Although most of the world is preoccupied with gaming the stock market, Monstercat has broken into the lucrative realm of non-fungible tokens or NFT. For those who haven't caught the wave, NFTs are virtual collectibles similar to items found in video games. Oftentimes digital art or audio, the collectibles are powered by blockchain technology and are exclusive to the purchaser.
For their digital debut, Monstercat released two separate drops on the NFT marketplace, Nifty Gateway. Dubbed, the ORIGINS Collection and Constellations Pack, the new collectables were designed by the digital artist, Giant Swan, and soundtracked by Varien. Before they hit the market, on Twitter, the label shared a preview of the two drops, showcasing some of the sights and sounds inside.
A representative from the label shared that the packs brought in $180,000 in just two minutes with the total reaching $250,000 after resales were factored in. It's also been noted that the entire 500-piece Constellations Pack sold out in just one second.
They've stated that they're excited to be able to branch out into this new frontier, as it is another way for the artists on their roster to generate revenue. Considering the state of live music, many touring artists are looking for alternate outlets to explore. The world of NFT creates many new opportunities to fill the concert and festival void and bring in some extra income.
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While Monstercat's ORIGINS Collection and Constellations Pack are both sold out, pieces from each are available on the resale marketplace. You can learn more about their drops and view each release on the label's Nifty Gateway store.