- Total 6300 words, about 21 minutes to read -
By Chris Harris & Langston Thomas
Compile: afeng
In 2021, this inevitably happens, and as the COVID-19 pandemic cuts off musicians' main sources of income – live performances and merchandise sales – the music industry is very eager to find alternative sources of revenue. Therefore, the industry's rapid acceptance of NFTs should not come as a shock to anyone. After all, the "music industry" has always been closely linked to technology, and artists have always kept pace with the times. This year, both established artists and up-and-comings are acutely aware that they can go straight to fans, sell their songs, albums, and unique peripheral artwork, and ultimately make higher profits. As a digital asset, NFTs provide new ways for creators to market and sell, expanding the dissemination and consumability of art, music, literature and so on. At the beginning of the new year, the Music NFT will continue to transform the new way artists and fans work together to create communities, which will undoubtedly shape the trajectory of a large number of emerging forms of music careers. In the context of the maturing of an independent, digital ecosystem of fans and creatives, where sharing wealth is a reality, the future of the music industry will be more likely. So, as 2021 comes to an end, we (nftnow) have partnered with Coinbase and United Masters, two institutions that recently collaborated to pay musicians through cryptocurrencies. Looking back at the most influential moments of the Music NFT in 2021, these could mark a paradigm shift in the way the music industry operates.
On February 21, Jacques Greene sold music publications through Foundation
In early 2021, UK-based record label LuckyMe announced that one of its top artists, Canadian-based electronic music pioneer Jacques Greene, would auction off the permanent publishing rights to its latest single, "Promise." Although fans could only hear the first six seconds of the single through the digital art market Foundation before the auction, the song still ended up selling for 13 ETH (about $23,000 at the time). "I'm excited and scared about the possibilities and prospects in this field (NFT) and the arts and culture sector as a whole. I'm also full of hope and fear in this area, but instead of sitting back and watching fear, think and talk about what might happen. The Foundation is the prospect. Jacques Greene posted via Twitter
2. Feb. 28: 3LAU makes $11.7 million in the Ultraviolet NFT album auction
Justin Blau — whose better known is the artistic nickname 3LAU — may have been one of the first to adopt music NFTs, selling his first NFTs in the fall of 2020, but back in late February, the electronic dance music star's album Ultraviolet had a collection of 33 different NFTs, and he reportedly made $11.7 million in the three-day auction. After the sale, Justin Blau cemented his position as one of the biggest proponents of the technology and announced in August that he was building a non-functional music platform called royal that would enable token holders to earn royalties from musicians' songs. "We were all cheering, and then everyone stopped talking. Believe me, I didn't know it would go this high. Justin Blau said in an interview with Forbes
March and March: Catalog audio NFT platform landed
In order to revolutionize the music industry by empowering independent music artists while giving them direct access to fans, Catalog entered the NFT Dialogue as early as early March, becoming the first market specifically designed for audio NFTs. Recently, Catalog collaborated with Bajan artist Haleek Maul to sell four songs consisting of an internal EP he funded and backed. In a week in late October, a 13-minute sale resulted in 56 ETH ($235,000) sold, including a song "Touch" that sold for 17.1039 ETH ($68,491).
April and March: Singers Grimes and Steve Aoki sell millions of dollars worth of NFTs through Nifty Gateway
In March, NFT market Nifty Gateway helped singer Grimes make nearly $6 million in 20 minutes. The Canadian singer sold a set called WarNymph Collection, Vol. 1" is a collection of 10 exclusive digital artworks, some of which also feature original songs, and the sale grossed $5.8 million. A week later, on the same platform, electronic DJ and producer Steve Aoki unveiled his debut NFT album, Dream Catcher, which sold for $4.25 million, containing 11 unique pieces created in collaboration with renowned visual artist Antoni Tudisco, which also boast unique sounds and impressive animations. It has to be said that these sales results pave the way for big-name stars such as The Weeknd and Eminem to achieve seven-figure sales on the platform.
5. March 5: Kings of Leon becomes the first band to release an album in NFT format
On March 5, famed Nashville garage rock singer Kings of Leon's new album "When You See Yourself" went on sale. The album, released by RCA Records, is their first new album in three years. Meanwhile, another band of brothers became the first music group to release an album on the same day, and the effort paid off, and they received a total of 820 ETH ($1.45 million) by using the Yellow Heart platform. Exclusive versions of the album, unique digital artwork and lifetime concert tickets are all part of the auction. After that, the "On Call" and "Sex on Fire" quartet donated more than $500,000 to the Crew Nation Foundation, which was set up to support road workers who had been shelved by the pandemic. "The NFT is crazy in this way, we've all been baptized to some degree in this regard, at least in the beginning, I'm still scratching my head and trying to figure it all out." Kings of Leon said in an interview with CLEVEROCK.COM
6. March 9: RAC launches SixNFT Agency
Prior to the launch of the SixNFT Agency in March, Portland musician and producer RAC (birthplace: André Allen Anjos) was already well-versed in music NFT. In 2017, the Grammy-winning artist released his album EGO through Ujo Music, a blockchain-powered beta music streaming and download platform. The SixNFT Agency's goal, according to report, is to help "musicians, brands and visual artists enter the world of NFT technology." SixNFT Agency has helped California IDM master Tycho, Swedish dance duo Galantis and globally recognized musician BT host highly successful drops.
7. March 19: Delphi Digital buys "The Disclosure Face" for $125,000
When British electronic music duo Discclosure sold a notorious photo from their 2012 multi-track album The Face, guess what happened? One of their fans — already investors in the NFT — decided to invest all of their money and get the photo for $140,000. The deal on Zora, an NFT buy-sell and deal-and-deal platform, also includes a lifetime open concert ticket for the NFT owner. In the months since, fans have become friends with the band, and in recent months, Disclosure has even performed at Delphi Digital events.
8. April 9: Diablo sells its first full-length concert film, NFT, for $1.26 million
In 2021, Dutch DJ Don Diablo made NFT history by releasing the first full concert film as a crypto asset through SuperRare, a one-hour DJ set named after Destiny Hexagonia's "Cut Shapes" and "Checks" featuring sci-fi-style visuals and 3D renderings. In addition to the NFT, the winning bidder — who spent 600 ETH (or $1.26 million) — received a unique USB stick containing the file. Diablo said it took them a year to plan the concert, "with the goal of creating a sci-fi-inspired next-level live scene in a cinematic way, as a distinctly futuristic art." ”
9. April 16: V RIT becomes the first master artist to auction the rights to record
In April, Brooklyn-based pop songwriter V RIT released her new single "By Now," an artist who has never signed to a record label and has sold more than 350 million views of her song for 11 ETH in perpetual price, selling its 2.3% ownership of its main record in the form of an audiovisual NFT on Zora, an NFT buy-sell and deal-and-deal platform. The auction won praise from V RIT in the NFT community and remains a milestone for independent artists.
10. May 3: SongCamp releases Genesis NFT
This spring, musicians and visual artists from around the world came together to collaborate on three brand new songs. The artists split into three teams, eventually named after the band, who spent five weeks creating multimedia tracks that were then sold as musical NFTs. The creative group of 13 Strangers made a total of $10.05 ETH (about $34,000) by selling The Lunar Veil's Static Twist, Driftwood TX's Hold on Hope, and Rainbow Punch's Antid0t3.
11. May 8: The first classical music was released through the blockchain
In early May, a choir in Texas auctioned off a unique digital record, the first classical music piece to be sold on the blockchain. The Verdigris Orchestra in Dallas recorded the song "Betty's Notebook" in January. The 21-minute-long piece was created by Nicholas Reeves and auctioned by digital art auction platform Blockchain for 56.46 ETH (or $375,000). The proceeds are distributed to all those involved in this historic record.
12. May 19: Famous hip-hop photographer Chi Modu dies after creating NFT artwork
If you've ever seen The Source in the 1990s, you've seen hip-hop photographer Chi Modu's incredible candid work. The Nigerian-born, Jersey-grown dreamer took some of the most iconic photos, including Tupac, Notorious B.I.G, Snoop Dogg, Mobb Deep, Nas and Wu-Tang Clan. Chi Modu died on May 19 at the age of 54. But just before his death, Chi Modu posted 19 of his photos in NFT form on his website hiphoimages.com.
13. May 26: Musician BT releases 24-hour song as an NFT
Trance musician BT spent 10 months researching Genesis.json, a uniquely featured software that is sold as an NFT on SuperRare. As of now, Genesis.json is known as one of the most advanced NFTs, with more than 15,000 manual audio and video clips that will be played for 24 hours. According to news reports, as long as the Internet exists, these works of art will be broadcast on a daily loop. The single sold for 88.8 ETH (about $212,000). "I believe that blockchain and decentralized technology are representatives of a transformation system that is also able to respect artists and their work," BT said at the auction.
14. August 10: Tory Lanez releases an NFT album that sparks controversy
Canadian rapper Tory Lanez released his album When It's Dark this summer and appeared as a 7-standalone NFT, which caused some controversy. But Lanez worked with the E-NFT, which was in charge of the auction. After the auction, fans complained about the platform on Reddit, pointing out that there were some irregularities and glitches that prevented people from buying NFTs and later selling them for a profit. Many expressed their grievances on Twitter, with some saying they felt cheated on by the rapper. But Lanez has remained silent on the matter.
15. August 16: Audius becomes the first streaming service to partner with TikTok
Audius is a unique music streaming service platform launched in 2018, controlled by artists and held by tokens by the community. In a deal announced in mid-August, the Audius platform using $AUDIO tokens revealed that it is working with TikTok to use songs from its more than 100,000 artists for TikTok videos. With Diplo, Weezer and Oddesza as its customers, Audius has more than 5 million monthly active users. In September, TikTok will enter the NFT space with the launch of the Moments project starring Curtis Roach.
16. Aug. 18: CryptoPunk rapper Spottie WIFI sells $192,000 in music NFTs in seconds
Mig Mora has been a rapper in Illinois for years, striving to make a name for herself in the ruthless music industry. In 2012, Mora realized his music career might be over and it was time to get a job. In February, Mora was #5528后获得了第二次音乐生涯的机会 the acquisition of CryptoPunk. After accepting the role of Spottie WiFi, Mora gained new inspiration and became the world's only CryptoPunk rapper. On August 18, Mora released a 7-song EP limited to 2,000 copies. Each copy comes with a mysterious mint NFT, allowing the purchaser to immediately obtain synchronization rights to the NFT's master record. 17. September 22: Snoop Dogg reveals that he is NFT collector Cozomo de'Medici
After its debut in August, influential collector Cozomo de' Medici quickly made a name for itself in the NFT community. The multimillion-dollar purchase and his mysterious Twitter style caught a lot of attention, and the quirky influencer first revealed his relationship with superstar Jason Derulo, which baffled his fans. After a month of popularity in the field of non-functional collecting, Cozomo agreed to reveal his true identity while joking with other collectors. When only Snoop Dogg comes forward to say he is the one behind the account, it becomes clear that the real puppet owner behind Cozomo de' Medici decided to keep his identity secret. Snoop Dogg has been active in the NFT space, recently partnering with OG crypto artist Coldie to sell a piece on SuperRare for 188 ETH ($731,000).
18. On October 20, PleasrDAO purchased a rare Wu-Tang album
The album was heard very little, making it one of the rarest ever: The Wudang family worked on Once Upon a Time in Shaolin for six years and released a pop album in 2015. Three years later, the government took the album from its original owner, Pharma Bro" Martin Shkreli, and now it is owned by a DeFi Pioneer Collective called PluasrDAO. NFT issuer SixNFT helped broker the recent sale, which the group spent $4 million on. "We firmly believe that there is a way to share this musical masterpiece with the world. Many things in life are temporary, fleeting, and impermanent. But remember, just like our blockchain, the Wu-Tang Gang is always there. PleasrDAO blog post
19. October 31: Bored Ape Yacht Club hosts "Ape Festival" during NFT NYC10
One of the most influential events took place during the unforgettable Intangible Cultural Heritage Event in 2021. The conference in New York was undoubtedly a feast for the apes at the Bored Ape Yacht Club. Over the course of four days, BAYC events included merch pop-ups, parties, and more, all ending with a big party where the Boring Ape crew took over the Brooklyn Steel Depot for a wild night of live music, open only to owners of the Boring Ape Yacht Club or Mutant Ape Yacht Club NFT. The festive event, featuring performances by Strokes, Lil Baby, Beck and Questlove, as well as Chris Rock and Aziz Ansari as MCs, sends a clear signal that the project Guy Oseary represents is not a hoax.
20. November 11-12: Universal Music launches the boring ape band Kingship, and Timbaland launches ape productions
At the end of April, with the release of the Bored Ape Yacht Club, the NFT world became more interesting. The Bored Ape Yacht Club is an NFT series created by four anonymous developers: Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass. All 10,000 unique versions of this cartoon primate game sell for around $190 on ETH. Since then, bored ape yacht club has become one of the hottest non-functional games, with total sales of more than $950 million. Last November, Universal Music announced the formation of Kingship, a virtual band of "Bored Apes." Also last month, producer Timbaland formed Ape-in Productions to create music and animation based on non-ft characters from the Bored Ape Yacht Club; It has already released a single by virtual hip-hop band TheZoo. "Creating kingship is a very interesting and imaginative thing. I start at 10:22 p.m., pushing the boundaries of innovation in the music industry, and with Kingship, we're actually creating real-time possibilities. Kingship founder celine Joshua released
21. November 26: Rare Scrilla and Ghostface Killah release the Pepe NFT
On Black Friday, a large number of NFTs hit the market, but the most eye-catching ones were Rare Scrilla and Wu-Tang Clan member Ghost GhostFake of Ghost GhostFake, a rare Pepe NFT. Bidding for this hip-hop crypto artwork began at midnight on November 26. According to online records, the asset, featuring screela's visuals and grimace music and lyrics, was sold for $281136. The company's owner (Starry Night Capital) also now owns a recording master tape of the song by the band Ghostface.
22. December 14: The unreleased Whitney Houston demo track is sold as an NFT
On Dec. 13, NFT Music Marketplace OneOf launched an auction of Whitney Houston's One of One NFT records, which included a demo of Houston's 17-year-old never-before-heard of it. Coupled with a digital video by 17-year-old renowned artist Diana Sinclair, the single sold for $999,999. The auction winner of One of One gets full personal access to the song, meaning that although any form of public offering is strictly prohibited, the owner of the song has full private access. Similar to the ecosystem of traditional auction houses participating in non-functional music, this landmark auction showcases the potential of music NFTs that could help artists enter a new era of music culture.
23. Honorary Award: Celebrity imitates Bored Apes, CryptoPunk NFTs
In 2021, the rich, celebrities and notorious people have made a big splash into the field of NFT ape games, and celebrities of all types have signed up and brought their own boring ape games. Last month, NBA star Stephen Curry, musician Boss Malone, late-night talk show host Jimmy Fallon and others all had their own "boring apes", musician Marshall Melo, Smokers, Shaquille O'Neal, Lincoln Park's Mike Shinda, Internet celebrity Logan Paul and entrepreneur Mark Cuban also had their own "boring apes". You can count Jay-Z, Serena Williams, musician Jason Derulo, Snoop Dogg and NFL player Odell Beckham as owners of the unique CryptoPunks.
summary
In 2021, NFTs set off a boom that created a ripple effect in technology, finance, creative industries and other fields. However, the music industry seems to be the most enlightening touchstone in terms of how blockchain technology can facilitate co-creation and co-ownership of intellectual property. From 3LAU breaking industry records for an Ultraviolet NFT price of $11.7 million, to the CryptoPunk Rapper Spottie WIFI self-help community helping him earn $192,000 in seconds, NFTs have empowered independent musicians to sustain themselves under the concept of digital ownership. As some of the most successful brands enter irreplaceable markets and mainstream applications of NFTs emerge, the paradigm shift in the music industry seems less and less distant. Looking forward to 2022 !