Space Yacht founders Rami Perlman and Henry Lu, who met at one of the first parties, picked up the concept of NFT and digital art primarily in response to the closure of the 2020 pandemic. As the first music brand on the Nifty Gateway, Space Yacht is considered an early benchmark for the successful use of the NFT as a bridge between brands and their loyal audiences.
NFT’s newest model, Space Yacht, sold 579 units, bringing the brand’s sales to $482,000. The NFT 1/1 Volume II Iconography Collection sold for $12,600, making it Nifty Gateway’s top sale.
The following article is contributed by Rami Pearlman (aka LondonBridge), co-founder of Space Yacht, a collective of talented electronic musicians whose NFT was the fastest selling track on Nifty Gateway with over 230 copies sold in 2 minutes and 28 seconds.
NFT has taken over our cultural and technological landscape with unprecedented power and momentum. Many in the music industry are just playing catch-up with their technology, but the fact remains that we should have seen this wave coming.
All the signs were there.
They had mega-influencers like Mark Cuban preaching the gospel of NFT on Twitter. Crypto legends like the Winklevoss twins have acquired what has become the most influential NFT platform. And the ever-intrusive Gary V, who spent weeks screaming and spitting NFT! at the top of his lungs in packed clubrooms.
Then came 3lau.
The historic sales of her debut album, NFT, which raised over $11 million, caught the attention of the entire music industry.
In one night all the musicians, producers, DJs and bands wanted to do their own NFT and make money. I’ve gotten several calls from desperate music directors telling me that their jobs are on the line if they don’t find a way to cancel NFT, and that they need to do it now!
But the truth is what happened, and there is no need to rush or panic. NFT and blockchain technologies are here to stay, and their function and impact on the music industry will be profound.
Record companies will become NMT companies.
Music streaming services will be used as simple marketing tools to promote NFT’s catalog of new releases and reissues of classic albums.
Royalties distribution will be integrated into smart contractseliminating the need for rights protection organizations such as BMI or ASCAP.
The whole paradigm is being shaken up because NFT’s monetization is better than any other streaming platform. Period. Not at all.
I was fortunate enough to get into the NFT space early on, through my Space Yacht brand in the early 2020s. As creatives, we were drawn to NMT as a new way to express the attitude and tone of our brand.
After three successful drops at Nifty Gateway and the launch of our own creative agency, NFT, we’ve learned a lot, both about the origins of NFT and about NFT’s collector mentality.
I wanted to share with you six tips that apply to inventors, managers or anyone trying to get into the NMT business.
Would you like to become a member of the NFT? Read this. 6 tips for NFT creators
I won’t take the advice to take a deep breath and relax, but you should.
1. Long-term thinking:
NFT should be seen as a new social media platform.
Create a long-term strategy and consider NFT as another way to communicate with your fans and tell stories. Think content first, then money.
2. Your fans are on board
The key to your first broadcast should be for your fans to create an account or portfolio on the platform you use for broadcasts.
Try launching a cheap NFT or even adding a physical element to catch the crypto scared fans.
Use a platform that accepts credit cards so that non-cryptomaniacs can participate.
3. Programme behaviour:
Many creative communities do not necessarily have a collection culture. Hobbyists can buy your product, but collectors are a different story.
You need to start talking about the idea of collecting and rekindle the flame so that your fanbase starts to behave organically. Start with a limited number of hard-to-get deliveries to trigger FOMO, which brings your fans into the game.
4. Do not call:
Don’t do the NFT to get there.
Your goal is to create NFTs that are an extension of your brand. Just like making a great record, you need to create a body of work that connects emotionally with your fans and is authentic to your brand.
Just put… BIG, BIG, BIG!
5. You have yet to advertise and advertise
It’s easy to get caught up in the stories of musical artists making millions from their NFT. But most of them already had a large following and support from major platforms like Nifty and Super Rare.
For most creators, this is not the case. It’s important to understand that just because you’ve done an NFT doesn’t mean the money will magically fall out of the sky. You should always advertise and promote.
6. Manage your expectations:
If you create NFTs that are authentic to your brand, you will be in the best position to reap the benefits. Don’t be discouraged if your first deposit doesn’t bring in a million dollars.
As with any creative endeavor, have fun and be proud to be a pioneer in a field that is still in its infancy. If you make money, that’s just the icing on the cake.
NFTs offer a possible solution to fix a very broken model in the music industry. As is often the case with the decadent ethos of cryptocurrencies; blockchain allows brands to engage directly with their fans, rather than indirectly with a bloated set of record labels.
Although electronic music brands such as Space Yacht and 3lau have had great success with NFT, their success has not been smooth sailing.
Many of the NMT’s current successes are the result of months or years of research and preparation, much of which was done with little or no market.
The metaphorical dance floor of the makers of NFT is filling up, but it remains to be seen how big that floor really is. Creators like Rami Perlman believe that NFT is still in its infancy and that there are still many open landscapes ready to be exploited.
Ultimately, the great success of NFT or any other business venture is usually the result of strong relationships with fans who truly value the brand’s activities.
Thank you, Rami, for sharing your tips for NFT makers!
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