invezz.com
The non-fungible tokens (NFTs) world is expanding daily with new partnerships and launches. This time, Dapper, a wallet for digital assets, and RCRDSHP, a marketplace for music NFTs, teamed up to provide Dapper wallet customers with convenient access to RCRDSHP’s music NFT platform.
The integration with Dapper seeks to enhance the accessibility of music NFTs by giving Dapper’s 2+ million active users access to the music NFTs on the RCRDSHP platform.
NFTs provide a novel method for musicians to market their compositions. RCRDSHP simplifies access between artists and fans to provide sustainable income for artists and affordable music collections for fans.
Obie Fernandez, founder and CEO of RCRDSHP, said, “RCRDSHP could not be happier to announce this collaboration with Dapper.” He further added:
“Dapper is second to none in terms of user-friendliness and functionality, and we anticipate new and existing RCRDSHP users will immediately benefit from this advancement. Music is valuable, but it is not being valued. Far too often, we’re seeing artists working multiple jobs to make ends meet, while fans miss even hearing the work of their favourite artists because there’s so much music released every day. We cannot wait to give millions of music fans a taste of a better, more valuable and compelling future.”
RCRDSHP will provide all customers who sign up for a Dapper wallet with a limited-time music NFT Dapper Lab: Starter Pack to honour the integration. The beginning pack covers various electronic music genres and is loaded with unique tracks that are not accessible elsewhere.
The first 20,000 Dapper Community members who buy the pack will get an extra $10 bonus usable on the platform. Furthermore, anyone who purchases the pack will receive an NFT that allows access to forthcoming monthly challenges and incentives.
How can NFTs redefine the music industry?
The worldwide music industry earned $21.6 billion in revenue by 2020, marking the sixth consecutive year of growth, with a 7.45 CAGR rise from 2019.
However, it is incredibly difficult for artists to survive in the business and earn a livelihood via music. Artists are not appropriately paid for their talents and efforts.
This arrangement is often augmented by the record agreement and intricate legal documents that musicians must sign when signing with a record company.
Although about 80% of music income comes from streaming services, 90% of all streaming money goes to the top 1% of artists. Since musicians receive an average of less than one cent per stream on Spotify, just 13,400 artists make $50,000 or more annually.
With NFTs providing an extra unique opportunity for musicians to market their work, RCRDSHP improves access between artists and consumers to provide sustainable income for artists and inexpensive music souvenirs for fans.