Over the last month, several contributors in the Water & Music community collaborated to analyze music NFT market dynamics, based on data from our members-only music NFT database. This report is the result — an in-depth analysis of 2021 music NFT sales by artist genre, platform/protocol, and label affiliation, covering over $86M worth of revenue, as well as a qualitative discussion of popular and emerging forms of utility that have emerged around the format in the last year.