Artists Are Embracing the Use Of Web 3 Technology and Music NFTs to Boost Their Revenue - Ocean Floor Music (OFM) Seeks to Strengthen this Opportunity

When musicians' income globally was slashed to near-zero $dollars during COVID-19 lockdowns in 2020, the inevitable happened: artists were compelled to find new ways to create and sell their music. It's no surprise then that during 2021, we witnessed musicians - and many other out-of-the-box creatives - embrace nascent Web 3 technology solutions. The most readily accessible, fit-for-purpose use case being NFTs or Non-Fungible Tokens (NFTs).

The NFT formats most popularly used by musicians include limited edition static or moving artworks, music videos, sound art in the form of digital audio files and even blocks of digital concert tickets. They represent an essential part of the Web 3 creative process toolkit within the music NFT movement that is taking the world of digital collectibles by storm. The value of NFTs lies in their power - together with the necessary sales & marketing and business savvy required - to significantly boost the revenue earned by independent artists and free them from having to rely on record labels to produce, market and distribute their music. When loading up the digital files into a music compatible NFT marketplace for sale, artists have complete control over the copyright, release timeframes and pricing of their music.

NFT Market Activity to Date: The Use Case for Music

Since NFT data analytics provider dAppRadar.com started aggregating trade volume data from 48 global NFT marketplaces, they reported their collective turnover at $53.57 billion USD. Most recently, over the 30-day period leading up to 18 April 2022, these same marketplaces turned over $5.47 billion USD in total trade volume. NFT dApps still attract 2.4 million daily active users despite unfavourable global events and blockchain security concerns.

Source: https://www.statista.com/statistics/1266206/music-nft-sales-worldwide/

To get an approximate sense of where the NFT music opportunity is currently tracking based on the Statista NFT music sales volume dataset, we can calculate monthly average revenues of $5.37million (over 12 months) or $7.16million (over 9 months) returning to artists.

Using the last 30 days turnover statistics, the proportion of global volume trade attributable to music NFTs is very modest at 0.1% to 0.13%.

Suppose one were to predict a target of, say, 15% of all NFTs - or $814.5M per month were attributed to music sales turnover - the growth opportunity for artists to augment their revenues using music NFTs is a very powerful one!

Superstars such as rapper Snoop Dogg, rock band Kings of Leon, Grimes, Mike Shinoda, American DJ 3LAU (pronounced Blau), and pop star Shawn Mendes have already released their songs, albums, and artworks via NFTs.

Snoop Dogg in particular, has lifted the "embracing Web 3 technology benchmark for artists." Not only by raising 100 ETH through NFTs to fund his Death Row Mix: Vol. 1, released 4 weeks ago (see image below), but by building a highly popular SnoopVerse, in the metaverse. His latest music video was shot inside it, where Access Pass holders pay a hefty 525.00 SAND ($1,774.50USD) to hang out within it and attend his concerts.

Source: https://www.sound.xyz/snoopdogg/death-row-mix-vol-1

So for emerging artists and musician creatives, what relevance is the NFT scene for them? If it feels a touch out of reach, then look again. Watch OFM.

Ocean Floor Music's Vision for Music NFTs is for Doing Good

Vitalik Buterin, co-Founder of Ethereum blockchain, recently made a public plea at ETH.Denver Conference 2022 to project creators: "use blockchain technology to influence the masses to use crypto and NFTs for good". Ocean Floor Music (OFM) co-founders Sam Cutri and Arthur Clint's vision and bullishness on the potential for NFTs as a mainstay and evolving asset class within the music industry clearly aligns with doing good for artists, their revenues and their fans' experiences.

The vision is clear:

Ocean Floor Music's NFT Marketplace and music funding ecosystem provides the infrastructure for emerging artists and smart project fund initiators, to invent innovative use cases for NFTs in order to create & sell music and to offer highly engaging fan experiences in novel and exciting ways. Access to a special community or small group event, unique artist-fan connection experiences, owning an artist's handwritten original lyrics, or even the original melody hummed into the voice memo on the artist's phone, are all imaginative examples of how NFTs will uplift an artist's kudos with their fans.

OFM NFT Marketplace is the preferred place where backers and fans buy NFTs to help fund their favourite or emerging artists.

Team OFM knows this: fans want deeper engagement with artists they adore while artists yearn to be empowered with music creation tools that let them express their music and connection with the fans who support them. Artists are more willing than ever to venture outside of the legacy music box to reimagine a fair value exchange with fans and the producers of their music.

Ocean Floor Music's proposed NFT Marketplace and blockchain-based crowdfunding music platform is set to strengthen artistic freedom and fanbase loyalty, increasing musician revenue flow more than what a 100% traditional Web 2.0 music business model can offer. And they have created the means to make good on this!