and his own Aokisverse. Dream Catcher Collection -created with renowned visual artist Antoni Tudisco -sold for $4.25 million on Nifty Gateway! Fun fact, this collection is best known for selling the “hairy” collectible for $888,888.88. No comment.
Canadian Singer Grimes hit jackpot twice in a lifetime. First by marrying the billionaire heartthrob Elon Musk. Then with her music NFT project WarNymph Collection. Third is a charm, let’s see what she’ll have up her sleeve! But seriously her collection nearly made $6 million in under 20 minutes! Specifically $5.8 million in total sales of her 10 exclusive digital artworks. The collection is a mixture of original artworks and short videos set to music. A one-of-a-kind video called ‘Death of the Old’ managed to sell for a mind-dazzling $389,000! WOW is an understatement here.
Cementing themselves as one of the first major bands to dive into music NFT projects, are none but Kings of Leon. Their album ‘When You See Yourself’ sold as an NFT collection for over $2 million in sales! Their NFTs rocked with a special utility. FOUR lucky fans can have front-row seats to ONE show of every Kings of Leon headline tour FOR LIFE! Our boys donated $500,000 of their earnings to Live Nation’s Crew Fund to support live music crews struggling during COVID-19.
One of the leading artists to create an NFT music project is Justin Blau-or his DJ name 3Lau. He started out at the beginning of this craze in the fall of 2020. As of February 2021, his success exploded in the NFT universe. His Ultraviolet collection of 33 different NFTs sold for $11.7 million. 3Lau even created an NFT music platform called Royal, which will enable token owners to secure royalties from musicians’ songs.
Along with releasing his album Wonder, he left us needing stitches with his NFT collection drop! He paired up with Genies to design virtual versions of his identifiable accessories. The digitally-wearable collection sold for $10 million in sales so far. Moreover, it’s notable that The Shawn Mendes Foundation and Wonder Grants program used the profits to support young creators.
It’s no surprise you could identify with your favorite artists. It’s what made these music NFT projects so successful in the first place! Until the next bet, keep an eye on the chainwitcher.