RCRDSHP, a US-based NFT platform for electronic music, claims to have paid artists and creatives over $600,000 in the six months since its launch in August 2021.
According to the first payout figures shared publicly by the platform, RCRDSHP claims to have distributed $515,000 to creators from primary sales so far.
In addition to revenue from primary sales of collectibles, RCRDSHP reports that music creators earned nearly $90,000 from the platform’s secondary market.
The $600,000 figure, according to the company, encompasses digital collectibles contributed by artists from the dance music world, including Todd Terry, The Scumfrog, Fat Rat, Solarstone, Stoneface & Terminal and DJ Rap.
RCRDSHP adds that the “overwhelming majority” of the 382,000 collectibles created by RCRDSHP sold at what he calls “accessible prices”.
The platform launched in mid-August 2021 with a drop of 5,555 “Genesis Packs”, consisting of electronic and dance music digital collectibles.
The version sold out “within hours,” according to the RCRDSHP, and a second, larger version sold out “within minutes” the following week.
RCRDSHP music and content partners included 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 Recordings, Iboga Records, Kaiserdisco, Kaiser Souzai/Ballroom Records.
The company closed a multi-million dollar seed round in September, backed by Dapper Laboratories, which MBW estimated at over $5 million at the time.
RCRDSHP founder and CEO Obie Fernandez told MBW in February that the platform allows fans to “connect with the artists and music they love.”
How do NFTs fit in there? While most other NFT marketplaces are based on fixed-price auctions or sales, RCRDSHP says it organizes and publishes digital “packs” of content, which may contain music tracks, mixtapes, music videos video, static visuals and other multimedia collectibles.
“Fan experiences enabled by Web3 and NFT technologies that reward fans in this way are a perfect use case for this technology,” Fernandez told MBW.
Elsewhere in the sector, an NFT release from Snoop Dogg recently generated tens of millions of dollars, and Steve Aoki launched its own metaverse and NFT membership platform, called A0K1VERSE.
Dolly Parton also entered the fold in March with the launch of the “Dollyverse”, a Web3 experience featuring limited-edition NFTs.
“To put that number into perspective, an artist would need about 125 million streams at the average payout rate on a music streaming service to hit half a million dollars in revenue.”
Obie Fernandez, RCRDSHP
Obie Fernandez said, “To put that number into perspective, an artist would need about 125 million streams at the average payout rate on a music streaming service to hit half a million dollars in revenue.
“It’s still very early days for RCRDSHP, and we have a lot of new features and experiences rolling out.
“We expect this number to grow exponentially in the years to come, proving that web3 can bring substantial new value to artists and fans alike.”The music industry around the world