Another day passes, another music company dips its toes into the potentially lucrative world of NFTs. Now, the $1.3 billion valued DistroKid is collaborating with 10,000 independent musicians to mint 10,000 unique and collectible NFTs that commemorate the music of each artist. Proceeds from NFT sales and resales will go to each artist.
“There are many ways blockchain and NFTs can be helpful to musicians,” says Philip Kaplan, DistroKid
About 5,000 slots taken, around 5,000 slots still available if you want to be part of the DistroKid “Sellouts” NFT drop, closes in a few days. (And if you don’t, that’s totally ok too 🙏) https://t.co/epKIBeOz46
— DistroKid (@DistroKid) November 23, 2021
Each NFT — collectively named ‘Sellouts’ – consists of the DistroKid mascot, personally customized by each musician from more than 300 different traits, from hair, expression and eyewear, to clothes and more. The company also says it is developing “innovative methods” to make minting the notoriously energy hungry NFT 99% greener.
DistroKid says that any musician who is a DistroKid member can design their own Sellout NFT and join the waitlist to be part of the initial drop. It’s also free for musicians, who will earn proceeds from any sales and resales of their NFT.