Tory Lanez suprised himself and everyone else with the recent sale of his NFT album. One million copies of the album released on new streaming platform, E-NFT. However, no one expected them to sell out in just 57 seconds.
Lanez poured out his emotion in a celebratory instagram post: “A fu**ing million copies! I just went fu**ing platinum!” … “I just sold the equivalent units at $1. Sold a million copies flat and I made a million dollars in less than a fu**ing minute. Y’all try to hold me back. You can’t fu**ing stop me…”
Apparently, E-NFT wants to change the way artists are paid in the music industry. Originally started by Emmersive Entertainment, they are looking to pay their artists for every song or content they create. Canadian born Rapper, singer and producer Tory Lanez teamed up with the company to launch their marketplace and his first NFT.
Lanez currently boasts over 18 million monthly Spotify listeners and has accumulated 1.6 billion YouTube views. Furthermore, the artist plans to continue assuming his multi-faceted role and reach corporate mogul status through music, fashion, food, and tech.
What Does the Tory Lanez NFT Include?
Tory Lanez has generated more than $400,000 in initial gross sales and resales through NFTs. The tokens were collected by more than 300 fans – each of whom purchased artwork paired with one of three tracks.
Collectors of all 3 Tory Lanez NFTs, “Lady of Neptune,” “Distance,” and “Y.D.L.R”, gained access to special perks directly from the rapper. These perks include an exclusive virtual meet and greet, an unreleased track and signed merchandise from the artist.
Only 1 million albums were available starting at 5 p.m. ET on Tuesday (Aug. 10). Additionally, Fans were able to pre-order e-NFTS for $1, which included 7 new songs and 7 art pieces – all streaming exclusively via the E-NFT platform and app. Apparently, these are the only copies releasing.
The Future of NFT music
It may be difficult to get our heads around the industry’s margins but NFTs are slowly integrating into everyday life. Their potential to “cut out the middle man” is extremely positive for a music industry that is struggling to stay monetized.
Increasingly, technology is changing how people create music and consume music. Nowadays, songwriters can record and release albums without ever landing a record deal. NFTs are only facilitating that. Esteemed artists, like A Tribe Called Quest and Jay-Z have already seen the perks of digitizing song rights. Either way, if your name is Tory Lanez a lifetime of work can be attained in 57 seconds- Apparently!
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As always, make your own research prior to making any kind of investment.
