The most fervent purveyors of NFTs have remained adamant in the technology's ability to spark a paradigm shift in music, whereby the silos of power transfer from centralized companies and labels back to the artists.
Now, Steve Aoki, one of the earliest adopters of the Web3 blueprint, has shared some eye-opening comments illuminating how his bets on NFTs are paying off. At a private Gala Music event, Aoki said he's made more money from NFTs in the past year than he has through streaming royalties over the last decade, Decrypt reports.
"But if I was to really break down, okay, in the 10 years I’ve been making music…six albums, and you [combine] all those advances, what I did in one drop last year in NFTs, I made more money," Aoki explained.
Released last year on Nifty Gateway, Aoki's "Hairy" NFT was a resounding success, fetching $888,888.88 at auction.
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As crazy as it sounds, Aoki says if he wasn't able to monetize the live performance aspect of DJing—which he says represents 95% of his income—he would have considered finding another job to supplement his income.
Listen to Aoki's full comments in a recording of the Gala Music event below.