Major EDM record label Monstercat has highlighted how non-fungible tokens (NFTs) can be a successful new source of revenue for artists and the music industry, generating $ 180,000 in the first two minutes of an NFT collection’s release.
The collection consists of animated video clips with music support and was created in collaboration with Australian-based digital artist Giant Swan, known for his use of VR technology, and platinum producer Varien, who recorded “The Crown”. It was released on Winklevoss’ own Nifty Gateway yesterday.
The collection included 500 Constellations packs that sold out in one second for $ 0.50 each, and approximately 470 NFTs that contained one of four unique video clips in the Origins collection. Each issue costs between $ 350 and $ 450.
Total sales and resale of this collection were $ 250,000.
The Canada-based label was founded in 2011 and has worked with many famous artists including Pegboard Nerds, Vicetone, Seven Lions, Rameses B, and Kaskade. Its Monstercat: Uncaged YouTube channel has 7.57 million subscribers and a total of 2.7 billion views, while Monstercat’s alternative YouTube channel, Monstercat: Instinct, has 736,000 subscribers and 217 million views.
According to an announcement shared with Cointelegraph, Monstercat is committed to “the sustainability of artists” and sees the NFT space as a means of promoting this by “generating alternative means of monetization for artists while introducing new audiences to the universe of digital collectibles . ”
The internet and streaming services have undermined artists’ ability to generate reliable income from their content, and most physical concerts and events have been canceled in the pandemic.
Monstercat joins the NFT indictment, following in the footsteps of artists including Deadmau5, 3LAU, British DJ Carl Cox and Space Yacht.
Two weeks ago, Nifty Gateway welcomed Rick and Morty co-creator Justin Roiland, who auctioned his NFT collection on January 19th. Some high-quality sales were made on the NFT platform with a technology, nature and Star Wars-inspired collection for $ 3.5 million last December.