Music NFTs in Latin America take center stage at NFT.NYC
For those who want to understand the music NFTs ecosystem in Latin America, their chance it´s the 14th of April at the NFT.NYC conference. Director of Futurx, Nicolás Maodery, is presenting the topic «Music NFTs in Latam» at the Entertainment Stage, it showcases the findings from their collaborative database, highlighting the trends and opportunities in the music NFT market in Latin America. Also will be introducing the most relevant NFT marketplace Enigma.art.
Understanding the universe around music NFTs in Latin America has multiple implications: it is not only to understand the current state of a technology that can change the ways of cultural consumption at a global level, it is also the possibility of making visible in real-time the main lessons learned from the experiences already carried out in this paradigm and with this a first picture of the adaptability of music projects with the use of current technologies.
During the last semester of 2022, the FUTURX community in collaboration with Water & Music, set up a goal: to collect and analyze data regarding all music NFTs in Latin America that had been created (until December 2022), the community wanted to generate the 1st report of the ecosystem in the region. This is the first result of the process that gathers the main trends and characteristics of the ecosystem.
According to the database, there are a total of 5,163 music NFTs sold out of approximately 22,000 minted, comprising US$1.2M in total primary sales volume. The market is concentrated, with only two artists, Maluma and Ozuna, accounting for 70% of the total revenue in the dataset.
The majority of the artists surveyed have more than five years of music-industry experience, and almost 35% have more than 20 years. Electronic music accounts for 40% of the artist dataset, and only 23% of Web3 artists in the dataset are women, with 2% being non-binary.
The utility of music NFTs in Latin America is mainly audiovisual projects, with 80% of the analyzed NFTs offering this feature, while 15% offer access to communities, merch, and royalties.
Enigma art is introduced as the most relevant art, music, and ticketing NFT marketplace in LATAM, providing a platform for the sale and purchase of music NFTs. They are an open blockchain platform that empowers long tail and blockbuster Web3 projects and their communities by enabling them to create deep relationships, experiences and new business models.
The trends and opportunities in the music NFT market in Latin America are substantial, with a strong Web3 ecosystem, great artistic talent searching for new models of progress, exponential growth in digital music consumption, an important consumption of music, and a large number of fans.
The full report of the collaborative database can be found at https://www.waterandmusic.com/music-nfts-in-latin-america-collaborative-database/.
More information on the presentation:
Day: 14th os April
Place: Entertainment Stage, Times Square.
FUTURX is a music and technology learning community focused on the web3 and new technologies. This space was developed and led by the Argentine music company 432 Hertzios.
FUTURX aims to facilitate the approach and adoption of new technologies in the musical ecosystems of Latin America. The different aspects of the project revolve around the creation, translation, analysis and experimentation on topics related to the new challenges presented by the constant paradigm changes that we are going through.
At FUTURX, more than 200 people from different parts of the world exchange data, and since April 2022 they have been working to consolidate this pioneering exchange space, and exploring new horizons in this collective construction.
Enigma is a creator tech platform that enables entertainment companies, artists and creators to monetize their fan communities through an open NFT marketplace and engagement tools.
With Enigma, creators can leverage the power of blockchain technology to offer unique and valuable experiences and assets to their fans, while fans can support their favorite creators by owning and trading these assets.
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