NFTs Made Steve Aoki More Money Than Decades of Streaming Royalties
The most ardent proponents of NFTs have remained firm in their belief that the technology has the potential to spark a paradigm shift in the music industry, in which the silos of power between centralized companies and labels are broken down and transferred back to the artist.
Now, Steve Aoki, one of the Web3 blueprint’s early adopters, has shared some eye-opening comments that shed light on how his bets on NFTs are paying off. During a private Gala Music event, Aoki claimed that he has earned more money from NFTs in the last year than he has earned from streaming royalties over the previous decade, according to Decrypt.
“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,”
After being released on Nifty Gateway last year, Aoki’s “Hairy” NFT was a huge success, selling for $888,888.88 at a public auction.
If Aoki hadn’t been able to monetize the live performance aspect of his DJing—which, he claims, accounts for 95 percent of his income—he would have considered taking on a second job to supplement his income.
Listen to Aoki’s full remarks in the video below, which is a recording of the Gala Music event.
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