NFTs vs. Streaming Royalties: Steve Aoki’s Perspective
A common belief among NFT enthusiasts is that this technology will revolutionize the music industry. The idea is that NFTs can break down the power structures controlled by major labels and give artists more direct control over their work and earnings.
Steve Aoki, a well-known early adopter of Web3 technologies, recently offered compelling insights into the financial benefits of his NFT investments. According to Decrypt, Aoki revealed at a private Gala Music event that his NFT earnings from the past year surpassed his total streaming royalties from the previous decade.
“But if I was to really break down, okay, in the 10 years I’ve been making music…six albums, and you [combine] all those advances, what I did in one drop last year in NFTs, I made more money,”
Aoki’s “Hairy” NFT, released on Nifty Gateway, was a significant success, selling for $888,888.88 at a public auction.
The Financial Impact of NFTs
Aoki’s comments highlight the potential of NFTs as an alternative revenue stream for musicians. His reliance on live performances (which he claims account for 95 percent of his income) is a critical factor, but the additional income from NFTs provides a crucial safety net.
Without the substantial income from NFTs and his live performances, Aoki suggested he would have needed to find additional employment to make ends meet.
Steve Aoki’s Full Remarks
For a complete view of Aoki’s comments, watch the video recording of the Gala Music event below:
Read also: How to Build a Successful DJ Brand from Scratch?
* generate randomized username
- COMMENT_FIRST
- #1 Lord_Nikon [12]
- #2 Void_Reaper [10]
- #3 Cereal_Killer [10]
- #4 Dark_Pulse [9]
- #5 Void_Strike [8]
- #6 Phantom_Phreak [7]
- #7 Data_Drifter [7]
- #8 Zero_Cool [7]
