Web3 Music Platform RCRDSHP Pays Artists and Creatives More Than $600,000 in Six Months

03 March 2022 - Press release

Flashy one-off NFT auctions with soaring price tags may have captured the public imagination. But a different dynamic is unfolding simultaneously in the music web3 community, one that points to the often-repeated goal of reestablishing the value of music and empowering artists to build more sustainable careers.

This dynamic is clear in RCRDSHP’s latest payout figures, the first shared publicly by the music collectibles platform. RCRDSHP has paid out more than $515,000 to creators from primary sales in the six months since its launch in August 2021. In addition to revenue from primary collectible sales, music creators have earned nearly $90,000 on the platform’s lively secondary market, for a payout total of more than $600,000.

This figure encompasses drops from major names from the dance music world, but also from emerging and mid-career artists diving into web3 collectibles and initiatives for the first time. RCRDSHP artists include Todd Terry, The Scumfrog, Fat Rat, Solarstone, Stoneface & Terminal, and DJ Rap. The overwhelming majority of the 382,000 collectibles created by RCRDSHP sold at accessible price points, making it a highly democratic marketplace.

“To put this number into perspective, an artist would need about 125 million streams at the average payout rate on a streaming music service to reach half a million dollars in revenue,” explains RCRDSHP CEO Obie Fernandez. “It’s still very early days for RCRDSHP, and we have a lot of new features and experiences we’re rolling out. We anticipate that this figure will grow exponentially in the coming years, proving that web3 can provide new, substantial value to artists and fans.”