Published , by Donovan Erskine
Published , by Donovan Erskine
GameStop recently dove deep into the NFT business when it launched its own marketplace. Appropriately named GameStop NFT, the marketplace facilitates the exchange of NFT artwork, film, and music. On that last part, a musical artist on the platform has come forward with an interesting praise for the service. The Derevolutions has put some of its music on the platform, and the group states it’s already made three years worth of its streaming revenue from GameStop NFT.
It was in a thread on the r/Superstonk subreddit that The Derevolutions shared their own experience distributing their music on GameStop NFT. “In 3 days I’ve made 3 years worth of streaming revenue. We’d need about 5 million Spotify plays to make $15k. F*ck the antiquated middlemen,” the post reads. The artist doesn’t specifically reveal how much money they’ve made from selling their money on GameStop NFT, but states that it’s far more than they’ve made from having their music on streaming services like Spotify and Apple Music over the years.
Spotify, Apple Music, and similar music streaming services have built a reputation for not being very artist-friendly when it comes to monetary payouts in relation to the number of streams. It’s likely what encouraged The Derevolutions to explore selling their tunes on a platform like GameStop NFT in the first place.
It was less than a week ago that GameStop NFT launched, providing a new place for artists to buy and sell non-fungible assets including art, music, and film. It’s no secret that the NFT business is quite controversial, but it will be interesting to see if there are other cases like The Derevolutions’ and what kind of impact they could have on the platform. We’ll continue to keep an eye on and report any interesting updates with GameStop’s NFT marketplace.