Web3 music platform, RCRDSHP, records huge numbers in artist payouts
Web3 music platform, RCRDSHP
RCRDSHP, a web3 music platform, has reached a milestone in artist payouts and artist collectibles, demonstrating that music can be more valuable than ever. The platform is on the horizon, with the goal of making this a community where artists can make a living from their work.
For the first time since its launch in August of 2021, RCRDSHP has released its most recent payout figures.
$600,000 in total artist and creatives payouts
$515,000 in primary sales to artists
Creators have earned nearly $90,000 in total from the platform secondary market
Web3 Music Platform RCRDSHP Pays Artists and Creatives More Than $600,000 in Six Months
One-off NFT auctions with sky-high price tags may have piqued the public’s interest. However, in the music web3 community, a different dynamic is unfolding at the same time, one that points to the oft-stated goal of reestablishing the value of music and empowering artists to build more sustainable careers.
This dynamic is evident in RCRDSHP’s most recent payout figures, which are the platform’s first to be made public. In the six months since its launch in August 2021, RCRDSHP has paid out more than $515,000 in primary sales to creators. Musicians have earned nearly $90,000 on the platform’s active secondary market in addition to revenue from primary collectible sales, for a total payout of more than $600,000.
This figure includes drops from major dance music artists as well as emerging and mid-career artists who are dipping their toes into web3 collectibles and initiatives for the first time. Todd Terry, The Scumfrog, Fat Rat, Solarstone, Stoneface & Terminal, and DJ Rap are among the RCRDSHP artists. The overwhelming majority of the 382,000 collectibles created by RCRDSHP are sold at accessible price points, making it a highly democratic marketplace.
To put this number into perspective, an artist would need about 125 million streams at the average payout rate on a streaming music service to reach half a million dollars in revenue. It’s still very early days for RCRDSHP, and we have a lot of new features and experiences we’re rolling out. We anticipate that this figure will grow exponentially in the coming years, proving that web3 can provide new, substantial value to artists and fans. – RCRDSHP CEO Obie Fernandez
RCRDSHP is the world’s first dedicated digital collectibles platform for electronic music. It aims to connect artists and fans in new, gamified ways secured by blockchain technology that benefit the people who make music happen, thanks to investment from Dapper Labs and major NFT advocates. It mints collectibles with a low carbon footprint using the energy-efficient Flow blockchain. RCRDSHP’s music and content partners include pioneering artists and events in electronic music.