Independent electronic label Monstercat returns for its second-ever NFT drop this week, featuring work from comic artist Jose Delbo and Grammy-nominated producer RAC. The collections of NFTs, called the Ikon pack and the Odyssey pack, will be sold via marketplace Nifty Gateway.
Non-fungible tokens, unique digital assets which are sold using blockchain technology, have become the music industry’s most lucrative fad of 2021, amassing over $70 million to date, according to data collected by Water + Music. Proponents of NFTs often note that the technology could help artists engage with fans as well as raise capital in a new way, but the highest grossing NFT drops have left most fans out of the fun.
Alhough artists like Grimes, who made around $6 million through the sale of a single NFT collection this year, have found the tokens to be a lucrative new income stream, such sales only benefit the rich few and excludes the average fan, looking for meaningful interaction with the artist.
But with Monstercat’s two new packs, the indie label will offer multiple purchase options to include fans of all kinds. For the Ikon pack, Monstercat is selling 1,000 NFTs at just 50 cents each, using a lottery system. “If we want this community to grow, we have to give everyone a fair shake… so buyers at every level can own and trade NFTs, and watch their art appreciate over time,” says Mike Darlington, co-founder and CEO of Monstercat.
With the Odyssey pack, Monstercat offers more exclusive (and expensive) options, with 500 NFTs available for the fixed price of $777 and 25 NFTs available in a ranked auction, beginning at $999 each. This is one of the first use cases of ranked auctions in music industry NFT sales. This means users bid against each other and compete for positions on a leaderboard for an hour. After that time, wherever bidders land on the leaderboard will determine which number NFT they get. For all NFTs in the Odyssey pack, NFT purchases come with an exclusive vinyl record, and the 25 ranked auction NFT pieces of vinyl come with autographs from creators RAC and Jose Delbo.
The sale takes place May 19, beginning at 3:30 p.m. PT, via Nifty Gateway.