Distributor DistroKid already claims to be responsible for more than a third of new tracks uploaded to streaming services. Now the company is making its move to power a big chunk of music NFT releases too.
DistroKid is working with marketplace Nifty Gateway to launch a collection of NFTs called – and we detect a corporate tongue lodged firmly in cheek here – ‘Sellouts‘. There will be 10,000 of them, each based on DistroKid’s mascot character, and each customised by a different independent artist – including the mascot holding one of their album covers.
DistroKid has launched a tool for artists using its service to design their NFTs and join its waiting list to launch, and the company says they will get 80% of the first sale, then 10% of any resales. The NFTs will launch on 15 December priced at $60 each.
“No intellectual rights to the music come with NFT ownership, but there are perks for collectors that will be announced,” stressed DistroKid, with CEO Philip Kaplan adding that this is “a fun first step toward a larger collection of easy-to-use NFT and blockchain services DistroKid is launching”.
DistroKid’s move follows rival distributor Ditto Music’s move into NFTs earlier this year through its Opulous spin-off, which appears to be making waves in the crypto world: CoinTelegraph reported yesterday that its OPUL token has rocketed from a value of $0.635 at the end of September to $7.60 now.
It’s a sign of the times where distributors are positioning themselves to help independent artists mint and sell NFTs as part of their wider services, with competition focusing around aspects including revenue share, but also sustainability: DistroKid is making a point of saying that its NFTs will be ‘carbon-negative’ due to offsets bought by Nifty Gateway.
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