Music NFTs are a topic that I've been planning to write about for a while. Here are some stats on @catalogworks, one of the music NFT platforms that I find super interesting 👇
[1/6] 64% of the NFTs minted on Catalog have sold. This is a really impressive mint-to-sale ratio when compared to the incumbent NFT marketplaces.
[2/6] Of the NFTs that have not been sold, 36% have a bid on them right now.
[3/6] The ratio of collectors who have made a purchase to artists who have minted is currently 46%.
[4/6] The average artist on Catalog has minted 1.6 NFTs on the platform.
[5/6] For musicians who made a sale on Catalog, there was no correlation between Twitter audience size and primary sale performance. This is a similar result to what I have seen in previous analyses. Audience engagement and overlap with the NFT community matters more than scale.
[6/6] The median sale price for an NFT on Catalog is 1ETH, and the average is 1.28ETH.
Big thanks to @jzstern for being kind enough to give me access to the Catalog internal dashboards ⚡⚡⚡
Out of all the art forms, music is the medium that connects with the most people. It will definitely grow to be a pillar of the NFT space and Catalog is one of the marketplaces that are well-positioned to lead in that niche.
(1) I converted the 5% of primary purchases that were in DAI to ETH at today's rate, not the rate on the day of purchase.
(2) The social media chart excluded large outliers to make the trends (or lack of) more visible.
Article of the week
^Vitalik Buterin's thoughts on legitimacy, blockchain governance and NFTs.
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