Electronic music NFT Platform RCRDSHP says it’s paid out $600,000 to artists in 6 months

by AryanArtnews
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RCRDSHP, a US-based NFT platform for electronic music, claims to have paid more than $ 600,000 to artists and creatives six months after its launch in August 2021.

According to the initial payments publicly shared by the platform, RCRDSHP has so far stated that it has offered $ 515,000 to creators from its primary sale.

RCRDSHP reports that music creators have earned about $ 90,000 in the platform’s secondary market, in addition to revenue from the sale of primary collectibles.

According to the company, the $ 600,000 number includes digital merchandise from dance music acts such as Todd Terry, The Scumfrog, Fat Rat, Solarstone, Stoneface & Terminal, and DJ Rap.

RCRDSHP adds an “overwhelming majority” of the 382,000 collections created by RCRDSHP It is sold at a price called the “accessible price range”.

The platform was launched in mid-August 2021 and dropped the 5555 “Genesis Pack”, which consisted of digital goods for electronic and dance music.

According to RCRDSHP, the release sold out “in a few hours” and the second largest release sold out “in a few minutes” the following week.

RCRDSHP’s music and content partners include Aneesh Gera, Ashley Wallbridge, Bar25, Black Hole Recordings, Blanco Y Negro, Blacksoul Music, Christian Barbuto, Circus Recordings, CloudKid, Dexter King, Dino Maggiorana, Disco Fries, D-Nox & Beckers, D. -It is included. Unity / Unity Records, Great Wall Festival, HQ Recordings, Iboga Records, Kaiserdisco, Kaiser Souzai / Ballroom Records.

The company completed a multi-million dollar seed round in September. It is backed by Dapper Labs, which at the time understood that MBW would exceed $ 5 million.

Obie Fernandez, founder and CEO of RCRDSHP, told MBW in February that the platform will allow fans to “get closer to their favorite artists and music.”

How does an NFT fit this? While most other NFT marketplaces are based on auctions or fixed-price sales, RCRDSHP is a digital “pack” of content that includes music tracks, mixtapes, video clips, static visuals, and other multimedia collections. Will be curated and released.

“The fan experience enabled by Web3 and NFT technologies that reward fans in this way is the perfect use case for this technology,” Fernandez told MBW.

Elsewhere in the sector, NFT releases from Snoop dogg Has recently generated tens of millions of dollars, and Steve Aoki Launched his own Metaverse and NFT membership platform called A0K1VERSE.

Dolly Parton We also entered the fold in March with the launch of “Dollyverse,” a Web3 experience that offers a limited edition NFT.

“Overview of this number, artists need about 125 million streams at an average pay rate for streaming music services to reach $ 500,000 in revenue.”

Obby Fernandez, RCRDSHP

Obie Fernandez said:

“RCRD SHP is still in its infancy and has many new features and experiences that we are deploying.

“This number is expected to grow exponentially over the next few years, demonstrating that web3 can provide new real value to artists and fans.”Music business around the world

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