Independent musicians are making big money from NFTs. Can they challenge the music industry?
—whose songs got millions of plays in 2020—only received a few hundred bucks a month from streaming, requiring him to take on jobs like mixing and mastering other artists’ music to pay the bills.
Hundreds of musicians are following Allan into this world. On Catalog, 140 artists have sold over 350 records for more than $1 million combined. In the digital collective Songcamp, dozens of musicians from across the world are forming teams to crank out music and multimedia creations.
Some artists are raking in unprecedented money from these deep-pocketed fans: the Chicago rapper Ibn Inglor, for example,by selling various opportunities for fans—including shares of his upcoming album’s royalties—as NFTs. But for many artists, equally important to the financial windfall has been the emergence of dedicated fanbases who are coalescing around groups on Discord, the preferred platform for NFT and crypto enthusiasts.
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