RCRDSHP claims to have paid artists over $600,000 since the venture began in August 2021. According to the first public payout figures, the platform has distributed $515,000 to music creators from primary collectible sales. RCRDSHP also reports that music creators have earned nearly $90,000 on the secondary market.
RCRDSHP Founder and CEO Obie Fernandez, said: “To put this number [$600,000] into perspective, an artist would need about 125 million streams at the average payout rate on a streaming music service to reach half a million dollars in revenue.”
