Let’s state a few essential facts for those who haven’t updated themselves with the NFT’s sudden appearance and temporary takeover of the entire art market. First, we should understand that NFT (a non-fungible token) is a natural continuation of the cryptocurrency frenzy. A non-fungible token is a financial security comprising digital data stored in a blockchain. A blockchain is a digitally distributed, decentralized public ledger that exists across a network.
So, if you are aware of the existence of cryptocurrency, you know that there are trading platforms, such as Metatrader 4 or Metatrader 5, that enable investors and traders to trade online. Brokerschart (to be found here https://brokerschart.fr/plateforme-de-trading) does a great job of gathering specifications of all of them in one place and summing up their utility for users. Using trading platforms, i.e., digital tools created by financial institutions such as brokerage houses and banks isn’t complicated. The question is which one to choose from all the available options. If you are curious about Metatrader 4, also known as MT4, go to the Brokerschart description of this platform and follow the lead (you will find it here https://brokerschart.fr/plateforme-de-trading/metatrader-5). Otherwise, if MT4 is the name of the game, click on the link that takes you to the detailed description of this trading platform (https://brokerschart.fr/plateforme-de-trading/metatrader-4).
NFTs have become viral predominantly within the visual art industry for jaw-dropping sales. A few top examples that made headlines were:
- “Everydays: The First 5000 Days” by Mike “Beeple” Winkelmann for $69.3 million,
- “Clock” by Pak for $52.7 million,
- “Human One” by Beeple for $28.9 Million, and so on!
We discussed visual art, but what about music? Has music also found its way to flourish in this newborn digital market with vast potential?
NFT and music
In the pandemic year one — 2020, musicians, like any other performers, were cut off from their primary sources of income. Live shows ended overnight, and merchandise sales inevitably slowed, so the money stopped coming in, causing significant financial anxiety in the entertainment business. Luckily, in 2021, the music industry found alternate revenue streams by embracing non-fungible tokens. NFTs allow creators to market and sell their content. Moreover, it’s not surprising that musicians quickly checked in with this novelty. These folks have always been the first among the parallel industries to tackle technical innovations, new products, and technologies.
It was in February 2021 when the electronic sensation Jacques Greene, of all the well-established and up-and-coming musicians who adopted NFTs, sold his music rights for 13 ETH (i.e., around $23,000 at the time), offered through the digital art marketplace called Foundation.
According to the report published by DappRadar, NFT sales would have exceeded $10 billion in the third quarter of 2021 in general. As reported by the study by American journalist Cherie Hu, after a mentioned explosion of NFT sales in February 2021, sales were estimated at more than 60 million dollars between June 2020 and April 2021, out of which 55 million took place between February and April 2021.
Sales were mainly represented by:
- electronic music (80%);
- hip-hop (8.6%);
- rock (6.7%).
How France benefited from NFT
When it comes to the sale of clips, albums, or even collectibles, let’s catch a glimpse of international and French examples that stood out:
1. 3LAU
Justin David Blau, better known as 3LAU, is a DJ and producer of house and electro music and the first artist to create an album in the form of NFT. In February 2021, he auctioned his album in 33 unique NFTs with exclusives, such as creating a personalized title for the buyer, a limited edition vinyl, and access to unreleased titles. This sale earned him $11.7 million, turning 3LAU into the artist who got the most money from NFTs.
2. Kings of Leon
The American rock band Kings of Leon decided to use blockchain in addition to streaming platforms to distribute their album in March 2021. Their NFT album version offers bonus features with a limited edition vinyl and animated cover. Another type of NFT they created called the “golden ticket” offers imaginative VIP advantages: concert ticket in the front row, backstage access, and a private driver.
3. Tory Lanez
This Canadian rapper, singer, and songwriter was the first rapper to sell his album only in the NFT form. In August 2021, he decided to sell 1 million copies at 1 dollar. They were sold in 57 seconds, constituting the artist’s sales record.
4. Jacques
“Crazy, concrete house music by a DIY strange genius”? Meet Jacques. No wonder this independently-thinking musician was one of the first in France to exploit the opportunities of the NFT. June 2021, he decided to sell his single second by second (which translated to 192 NFTs) to allow his fans to own the copyright and the rights to use his title. Therefore, he allowed 192 buyers to share the income generated through the sale and distribution of the single coming from streaming, video game, advertising, and all the other sources.
In France, Pianity is one of the few platforms allowing artists to sell their music NFTs. This popular online marketplace is dedicated to selling limited editions of tracks created by artists from all musical genres, with minimal cuts from the platform.
