RCRDSHP, a US-based NFT platform for electronic music, claims to have paid artists and advertisers more than $600,000 in the six months since its August 2021 launch.
According to the first payout figures shared publicly by the platform, RCRDSHP says it has split $515,000 among creators from core sales to date.
In addition to revenue from primary collectible sales, RCRDSHP reports that music creators made nearly $90,000 on the platform’s secondary market.
The company says the $600,000 figure includes digital collections powered by artists from the world of dance music, including Todd Terry, The Scumfrog, Fat Rat, Solarstone, Stoneface & Terminal and DJ Rap .
RCRDSHP adds that “the vast majority” of the 382,000 collections are created by RCRDSHP are sold at a so-called “accessible price point”.
The platform launches mid-August 2021 with a reduced number of 5555 “genesis packs”, which include dance and electronic music digital collections.
According to RCRDSHP, the release sold out “within hours”, with the second major release selling out “within 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- Unity / Unity Records, Great Wall Festival, HQ Recording, Iboga Records, Kaiserdisco, Kaiser Souzai / Ballroom Records.
Company close the door a multi-million dollar seed round in September, backed by Dapper labs, which MBW understood at the time to be more than $5 million.
RCRDSHP Founder and CEO Obie Fernandez told MBW in February that the platform allows fans to “get closer to the artists and music they love”.
How does the NFT fit into this? While most other NFT marketplaces are based on auctions or fixed-price sales, RCRDSHP says it manages and distributes digital content ‘packages’, which can contain music tracks, mixtape, video clips, still images and other multimedia collections.
“The fan experience enabled by Web3 and NFT technologies that reward fans in this way is a perfect use case for this technology,” Fernandez told MBW.
Dolly Parton also into the folds in March with the launch of ‘Dollyverse’, a Web3 experience offering limited edition NFTs.
“To look at this number, an artist would need about 125 million streams at the average payout rate on an online music service to hit half a million dollars in revenue.”
Obie Fernandez, RCRDSHP
Obie Fernandez, said: “To come up with this number, an artist would need about 125 million streams at the average pay rate on a music streaming service to hit half a million dollars in revenue. .
“It’s still early days for RCRDSHP and we have a ton of new features and experiences that we’re rolling out.
“We predict that this number will grow exponentially in the coming years, demonstrating that web3 can provide significant new value to artists and fans alike.”Worldwide music business
https://www.musicbusinessworldwide.com/nft-platform-rcrdshp-reports-to-have-paid-artists-600000-in-6-months12/ Electronic Music NFT Platform RCRDSHP Says It Paid $600,000 to Artists Over 6 Months