The high-rising NFT Market is disrupting several industries. From gaming, fashion, to art, and even music. Since “Quantum” was first minted in 2014 by Kevin McCoy, what used to be recreational digital artistry has become the bedrock of burgeoning digital commerce. By the end of 2021, over $40 billion worth of NFTs has changed hands on the blockchain. For a market that was almost nonexistent two years prior, that’s a mind-boggling growth. The industry isn’t showing any major signs of possible downslide either. As of May 1st, total NFT trades for 2022 alone have reached $37 billion. And the music industry is contributing a fair share of this growth.
The music category of the NFT industry (Music NFT) accounted for 0.22% of the market in 2021. With 1,851 NFT drops by reputable musicians, the category completed sales exceeding $87.9 million in 2021. Major artists broke out into the Music NFT space. Leading that charge was 3LAU, an electronic music producer and DJ, who grossed $18 million in NFT sales. Tory Lanez, a Canadian-born rapper, also made headlines by selling 1 million copies of his NFT album, When It’s Dark. The industry experienced significant shifts in market shares between the players. From Nifty Getaway shedding its 64% market share and losing dominance to OpenSea (28% market share) within one quarter, there is a solid opportunity for Music NFT to expand its share of the NFT industry in the coming years. The team Burble is set to explore and seize this opportunity.
Burble is the embodiment of human cultural currencies: music, art, community, and experience. It has created a platform for music icons to share their career experiences with an eager community of fans through visual artistry. The platform is a window into the world of blockchain technology designed to help immortalize the musical legends of our time by displaying on-the-market depictions of their creation encapsulated by inspiring ‘scrollies’ –scrolling messages used to convey experiences and commentaries.
The two music industry veterans, Marcus and Eric Spence –both with 40 years of collective experience as music executives– runn Burble as CEO and President., The musical legends of today are confident that their historic accomplishments, industry relations and insights will not be washed off as blockchain erodes the music industry. The platform currently features the phenomenal career of R&B/Soul icon, Smokey Robinson, during his uprising in Detroit, MI. Nesting several obtainable artworks, this Detroit Rising NFT series is livened by scrollytelling. The legacy of Hip Hop record producer and rapper, J Dilla, is also being established on the blockchain through Burble.
Strategic partnerships are a recipe for success in an emerging industry. Burble has partnered with major players in Fintech, blockchain infrastructure, creativity, and venture capital. As a fund for groundbreaking innovations in AI and Blockchain, Aves Lair recognizes Burble’s strategic position and its potential to advance the growth of Music NFT. The architecture of Burble’s ecosystem is practicable and scalable. In 2021, 80% of all NFT transactions were completed on the Ethereum network despite the network’s high energy consumption and gas fees.
From an economic standpoint, both the Music NFT market and Burble present high growth potential. Reports show that the NFT sector is projected to move around $800 billion by 2024. If Music NFT maintains its 0.22% share of the industry, it would account for $1.76 billion of that value; a 1,904% rise in Music NFT valuation within 2 years.