DistroKid is releasing its first NFT collection in collaboration with 9,999 artists.
The aptly named ‘Sellouts’ collection will earn each indie artist money when the NFT is bought or sold. Each NFT depicts the DistroKid mascot, customized with more than 300 traits. Each NFTs hair, expression, eyewear, clothes, and other features are unique. Each DistroKid mascot is also holding the album cover of a participating musician.
The collection takes inspiration from the Bored Ape Yacht Club NFT collection, which is based on the Ethereum blockchain. Much like the BAYC, each DistroKid NFT will have a special URL devoted to that NFT where buyers can listen to the music of the artist. Each artist is given the opportunity to write about their music, what makes it special, and offer special perks to NFT owners.
DistroKid is partnering with Nifty Gateway as their NFT marketplace partner. The drop went live on December 15, with buyers assigned a random Sellout NFT.
Buyers learned today which NFT they got. Each ‘Sellout’ costs $60, and collectors can enter up to 20 times. DistroKid chose Nifty Gateway as a partner because it accepts payment in cryptocurrency (ETH) and fiat (credit cards). More than 13,000 people signed up to participate in the first drop, so the DistroKid Sellouts… sold out.
Several collectors are now reselling their NFTs for as low as $71. Since the collection debuted on Nifty Gateway, the average sales price is $83. There are 2,126 unique owners of DistroKid NFTs, but only 2.38% of the collection is currently for sale.
What is an NFT collection?
The DistroKid NFT collection is modeled after the Bored Ape Yacht Club and its precursor, Crypto Kitties. Each NFT character has unique traits that have a certain percentage chance to appear. The more rare characteristics an NFT contains, the more valuable it is to collectors.
The worth of these NFTs is almost entirely derived from what someone will pay for them. The baseline floor is $60, but don’t be surprised to see these NFTs selling for hundreds of dollars in a few months, either.