Tory Lanez has been on the gas lately. Coming off a huge win recently as an independent artist, when he went platinum in less than 1 minute. The Toronto rapper sold 1 million units of an EP full of unreleased music on a new platform designed to change the way artist are payed in the music industry.
E-NFT confirms, originally started by Emmersive Entertainment, they are looking to pay their artists for every song or piece of content they create. Canadian born Rapper, singer and producer Tory Lanez teamed up with the company to launch their marketplace and his first NFT. Tory sold 1 million units at $1, in less than 1 minute. He generated over $400,000 of initial gross sales and resales through NFTs. The token 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.
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.
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.
