In the new age of digital marketing and digital currency, timing is key! Last week Toronto based R&B artist Tory Lanez announced that he would be releasing the first digital album via an NFT Music streaming platform called E-NFT. The album was available days before using a pre-order link in which one person could potentially reserve as many units available ($1 per 1 unit).
The power of Tory’s album didn’t rely so much in the music. The power was created within the demand of having a deflationary product. Just like many other coins in the cryptocurrency universe, Tory Lanez leveraged the scarcity of his album by only allowing 1 million digital albums to be available. This means that after pre-orders and same day orders took place the only copies available in the future would be those that resold on a resale NFT market. As a result of this approach, Tory Lanez is said to have sold 1 million NFT albums in under 1 minute. Not only was this a great accomplishment for any musical artist, this was a major win for the music industry. Inevitably more artists will most likely drop digital albums at whatever price they set and quantify to create the demand that they wish. This type of approach gives artists more autonomy to control their art and business. Moreover, it helps artists like Tory Lanez keep higher profits without paying a middle streaming service like Apple, Spotify, or Tidal.