But thanks to big-name early adopters like the Kings of Leon, Shawn Mendes, and Ja Rule, who had success trading in on their vast audiences, smaller independent artists are moving in and building the ecosystem from the ground up.
For some artists, this additional revenue stream can make a big difference. Bajan rapper Haleek Maul reportedly made north of $200,000 in sales on Catalog – a music NFT marketplace – while his Spotify earnings for a whole year were just $178.
Though Maul's tokens were incredibly lucrative, the five top-selling artists on Catalog made 7.5 times more annual revenue via the exchange than on Spotify. Of course, it probably helps that the platform doesn't take a percentage cut from sales.
This isn't the only option for artists, though. Other platforms, like Sound.xy, specialize in music tokens, while OpenSea, the world's largest NFT marketplace by trading volume, has a dedicated catalog for music NFTs.