NFTs continue to make headlines in the music industry as more and more artists are discovering the economic potential of non-fungible tokens. While several big musicians have released various NFTs projects, there has been minimal analysis on the efficacy of these campaigns. In this article, we are going to look at 9 music NFT projects in order of success.
9. A$AP Rocky – ROCKY GATEWAY
While this NFT project did manage to sell a little over $200,000 worth of digital collectibles at various levels, based off the size of A$AP Rocky’s fanbase it was a statistical failure. With over 17,150,000 monthly Spotify listeners, A$AP Rocky is a mega star. This NFT project brought in a little over $0.01 per fan. Mediocre marketing and a clear separation between the A$AP Rocky and the NFTs being released contributed to the overall failure of this campaign.
8. Tory Lanez – When It’s Dark
While this NFT project made massive headlines by selling $1,000,000 worth of $1 NFTs that offer the owners access to the new album When It’s Dark, based off Tory Lanez’s fanbase this project left plenty of money on the table. With over 16,700,000 monthly Spotify followers, the When It’s Dark NFT release generated a miniscule $0.06 per fan.
7. Snoop Dogg – A Journey with the Dogg
While it is hard to call a NFT release with over $1,500,000 in sales a failure, based off Snoop Dogg’s massive fanbase there was potential for this NFT release to set records. Snoop Dogg is one of the most well-known individuals in the entire world, with over 134,000,000 followers across his various social media followings. Considering only his music fans, with over 21,000,000 monthly Spotify listener, this NFT auction only brought in $0.07 per fan.
6. Balkan Bump – The Winner Is…
While Balkan Bump is certainly the smallest artist on this list by current fanbase size, his unique NFT offering produced surprisingly great results. The Winner Is… was an NFT drop where the winner received the opportunity to name a song on his new album. This offering proved popular with his fanbase. While the auction for this single NFT only brought in ~$10,000, with total monthly Spotify listeners round 70,000, this NFT release generated $0.14 cents per fan. This release showed that you don’t need to have a massive fanbase to start taking advantage of the potential of NFTs.
FLACKOXSCANX001 – A$AP ROCKY
ShadowS – Kings of Leon
5. Kings of Leon – NFT Yourself Collection
This was one of the first music NFT releases to gain national headlines. Releasing their new album as an NFT generated a ton of press and over $2,500,000 of NFT sales. There is no denying that this NFT release was a massive success. With over 12,000,000 monthly Spotify listeners, this NFT release generated a respectable $0.21 per fan while showcasing the potential of NFTs to the music world.
4. deadmau5 – Slickmau5
It should come as no surprise that deadmau5 successfully released his NFT collection, Slickmau5. As one of the most technically savvy electronic musicians, deadmau5 and his team showcased a solid understanding of the NFT market with this timely release of unique collectibles. Bringing in over $900,000 of NFT sales and with 4,150,000 monthly Spotify listeners, the Slickmau5 generated $0.22 per fan.
3. Don Diablo – HEXAGONIA
While this NFT release was promoted as the first ‘NFT Concert’, in reality it was a virtual performance that can only be enjoyed by the single owner. There were numerous issues with the implementation of this NFT release, mainly the fact that the recording was going to be mailed on a single USB flash drive. However, this NFT release proved to be financially successful. Selling for the equivalent of $2,000,000, this NFT release generated over $0.23 per fan and showed that there is real demand for an NFT Concert platform that allows for the distribution of concert recordings using NFTs.
Satoshi Nakamoto – Gramatik NFT
DΞSTINATION HΞXAGONIA – Don Diablo
2. Gramatik – Purple Queens
Gramatik is a legend in the crypto scene, and his fanbase definitely turned out for his NFT auction. As a well-known electronic music artist, Gramatik made headlines way back in 2017 when he released his own coin and raised $2,000,000 in 24 hours. It comes as no surprise that Gramatik was among the first to take advantage of the NFT pop. The Purple Queens NFT release proved immensely popular, selling over $1,500,000 of NFT collectibles. With a relatively niche fanbase and only 1,000,000 monthly Spotify listeners (of which I am certainly 1), this NFT release generated a whopping $1.54 per fan.
1. 3LAU – Ultraviolet Collection
There is simply no denying that 3LAU is the king of NFTs. This NFT drop should be studied by anyone looking to get into the NFT space. This was a world record NFT release, generating over $11,600,000 in a single auction for 33 unique tokens. While 3LAU has a decent size fanbase, with over 2,500,000 monthly Spotify listeners, this NFT auction was able to generate a truly ridiculous $4.64 per fan.
NFTs and music are a perfect combo. NFTs are still so new, and have so much potential, that there has been a variety of NFT releases that attempt to merge musicians and NFTs with varying degrees of success. For the first time, we can compare these methods and determine which NFT release method will be the most effective for musicians.
From looking at these NFT releases, it’s clear that fans can tell when an artist is taking the lead on their NFT project. Snoop and A$AP outsourced their creations and received minimal support. While Gramatik and 3LAU were hands on in their NFT projects. It’s good to see the NFT community rewarding effort and ingenuity.
Here at NFT Concerts, we have developed a platform designed exclusively for live concert recordings. Now, artists of all sizes can turn their live concert recordings into permanent digital collectibles. If you are an artist looking to release an NFT Concert, please fill out our Aritst Application for more details. If you are a music fan, be sure to join our mailing list in the footer below to get notified of our initial launch.