CRYPTO

How NFTs are empowering recording artists and helping them emerge from a centralized platform.

Blockchain is fast becoming an innovative force The insiders of the industry are committed year after year. The number of projects and artists offering their works using it as a core technology may change the current economic model under which most musicians work.

Allowing independent artists to earn and engage with their fan base without always relying on labels or streaming services like non-fungible tokens, or NFT, Spotify. In March, 3LAU, an electronic dance music producer, sold more than $ 11 million worth of tokens, bidding for the right to collaborate with the artist in addition to the $ 3 million token holder for real-world products – including music. Paul Okenfold, another well-known EDM DJ, announced in September that he would launch a tokenized album on the Cardano blockchain.

Many places around the world are still unable to perform live concerts due to restrictions imposed by the epidemic, and some streaming services do not offer sustainable income for artists. Instead of avoiding the COVID-19 guidelines, some performers and organizers are turning to blockchain technology in the form of metavers and NFTs for alternative solutions. In August, Fortnite singer Ariana Grande of Epic Games hosted a virtual concert with others.

With the integration of blockchain technology with mainstream entertainment, Blockchain is soaking a palette of young and old as well as a project revolutionizing the music space, offering music fans creative access to top artists. Animal concert fans can go to live or virtual concerts, as well as maintain some control over their own content with the platform’s utility tokens. NFTs play a big role for virtual venue tickets, future live events, avatars for fans and souvenirs for specific performances.

“We’re at the top of a number of emerging technologies, streaming, VR, metavers and NFT, and we’re in a good position to capitalize on that and bring it together,” said Colin Fitzpatrick, CEO of Animal Concert. “It’s the first major major revenue stream for musicians in a decade, and an exciting and innovative way to connect with their fans. We are democratizing the concert and bringing the power back to the artists. ”

Related: NFTs are a game changer for independent artists and musicians

Animal Concert says its business model is focused on bringing 100 million crypto users into space over the next 12 months, offering seemingly closer connections with performing artists rather than private spaces for non-VIPs. According to the project, there can be no limit to the number of people who are able to connect with musical artists by combining the best features of streaming, concert, metavers, NFT and crypto. Animal Concerts is already selling an exclusive collection of NFT tickets that includes a live concert and meet-and-greet with Grammy Award-winning rapper Future on October 30 in Miami. Other facilities include roundtrip flights, beachfront hotels, bottle service and access to the Maxim Model Lounge.

It remains to be seen whether blockchain technology will help revive the music industry as the epidemic is affecting many countries around the world. However, expanding consumers to virtual and proposing a way to democratize the concert industry could revolutionize the space. If there’s any indication that the more than 10 million people who saw Ariana Grande actually perform on Fortnite in August, with the $ 20 million she held for Gig, companies like Animal Concert can say “thank you, next” to the mainstream concert industry. .