Tory Lanez is a Canadian rapper who first gained recognition in the music industry after he released his mixtape Conflicts of My Soul in 2013. His career has since been a dramatic one, with many highs and lows, but the Canadian continues to stay on top of his game.
Tory Lanez partnered with Bondly Finance in March 2021 to drop three unreleased songs as an NFT album. Want to know how the album fared in the market? This page provides a detailed overview of the album's performance.
The Crazy Numbers Behind Tory Lanez's NFT Album Drop
Tory Lanez's NFT album surprised everyone in the music industry. He is known for creating musical masterpieces, but no one, not even him, expected the album to sell out quickly. The rapper expressed his happiness in an Instagram post, saying, "A million copies! I just made a million dollars in less than a minute. I'm lost for words."
Tory's first NFT project made him over $400,000 in initial gross sales and presales, with a record of more than 300 collectors. He rewarded the collectors with exclusive gifts like signed merchandise, an unreleased track, and an exclusive meet and greet.
Tory Lanez partnered with another reputable digital marketing company, E-NFT, to release his new Album, When it is Dark, as an NFT in August 2021. The rapper released 1 million copies of the album on E-NFT for $1 per copy. He then gave everyone who bought the album a digital copy and 7 unique art pieces.
He sold out the album in 57 seconds and one of the copies got flipped for $50,000. Copies of the album are now worth much more but can only be bought from another owner in the market. However, Tory will continue to receive a percentage of the album sales anytime it is resold on the E-NFT platform.
The Good and the Downside of Tory Lanez's NFT Album
Tory Lanez has a large following on social media platforms, including YouTube. But his large fanbase was not enough to give him a successful drop. He still had to make strategic decisions, such as partnering with E-NFT. Tory's strategic plan made him sell over 1 million copies of his album in 57 seconds.
The E-NFT platform allowed fans to buy the NFT album with a credit card and not cryptocurrency. This helped increase the album sales because, in August 2021, cryptocurrency was not easily accessible to the regular music fan. The price point of $1 per copy also contributed to the success of Tory Lanez's drop because many of his fans could afford it.
The Tory Lanez NFT album drop also came with hiccups that negatively influenced buyers' experience. For example, the E-NFT did not expect a large site volume within a short period, so the platform had some functionality problems. Fans also complained of a 15% extra fee for seller transactions and the gas fee.
Could This Be the Start of a Blockchain Revolution in Music
Tory Lanez's successful NFT album drop is set to increase the adoption of blockchain in the music industry. His NFT album encouraged other artists in the music industry to explore blockchain-centered solutions like NFT.
Centralized streaming services are currently more popular than the NFTs. Still, as more projects similar to Tory Lanez's album continue to drop, experts believe NFT will soon match the simplicity of centralized streaming services.