Catalog is a music NFT platform that has seen parabolic growth this month. Here are 5 key insights 👇
Credit: These stats were pulled using magnificent queries and scripts written by Richard Chen.
[1/5] 64% of the NFTs minted on Catalog have sold. This is a really impressive mint-to-sale ratio when compared to the other NFT marketplaces.
[2/5] Catalog has done $561k of sales in October and the month isn't over yet.
[3/5] The average sale price of a Catalog NFT is $3.6k
[4/5] The ratio of collectors who have made a purchase to musicians who have minted is currently 65%
[5/5] Haleek Maul holds the record for the biggest sale on Catalog. His track ‘VERIFIED FEAT. CHIIEF DIIN’ sold for $75k
The music industry is broken. We all know it. Streaming revenue isn't enough to pay the bills. Algorithms favour shorter, "playlist-friendly" songs.
NFTs present a promising new path. Last week, Haleek sold 4 Catalog records for 56 ETH ($235,000). He would have needed approximately 59M Spotify streams to earn that same income.
His fans can listen to those records for free.
He has a new source of income he can use to support himself and to take the Caribbean music scene to the next level through his HOLDERSLAND initiative.
His collectors hold limited edition 'originals' of his songs that will grow in value with his career.
Catalog is turning the music business into a positive-sum game.
I think that's pretty awesome.
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