Artists have long struggled in the digital world, and now they are catching up with times. The new DeFi craze has hit almost every industry, and the music industry is also now investing in the NFT market.
RCRDSHP is a platform that offers digital collectibles to people and recently raised $5million. The marketplace will be available on Dapper Labs’ Flow blockchain network, which also hosted the “NBA TOP Shot” recently. This means that artists, especially electronic music producers, can offer their work as collectibles on the platform.
How will these be released?
They plan on releasing these collectibles in the form of packs which will capture the essence and uniqueness of an artist. It will also include some very popular labels and also music festivals too.
The latest pack that they released had digital artworks and portraits of the artists and their albums. They released 8,888 packs initially, which were all sold out in a matter of minutes. This is great news as it brings music again to the forefront and gives artists new avenues of earning.
What does it mean for artists?
With streaming services decimating artist revenues and live gigs in shambles, the music industry was having a hard time coping with the recent pandemic. NFT is a sure-shot way of earning some of the money that they were supposed to get in 2020, but it is still in its nascent stages.
The recent exponential rise of NFTs is great news for people who lost income in the pandemic. It also shows the diverse nature of NFTs and how they can move art to a digital platform.
