Some business insiders have touted blockchain as the next big thing for years. However, the rising number of projects and artists utilizing it as a major tool may be producing instability in the current economic framework most musicians operate under. Non-fungible tokens (NFTS) lets independent artists make revenue and interact with fans without relying on record labels or streaming services like Spotify.
A rich token holder who paid for the chance to collaborate with the artist sold over $10 million worth of tokens during a token auction in March. In September, Paul Oakenfold, another well-known EDM DJ, said that he would release a tokenized album on the Cardano blockchain. Despite the pandemic’s limitations, many venues worldwide are still unable to offer live concerts, and some streaming services do not pay musicians.
Using blockchain technology, metaverses and the National Federation of Theatre Societies have discovered solutions to the COVID-19 guideline (NFTS). In August, Ariana Grande and other musicians performed in Fortnite’s virtual concert.
How Can NFTs Help Creatives?
One initiative claims to revolutionize the music business by giving music fans creative access to famous performers while bringing blockchain technology to be new and seasoned users. Using the platform’s utility tokens, fans may attend live or virtual concerts while maintaining control over their content. NFTS is also used for virtual venue tickets, future live events, fan avatars, and souvenirs for special performances.
Animal Concerts CEO Colin Fitzpatrick says, “We are the only company bringing together streaming, virtual reality, metaverses, and NFTS, and are well-positioned to benefit from this as the only company bringing it all together in one spot. We want to democratize concerts by giving authority back to the artists.”
This Might Be The First Token Ticket Concert
Animal Concerts expects to attract 100 million bitcoin users in the next 12 months, providing non-VIPs with a perceived deeper connection to performers than traditional venues. The idea is that by combining the best of streaming, concerts, metaverses, NFTS, and crypto, everyone can meaningfully engage with musicians. On October 30, Future will play live and meet and greet fans in Miami.
Animal Concerts presently offers NFT tickets that include a live show and a meet and greet with Future. A round-trip flight, a beachfront hotel, bottle service, and access to the Maxim Model Lounge are all included. It remains to be seen whether blockchain technology can help revive the music industry as the epidemic wreaks havoc in many regions. It is feasible to fully revolutionize the sector by expanding customer engagement to the virtual domain and democratizing the concert industry.
A million people watched Ariana Grande perform electronically in Fortnite in August, and she made $20 million for gig companies like Animal Concerts, maybe sending a message to the traditional concert industry: “Thank you, next.”