How electronic artists dominated the world of NFTs
In the 2021 IMS Business Report which has just come out, it explores everything from livestreaming trends to social media trends and much more in the world of electronic music over the course of the past year. We’re diving into it over the course of a few articles and this one is all about how electronic music has dominated the NFT trend. As we all know, NFTs have taken the digital world by storm. It seems as though every electronic artist has made NFTs, and has made even bigger money on them too. We all know the impact that the two worlds have had is big, but the IMS Business Report has shown us just how big it is.
In the ‘Engaging Fans’ section of the report (available to download and read in full here), which also goes into detail about electronic artists and social media trends, there is a section which shows some interesting graphics as you can see below.
Image via: IMS Business Report page 66
With artists such as Steve Aoki, 3LAU and Don Diablo breaking sales records and selling NFTs for millions, it’s no surprise that 76% of all music related NFTs worth $50.2m were coming from electronic artists. Teaming up with digital artists and always looking for innovative ways to bring something new to the space (Don Diablo sold the world’s first hour-long concert NFT), the space truly gained traction at the start of 2021 and exploded for a few months. Although it has proven to be successful for many artists, the NFT world is still only starting, as as deadmau5 manager Dean Wilson explains, it didn’t exist eight months ago.
Not only this, though, music services could utilise the blockchain to their advantage to bring transparency and fairness to payments. Wilson also goes on to say:
“We are the most played music in clubs, festivals and bars but we’re the worst paid. The blockchain offers transparency. We could see plays and payments in real time. We all need to push as many use cases as we can”
Image via: IMS Business Report page 67
This spreads further than just NFTs and could be extremely helpful to artists in the industry as detailed above. Music recognition technology further ensures the transparency of payment and massively helps artists in the long run.
Main image credit: Andre M. Chang / Picture Alliance