5 Million Streams Make Gala Music an NFT Oasis

Even as the broader NFT and Web3 markets experience volatility, some initiatives are making significant strides. A case in point is Gala Music, which recently announced crossing the 5 million monthly streams milestone as of August 31, 2023.

While the appeal of certain profile picture (PFP) NFT collections has waned over time, NFTs related to music have showcased more sustainable utility. This is achieved by offering equitable distribution of tracks and fostering meaningful engagement between artists and their audiences, all without the prohibitive fees commonly linked to NFT transactions. Consequently, Web3 music platforms are increasingly focusing on improving accessibility rather than promoting speculation.

Gala Music has disclosed various successes in its most recent monthly report, with the most notable being more than 5 million monthly streams for the first time. Additionally, the platform welcomed over 57,000 new accounts, attracted 40,000 new listeners, and recorded nearly 24,000 holders of its experimental utility token, $BEAMS.

The Real Heroes Behind Gala Music's Success: Its Artists

Gala Music’s impressive performance would not have been possible without the quality artists it has managed to bring on board. In August alone, 26 top-tier artists released their work on the platform. Notable contributors include Emily Lazar, Wrighteous J, and Louis King.

Further boosting its profile, Gala Music recently launched a highly-anticipated collaborative project between rap icons, Earl Sweatshirt and the Alchemist. This captivating release gained additional traction when integrated with another product from Gala, Spider Tanks.

As September unfolds, Gala Music appears to be on a winning streak, thanks to its free streaming service enriched with utility-packed, purchasable NFTs.

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Biggest Market Moves:

• Azuki experiences a 5% one-day decline, currently priced at 3.93 ETH.
• Opepen sees a 3% one-day increase, standing at 0.48 ETH.
• Themes and Variations enjoys a 37% one-day surge, valued at 4.8 ETH.
• Winds of Yawanawa suffers a 5% decrease in a single day, now at 9.41 ETH.
• Torrent is currently valued at 0.85 ETH, after being fully minted at 1.2 ETH last Wednesday.

Marketplace Volumes:

• Blur: $5.6M
• OpenSea: $2.4M
• X2Y2: $190K

Biggest NFT Sales:

1. CryptoPunk #5921 - 52 ETH
2. Noun 813 - 35 ETH
3. BAYC #632 - 35 ETH

The purpose of this daily report is to highlights the most important events and partnerships in the space, we are constantly researching (Especially on Twitter) to spot great events and partnerships before they are announced on mainstream news sources, Whilst also spreading NFT awareness and adoption.

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