Big EDM record company Monstercat has confirmed that non-native notation, or NFTs, could be a successful new source of income for artists and the music industry, earning $ 180,000 in the first two minutes of releasing the NFT Collection.
The collection consists of animated videos with music and was created in collaboration with Australian digital artist Giant Swan, known for his use of virtual reality technologies, and platinum producer Varien, who recorded The Crown. It was released yesterday on Winklevoss’s Nifty Gateway.
The set includes 500 Constellations sets, which sold in one second for $ 0.50 each, and approximately 470 NFTs that contain one of four unique videos in the Origins collection. Each issue sold for between $ 350 and $ 450 apiece.
The total sales and resale for this collection totaled $ 250,000.
The Canada-based label was founded in 2011 and has worked with many prominent artists, including Pegboard Nerds, Vicetone, Seven Lions, Rameses B, and Cascade. Their YouTube channel “Monstercat: Uncaged” has 7.57 million subscribers and 2.7 billion views, while Monstercat’s YouTube channel “Monstercat: Instinct” has 736,000 subscribers and 217 million views.
According to an advertisement published on Cointelegraph, Monstercat is committed to “artist sustainability” and sees the NFT space as a way to encourage this, with the ability to “generate alternative income-generating vehicles for artists as they reintroduce” audiences into the world of digital achievement. ”
Internet and live-streaming services have undermined artists’ ability to generate reliable income from content, and the pandemic has resulted in most concerts and physical events being canceled.
Monstercat joins NFT in the footsteps of artists like Deadmau5, 3LAU, DJ Carl Cox and Space Yacht.
Two weeks ago, Nifty Gateway welcomed Justin Roiland, co-founder of Rick and Morty, who auctioned off his NFT collection on January 19. There have been many high-quality sales on the NFT platform, with a combination of technology, nature and Star Wars sales for $ 3.5 million. In December of last year.