What are NFTs?
NFTs (or non-fungible tokens) are a form of cryptocurrency on the rise in the music and artist space as well as for various other forms of business. Artists have found financial freedom simply by creating art to sell on platforms like OpenSea and Solsea to those interested. NFTs are most helpful for those artists with a following but many can benefit from the new market with the right strategy.
As defined by Joey Primiani for medium.com:
“An NFT is a unique set of digital files that are stored on a public blockchain and act as proof of ownership for an accompanying digital work. If you have the NFT of a digital work of art it means you have the original.”
In layman’s terms, Gotham Magazine describes NFTs:
“NFTs are blockchain-minted artworks with unique encryption codes which allow for verified authenticity and ownership. An NFT can be anything from a digital art piece to a song or whole album. Even fashion designers are getting in on the NFT craze.”
Who are the top-earning NFT artists?
According to the Washington Examiner, one top-selling NFT artist is Mike Winkleman, better known as Beeple. Art company Christie’s sold Winkleman’s art, Everydays: The First 5000 Days for $69.3 million. In total, Winkleman has earned $142 million in revenue. To top that, NFT artist Pak has sold art across these platforms that is worth over $200 million. Pak has built up a following for over 20 years in the digital art space aiming to push boundaries with his work. His latest collection, Lostpoets, is one of many works that pushed him over the edge.
Pak is an artist who specializes in digital and crypto media, while Winkleman is a graphic designer specializing in virtual reality and other animation work. With over 10 years of experience under his belt, Winkleman has created stunning live show visuals for some of the highest profile artists on tour such as Eminem, deadmau5, Nicki Minaj, One Direction, Justin Bieber, Katy Perry, and Zedd.
VÃctor Langlois, who goes by FEWOCIOUS, is another artist taking over the NFT space at 18 years old. He is one of the most successful queer NFT artists you’ll come across. Langlois’ recent work, “The Sailor” sold for 46 ether ($80,311). He recalls a time when his grandmother tried to rip up his artwork. He instead began to journal. Of this came his plan to enter the NFT market, and good thing he did!
“I had this little journal called Fewo’s Plan to Take Over the World, and it said things like, ‘I’m gonna work really hard, bust my butt and sell as many prints as I can. I would bring a piece of paper to lunch and just draw the entire time so I wouldn’t have to make eye contact. I drove myself a little bit crazy trying to draw as fast as I could, not really processing my emotions. It was just, ‘How can I make money to move out?’”
Regarding the success of NFT art, Primiani goes on to name Langlois in particular:
“Right now the buying and selling of NFTs is a multimillion dollar industry, and Langlois happens to be a bright spot in the middle of it.”
In music, Doja Cat‘s “Planet Her” has topped the list of musician earnings on OneOf. 26,000 token were released allowing fans and collectors to invest in the project. Separated by tiers, a gold tier token meant you got a concert ticket for Doja Cat’s live performance. Platinum meant you got the chance to experience the VIP section in addition to the concert tickets.
Kingship is the first of its kind: an NFT band. Yes, you read that right. Signed to Universal Music Group (UMG) in 2021, the avatars were created by the band as part of the Bored Ape Yacht Club living on the blockchain.
The Game, based out of Compton, CA, also released a collection of NFTs, in partnership with OneOf, inspired by his prior album releases, passions, and personal interests. Fans and collectors also received a number of unreleased tracks included with the investment of his first album.
3LAU is the founder of the first-ever 2018 crypto music festival. Since then, he’s only created more opportunity for himself. 3LAU minted his album “Ultraviolet” as an NFT, generating $11.6 million in sales the first day. Fans are keen on getting new music, and with his latest drop, they receive 50% royalties divided among those highest invested.
Timbaland is another top earning musician using NFTs. His collection on the blockchain includes his EP, Opera Noir. After minting the EP, Timbaland created a handful of NFT pieces, totaling around 50 per song.
Balkan Bump generated $0.14 per song on his release earning him 70,000 monthly listeners on Spotify. Notably, VÉRITÉ (based in Brooklyn) is the first artist to offer her master recording rights in perpuity, according to NFTNow.com. DJ Don Diablo offered the first-ever one hour concert film called Destination Hexagonia featuring sci-if visuals. The work sold for $1.26 million. Diablo explained, “the goal was to create a next-level sci-fi inspired live set with a cinematic approach as a unique piece of futuristic art.” Grimes became a millionaire in 20 minutes, profiting up to $5.8 million on an exclusive collection of her digital art called WarNympth Collection, Vol.1. Similarly, Kings of Leon released their When You See Yourself through RCA Records grossing a total of 820 ETH or $1.45 million.
King of Leon frontman Caleb Followill went on to say:
“It’s crazy that the NFT blew up the way that it did. We’re all somewhat educated on it, and, at least in the beginning, I’m still scratching my head and trying to figure it all out.”
How do I get started creating NFTs and selling them?
Of course, it’s always best to do your own research especially when it comes to finance, and personal finance at that. However, platforms like Coinbase, OpenSea, Solsea are good places to start.
In particular for musicians, Nifty Gateway is a popular place for those interested in creating and minting NFT music and artwork. OpenSea is popular amongst musicians who want to mint their album artwork, or drawings they may have completed. OneOf is another music NFT platform that connects fans and collectors to their favorite artists. Foundation describes their site as being “founded as a creative community-curated playground for artists, curators, and collectors to experience the new creative economy.” MakersPlace is a marketplace platform designed for discovering and collecting unique digital works. It provides tools for digital producers (artists, photographers, writers) to protect and sell their work to fans and collectors. After opening a wallet and adding funds, a world of possibility opens up. You’ll then be able to both buy and sell NFT music and art on these, and many other marketplaces.
How does the blockchain work?
Ethereum is more in gas fees (or the transaction cost for producing your work). The catch is that it is more widely known and used. There is naturally more people using ethereum currently, but Solana is better for the environment. For those ecologically conscious, it’s said that with the new update to Ethereum’s funding, there is likely to be competition as it will then be in line with Solana and have much less ecological impact.
Sadie Jean’s “WYD Now?” would be the perfect example of successfully sold NFT art should she choose to do so. In selling her single, even being that it is her first, she has built up a wide audience range, and she’s bound to improve even more as time goes on. Of course people are going to want to gradually invest in her career and in her creations.
What if I want to just invest? Where can I find art worthy of investment?
Crypto.io
NFTnow.com