Blockchain is fast becoming the innovative force that industry experts have been promising for years. The number of projects and artists offering their works using it as their main technology may be changing the current economic model under which most musicians operate.
The non-fungible tokens, or NFTs, They allow independent artists to earn income and engage with their fan base without always relying on a record company or streaming service like Spotify. In March, 3LAU, a producer of electronic dance music, sold more than $ 11 million in tokens redeemable for real-world goods (including music), in addition to a $ 3 million token holder who bid for the right to collaborate. with the artist. Paul Oakenfold, another well-known EDM DJ, announced in September that he would be releasing a tokenized album on the Cardano blockchain.
Many venues around the world are still unable to host live concerts due to restrictions caused by the pandemic, and some streaming services do not offer a sustainable income to artists. Rather than circumvent the COVID-19 guidelines, some artists and organizers have turned to blockchain technology in the form of metaverses and NFTs to find alternative solutions. In August, Epic Games’ Fortnite hosted a virtual concert with singer Ariana Grande and others.
One project claims to be revolutionizing the music space, offering music fans creative access to top artists, while also wetting the palette of newbies and veterans of the crypto space by merging Blockchain technology with mainstream entertainment. Fans of Animal Concerts They can attend concerts in person or virtual, while retaining some control of their own content with the platform’s utility tokens. NFTs also play an important role, as they are used to buy tickets to virtual venues, future live events, avatars for fans and souvenirs from certain performances.
“We are on the cusp of several emerging technologies, streaming, VR, metaverses and NFTs, and well positioned to capitalize on this as the only one that brings it all together in one place.” said the CEO of Animal Concerts, Colin Fitzpatrick. “For musicians, this is the first major source of income in a decade, and an exciting and innovative way to engage with their fans. We are democratizing concerts and bringing power directly back to the artists themselves.”
Animal Concerts claims that its business model is focused on attracting 100 million cryptocurrency users to the space in the next 12 months, offering a seemingly closer connection to performers than face-to-face venues have been able to offer to performers. not VIP. Depending on the project, there may be no limit to the number of people able to engage with artists by combining the best features of streaming, concerts, metaverses, NFTs, and cryptocurrencies. Animal Concerts is already selling an exclusive collection of NFT tickets that incorporate an in-person concert and an encounter with the rapper. Future, Grammy winner, in Miami on October 30. Other benefits include roundtrip flight, beachfront hotel, bottle service, and access to the Maxim Model Lounge.
It remains to be seen whether Blockchain technology will help revitalize the music industry as the epidemic continues to take its toll in many countries around the world. However, expanding consumer participation to virtual and offering a way to democratize the concert industry may revolutionize the space. If the more than a million people who saw Ariana Grande perform virtually at Fortnite in August are any indication, along with the $ 20 million she made for the concert, companies like Animal Concerts may be saying “Thank you, next” to the industry. of conventional concerts.
Keep reading: