A quick post on NFTs and how it can relate to music artists:
- NFT = non-fungible tokens = unique digital items
- Encompasses any digital media: art, collectibles, gaming, music + more
- NFTs enable platformless digital asset ownership
- NFTs are about getting to own or access things that I, the fan, otherwise wouldn’t
- Practically these could be:
- access passes or digital keys that can be redeemed for physical goods (a rare vinyl pressing, cassette tape, media file, merch, artwork, etc.)
- collectibles (a unique moment from a show, or an artist creating their own digital trading card collection)
- marketing/hype (turn stems, beats, bars into NFTs to drop pre-album release to build hype. also rewards fans who now “own” part of the art)
- nft native music (more tech savvy but allows for replication while also increasing value of the music/nft with each sale)
- fundraising (selling a fraction of the song’s revenue streams)
- fan badges (as fans engage with work, reward them with NFTs. NFTs have benefit of interacting with dynamic trading markets, meaning the value of fandom can increases)
- Look at NFTs as an opportunity for not only fan engagement but fan ownership
- One thing that cryptocurrencies and NFTs do well is reward participation in communities and the next wave of successful artists will be those leveraging the technology and the market dynamics of NFTs to build monetized communities that reward the artist and the their audiences
Note on technology
For simplicity purposes this note refers to NFTs that live on the Ethereum blockchain.
Ethereum is the second largest cryptocurrency behind Bitcoin and is the largest platform for tokenized assets and communities.
Everything Ethereum-based developers and companies do, Binance copies the code word-for-word and spins up a ripoff. Stick to Ethereum-based platforms for now.