NFTs are being used to sell music in amazing ways. Consumers need to keep an eye on the interesting use cases that are happening, says Emil Angervall, founder of Corite.
In recent years, the blockchain, cryptocurrencies, NFT, and the “metaverse” have become part of popular culture. Global brands such as Meta, TIME, Mastercard, Samsung, and Louis Vuitton are integrating NFTs into their services, with the expectation that these technologies will continue to be used. The music industry is seeing a rapid adoption of NFT. Many music producers are developing this technology and creating new ways to communicate with their fans.
At present, sponsors do not always know the full range of services offered by the company they are investing in. It may be a good idea to invest money in NFTs, but for long -term success, you need the right benefits and real value. However, few people compare the program with others on the market, try to see its difference, research how the industry works, and learn how to report advertising results. .
So, in this article, based on my personal experience and observation, I would like to talk about NFT use cases that are not well known, even though they have a lot of power. These tools can help organizations turn their audience into a more resilient community while attracting the attention of new investors.
1. NFTs as a catalyst for real -world events
The tikiki industry today faces many challenges, related to fraud, perpetrators, widespread fraud, and most importantly, the sector. A large site offers a ticket, which can be bought and sold many times in the secondary markets. The use of NFT passes can play a part in solving some of these problems.
Fans don’t just buy the paper and then throw it away. Instead, they have a digital asset with real value. The Mola Chill Club, which was the first event sold with NFT tickets only, is a perfect example of how it works. The program designed NFTs to give members access to independent world music shows. Some of the highlights in the collection also include some amazing things, such as meeting the artist, getting back in, and two -way trips to the first event.
One example is the Coachella Collectibles series, a joint venture between FTX and Coachella. This series offers unique moments such as whole life, team-to-love, and more. Sweden Way Out West (WOW) Festival is doing a similar collection. It is an independent NFT collection of moments captured by party goers.
The increase in NFT signatures by high -profile events demonstrates the fact that new technologies create new opportunities to gain competitive advantage and attract the attention of the public.
2. Data collectors
Collecting photographic images can be a powerful idea if the product is a story and released on time. To give you an example, in 2017, the CryptoKitties collection accounted for 15% of all traffic on the Ethereum network. Due to the large number of users, it is difficult to play CryptoKitties. Many tasks, such as buying and selling cats, take longer than usual and require one attempt. The quality of the car did not tarnish the reputation of the cats. They have been praised by some of the leading figures in the crypto world.
In the music industry, a single song, album, or photo can be a collection or treasure. The musicians found that the NFT technology allowed them to interact directly with their fans and gave them tokenized controls of their performance.
Lovers and artists alike can do charity work like Grimes when he releases his WarNymph Collection. The Canadian musician earned $ 5.8 million from the sale of a collection of 10 independent music videos, some of which came with his original songs. A percentage of the proceeds from the sale of the WarNymph Collection were donated to Carbon 180, a non -profit organization dedicated to reducing carbon emissions.
Many people like to buy photographs, books, prints, and more, so collecting NFTs will probably be a new hobby for them. They enjoy thinking about the collection and are willing to spend the money on historic owners. Therefore, projects need to create a collection with a relevant history that is accessible to this audience.
3. Giant events
It is not possible to connect people in the same physical area. That’s why virtual and hybrid events have become so popular in recent years, and for good reason. Concerts and meetings not only help organizers increase their audience and spread inclusivity, but they can also be a great way to increase revenue and access critical data by about your audience. While these are good things, however, there are many developers who don’t know about hosting events online or adding virtual pieces to their human events.
Although the concept of the term “metaverse” has become commonplace, many people are unsure of what it means. Simply put, a metaverse is a virtual space where users can interact with each other in a computer -generated environment.
The music industry was one of the first to recognize the potential of online events, especially the transmission of coronavirus infection. He quickly joined groups with charity, concerts, and other activities. Virtual events are important because they allow artists to reach hundreds of fans without being limited by country or location. While the real world can’t completely change the real thing, there are famous names, including Marshmello, Ariana Grandea Travis Scott has previously had significant successes in the metaverse.
Virtual events are of great interest to those who live far from major cities and are overwhelmed by the time and expense of a long journey to get physically involved. Virtual events are growing rapidly, they are constantly improving end -user experience. The inclusion of virtual reality, AI, NFTs, holograms, 3D graphics, digital twinning, and cryptocurrency integration allows visitors to feel as if they are at an event. I predict that this trend will continue for the next ten years, making concerts more traditional than new.
4. NFT and gamification
I like the idea of bringing gamification into an industry by using an NFT database. The most interesting feature for users is simple: just buy and hold a sign to get free benefits. What makes a product relationship interesting? People enjoy playing, and the player keeps NFT in the user’s eye, integrates them deeply into your product, and sets you apart from your competitors.
You don’t have to do the whole game; sometimes it is enough to allow people to create their own NFTs. German dance giants BOYS NOIZE aka Alex Sidha has already tried it. His “Rave Pigs” collection includes 6,666 generative prints with words from the Berlin -based electronic marketplace. Each of these words was created by combining 129 features spread across 10 sound types and five soundtracks, resulting in 50 trillion possible combinations. Each single trademark of the nature is a digital photograph and a musical document, which are the rights to the owner of the trademark.
Making games around NFTs can make them valuable. Axie Infinity, for example, allows people to “play” with them by regenerating, buying land, improving Axies, and even fighting. By turning these NFTs into games, Axie Infinity has become the largest “Play-to-Earn” platform in the world, with an AXS market cap of over $ 3 billion and a market cap of over $ 3 billion. daily over $ 150 million.
5. NFT, sales and public
Lastly, I want to talk about crowdfunding with fan power, which I believe will greatly benefit developers and audiences. This trend begins when artists want to make money on their new album without the help of labels and rely on the support of the community who believe in their success. By purchasing their shares, investors are entitled to a portion of the money generated from the streaming and NFT assets, such as the non -translation of a song or a music video.
Artists quickly have the money to help with production costs and sales while retaining the power of their music. For users, it’s as if they’re giving money to artists they believe is a winning opportunity, with the intention of sharing their passion.
Alan Walker Team building, which raised $ 25,000 in a few days, shows how this model works. The streaming goal of the music will be achieved sooner than expected. Inspired by that initiative, an even larger advertisement was created around Alan’s Origins EP. This multiplayer mode can be augmented with ‘fan missions,’ rewarding users with airdrops and other equipment to complete specific tasks set by the artists.
At the end of the day, music festivals have a community that respects them and is committed to their mission. Users don’t gamble because they know that if the artist is famous, the value of their pieces will increase. Digital assets are more valuable because of the workmanship and quality of the artists.
Selling and the importance of engaging your audience
The integration of the blockchain and NFTs seems to be a threat to traditional businesses trying to do their marketing. However, as with all technologies, it becomes simpler and easier for end users to take full advantage of by becoming a regular. I encourage everyone to get out of their comfort zone and become a “first user.” The world is changing, and people (especially young people) want to explore new ideas and opportunities. The brands that are just starting out in the world of NFT are well prepared to use them to their full potential in the future.
For the author
Emil Angervall is the founder of Corite. Corite is a blockchain -based digital music publisher, providing artists ’music on various streaming services including Spotify, Apple Music, Pandora, and TIDAL.
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