GameStop recently took a deep dive into the NFT business by launching its own marketplace. Aptly named GameStop NFT, the marketplace facilitates the exchange of NFT artwork, movies, and music. On this last part, a musical artist from the platform gave an interesting praise for the service. The Derevolutions put some of their music on the platform, and the band says they’ve already made three years of streaming revenue from GameStop NFT.
It was in a thread on the r/Superstonk subreddit that The Derevolutions shared their own experience distributing their music on GameStop NFT. “In 3 days, I made 3 years of streaming revenue. We would need about 5 million Spotify plays to earn $15,000. F*ck outdated middlemen,” the post read. artist doesn’t specifically reveal how much money he’s made selling his GameStop NFT cash, but says it’s way more than he’s made by having his music on streaming services like Spotify and Apple Music over the years.
Spotify, Apple Music, and similar music streaming services have earned a reputation for not being very artist-friendly when it comes to monetary payouts versus stream counts. This is probably what encouraged The Derevolutions to explore selling their tracks on a platform like GameStop NFT in the first place.
Less than a week ago, GameStop NFT launched, giving artists a new place to buy and sell non-fungible assets including art, music, and movies. It’s no secret that NFT activity is quite controversial, but it will be interesting to see if there are more cases like The Derevolutions and what kind of impact they might have on the platform. We will continue to monitor and report any interesting updates with GameStop’s NFT Marketplace.