Despite the bear market, ten music NFTs generated over Ξ 1,000 in trade volume across primary sales and secondary markets.
Despite the bear market and June claiming the top spot for the worst months on record for crypto, with Ethereum prices dropping 47%, the music NFTs market stood its ground. Even if prices have been unpredictable, the top 10 music NFTs generated over Ξ 1,000 ($1.1 million using conversion rates for June 30) trade volume across primary and secondary markets.
Among those notably famous in June’s top projects were collections from Snoop Dogg, OMGKirby, and Chaos. And many Web3 enthusiasts are confident that the music NFT industry will flourish more as it reimagines the music industry with a focus on independent artists. That’s because, among last month’s top music NFTs, none of the artists are under any major music labels.
“Whether the market’s up or down, we’re in the business of how do we help artists reach the most amount of people and how do we help artists make money from their music?” said David Greenstein, founder of NFT platform Sound.xyz and former A&R at Atlantic Records. “The mission transcends a bull or a bear market.”
Biggest-Selling Music NFTs for June
Some artists had no recourse but to push back the dates of their music NFT drops in hopes the market would rebound soon. However, others were bold enough to push ahead. Here are the top 10 biggest-selling music NFTs from those who braved the hurdle.
1. Chaos—“Chaos Packs”
The total volume traded for Chaos was Ξ 484.8 or $492,000 at month-end conversion rates. Chaos is a group of 80 indie musicians and artists who have banded together in a digital song camp, with the musicians rotating into different bands every two weeks. They produced 45 songs, which they packaged into 5,000 NFT “packs.”
The total volume traded for this unusual vintage synth project was Ξ 148 or $150,072 at month-end conversion rates. Deafbeef’s music collection is “generative,” meaning an algorithm was used to create music, which was later coded into existence using a 10-year-old computer. How each piece is created makes generative collections such as this one rare and often referred to as “grails.”
3. Royce da 5’9” – “Caterpillar (featuring Eminem and King Green)”
“Caterpillar” was released in 2018 and has earned around 46 million streams on Spotify. Nevertheless, it was released through a limited edition NFT. Moreover, Royce da 5’9” dropped the NFT version on Royal, a platform that gives NFT holders a percentage of streaming royalties. The total volume traded for this was $124,911.
4. OMGKirby + OMGKirby Genesis
OMGKirby was originally a lo-fi music YouTube channel that was eventually turned into an NFT project. The first collection was launched in January, featuring a series of generative lo-fi beats coupled with hazy cartoon images. In early June, a second collection was dropped via free mint, featuring PFP NFTs that can be used as avatars for the Metaverse. Holders of the second collection automatically gain access to future music NFT drops. The total volume traded for this collection was Ξ 114 or $115,596.
5. WVRPS by Warpsound
It is a collection of 9,999 PFP NFTs, each with a one-of-a-kind musical soundtrack created using AI. Even though it was launched in January, it has always been one of the most-traded music NFTs. Last month’s trading volume for WRVPs was Ξ 62.38 or $63,253.
6. Snoop Dogg – “BODR”
BODR is Snoop Dogg’s first album since he took the reins on Death Row Records in February. When he released it on streaming services, he included 25,000 NFT “stash boxes” that contained one of 17 tracks from the album. Holders of the NFTs also gain access to future airdrops that include comics, films, and tickets to gigs. The total traded volume for BODR was Ξ 43.85 or about $44,463.
7. BT – “The Orbs”
The Orbs are a series of 3,333 audiovisual NFTs created by DJ and Producer BT. Released in February, each NFT in the collection has a musical soundtrack designed to play forever without any need to repeat or loop it. The total volume traded for The Orbs was Ξ41.89 or about $42,476.
8. Steve Aoki – “Piss on the Dance Floor”
Steve Aoki debuted this track during the Goblintown NFT collection’s NFT.NYC party. He later released it as a free NFT to those who attended the party and selected members of his Aokiverse. The traded volume for this music NFT was Ξ 25.6 or roughly $25,958.
9. Cartoon – “No Halo (feat. Asena)”
This bouncy drum-and-bass track was dropped in late May, and Cartoon immediately followed it with music NFT through Royal. One hundred fifty-one token holders of No Halo were given access to streaming royalties. The volume traded for this music NFT was $21,690.
10. Angelbaby – “The Otherside (ft. Gino the Ghost)”
Angelbaby is a fully visual artist existing only in the Metaverse and performs as a Flufworld avatar. Flufworld is a collection of 10,000 rabbit NFTs built around a community of creatives and musicians. People can only listen to this music NFT through Audius, a Web3 streaming service released by The Hume Collective. NFT holders of The Otherside automatically gain allowlist space for The Hume’s future genesis NFT. The trading volume for The Otherside is Ξ 20.45 or about $20,736.
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