According to Cherie Hu’s research into the booming crypto-trend.
Cherie Hu, a respected music tech writer, has shared a document containing her research on NFTs. Her analysis compiles data gathered from monitoring 20 different NFT marketplaces between June 6th, 2020, and April 25th, 2021.
Hu’s research details that NFT music sales grossed $60.2 million since June 2020 and $55.7 million in just the past two months, with only 150 musicians and brands selling NFTs in the past year. It is worth noting that $48.6 million of the reported total was earned by electronic artists, but the research also indicates that the majority of musicians profiting from the market are already successful artists.
The tech writer also notes that buyers of NFT works tend to come from ‘niche, ultra-wealthy crypto communities… people who are already familiar with the technicalities of how crypto works, and who are sitting on enough crypto to be comfortable investing $600+ in buying a digital artwork,’ and that ‘the most successful music NFT auctions to date have centered visuals, not audio, at their core’.
You can read Cherie Hu’s report in full here.
