While the world looks towards Bitcoin and the stock market as the lucrative giant, Monstercat dives into the growing industry of non-fungible tokens (NFT). As NFTs are relatively new, a lot of people have not caught on yet.
NFTs are virtual collectible items similar to the world-renown Pokemon cards and any other sports collectible cards. Oftentimes they are audio paired with digital art followed by a rarity. The rarity of the card determines the value the token holds.
NFTs are powered by blockchain and are completely exclusive to the purchaser.
For Monstercat’s digital debut they released two separate drops. The first pack being, the ORIGINS Collection, and the second pack are dubbed the Constellation Pack. All art was designed digitally by Giant Swan, and all soundtracks were from the electronic artist Varien.
A spokesman from Monstercat shared that the packs generated a staggering $180,000 in two minutes. Factoring in reselling, $250,000 was ultimately made.
The NFT market remains a mystery, but Monstercat is excited to branch out into this new realm. EDM is known to utilize digital effects, and NFT’s capability to combine that with music creates an awesome pairing.
You can follow future pack drops from Monstercat via Twitter