A significant number of unsigned artists have essentially used music NFTs to maintain their own status. What if one day, every music artist can create a living without relaying on big music companies?
For instance, Iman Europ, an unsigned singer and songwriter from Los Angeles, California, who earned 22.2 ETH (approximately $60,000) by selling five singles and a music video as NFT. By comparison, she made just $300 a month from playing on multiple platforms like Spotify & Apple Music.
In fact, Iman currently has 4 million listeners on these platforms. Moreover, streaming platforms, mainly distribute huge revenue reductions back to record labels and distributors. Just a small percentage goes to independent artists
In addition, as reported by FreeYourMusic, an artist needs more than 200,000 streams to make $1,000 in Spotify. If this trend continues, more independent artists will surely embrace music NFT.
Actually, with NFT tech, artists can also easily bypass the intermediaries of the music industry for financing. This is efficiently shown by Daniel Allen, who paid for his long-running play Overstimulated in October 2021. He raised a total of 50 ETH (around $140,000 at the time) via Mirror.xyz. Instead, sponsors enjoy 50% of the original Overstimulated master royalties.
Currently, it appears so. Delphi Digital lately announced that the popularity of artists on Spotify does not actually influence NFT sales on the Catalog. Sales revolve around 1 ETH, regardless of the artists’ Spotify streams. This indicates that collectors are aiming to back lesser-known artists on Web 3.0.
Considering that music NFTs have changed the lives of independent artists, it has been a long time since they have been widely accepted. For more information about quality independent artists and their work, you can always begin with marketplaces like Sound, Royal, Decent and Catalog.