Unsigned musicians have successfully used music NFTs to support themselves on their own terms. What if, one day, every musician can support themselves without relying on huge record labels?
Music NFTs allow unsigned artists to earn more money.
According to a recent Bloomberg report, Iman Europe, an unsigned singer-songwriter from L.A., California, made 22.2 ETH (almost $60,000) by selling 5 tracks and a music video as NFTs. In comparison, she only makes about $300 per month from streaming on sites like Spotify and Apple Music.
Iman already has 4 million listeners across multiple channels, to be clear. Streaming services, on the other hand, typically return a large portion of the earnings to record labels and distributors. Independent artists receive only a small portion of the funds. Furthermore, according to FreeYourMusic, an artist must have over 200,000 streams to earn $1000 on Spotify. More independent artists will undoubtedly embrace music NFT if this trend continues.
In fact, musicians can easily skip middlemen in the music industry by using NFT technology. Daniel Allan, who crowdfunded the costs of making his EP, Overstimulated, in October 2021, is a good example of this. Through Mirror.xyz, he raised a total of 50 ETH (about $140,000 at the time). Backers will receive 50% of Overstimulated’s master royalties in exchange for their contributions.
Is it true that music NFTs are the way to go?
For the time being, it appears to be the case. According to Delphi Digital, an artist’s popularity on Spotify has no impact on NFT sales on Catalog. According to the graph below, regardless of an artist’s Spotify streams, sales tend to cluster around 1 ETH. This demonstrates that in Web 3.0, collectors are prepared to support lesser-known artists.
It’s only a matter of time before music NFTs become mainstream, given how they’ve changed the lives of independent musicians. You may always start with markets like Sound, Royal, Decent, and Catalog to learn more about outstanding independent musicians and their works.