Music NFT sales in 2021: What we learned - Water & Music

The utility in NFT offerings also diversified significantly. In addition to different forms of on-chain NFT media (e.g. audio/visual art, music videos), artists experimented with different forms of complementary offerings like royalty shares, usage rights, NFT splits, online/offline bundles, live music, and community-building.

Music NFT marketplace competition has increased significantly. Early in the year, Nifty Gateway dominated with over 60% share of primary music NFT revenue. By the end of the year, though, the leader (OpenSea) had only 28% share of primary revenue, facing competition from many new music NFT platforms like Sound, Pianity, and Nina.

Across the year, indie artists accounted for the majority (64%) of NFT sales, while major-label artists accounted for the minority (36%).