The Covid-19 pandemic shook the world to its core. We were suddenly forced to stay indoors for weeks and to cease all social interaction for the foreseeable future. Although the pandemic was no fun for any of us, it certainly further complicated artists’ careers.
We all know that music halls, theatres, and shows stopped. In the blink of an eye, tours were rescheduled for years later, causing artists to lose a significant revenue stream. The pandemic forced artists to develop new income-generating methods. Fortunately, NFTs, or non-fungible tokens, present an excellent opportunity for them.
NFTs are unique digital assets that can represent anything and enable new ways for fans and artists to interact in meaningful ways. With these unique digital assets, fans can show their support and artists can provide one-of-a-kind experiences, such as one-on-one live streams with fans or exclusive events. What’s most important here is that despite the pandemic, artists are finding a way to reconnect with their fans. Here are some ways NFTs make this happen.
Direct support for independent artists
Aside from the other benefits, fans will be more willing to invest in independent artist NFTs because all funds go directly to the creator. Unlike in the traditional music scene where ticket sales benefit venues, publishers and record labels, NFTs provide new avenues for directly supporting your favorite independent artists and assisting them in remaining independent.
For artists signed to a record label, the ability to keep 100% of the proceeds may entice them to go independent in the long run.
Loyalty bonus
While supporting artists directly is the main benefit, NFTs can provide you with additional artist-specific benefits as well. For example, artists might provide NFT holders with exclusive discounts and events for their most hardcore fans. As the technology evolves and live shows resume, an NFT might even be your ticket to a VIP section during a live show once the world opens up again.
More than an autograph
Everyone loves an autograph from their idol. However, NFTs are the first technology to evolve the autograph. Now, you can invest in a unique piece of art created by a band or a singer.
NFTs are usable, as mentioned above, and long-lasting as well. A paper autograph can fade over time, leaving you with nothing but old, empty memorabilia. Your NFT will never fade, and it’s something you can pass down to your kids and share your favorite music experiences. It’s also a healthy post-pandemic replacement to the traditional autograph.
Eliminate piracy
For as long as music has been online, songs have been stolen. Piracy is a rampant issue in all art communities, but it hits musical artists the hardest. Bad actors are consistently stealing music for their use, and it’s near impossible to stop in the traditional online space.
If you have a favorite artist you’d like to support, NFTs are the way to do it. The licenses offered by NFTs are non-duplicable, and these assets are much harder to steal, thanks to the underlying blockchain technology. And after this pandemic, artists could undoubtedly use the security.
Digital merch
As decentralized applications grow and the metaverse expands into the mainstream, players customize their online appearances via avatars. Considering avatars are meant to express the player directly, artists who release digital merch via NFTs are sure to benefit.
After all, what fan wouldn’t invest in a digital representation of their favorite artist’s shirt, backpack or sticker?
Undoubtedly, NFTs are here to stay. As the world is pushed into a more digital future, one where celebrities and fans must find new ways to engage, the digital protection and utility offered by NFTs are too much to ignore.
NFTs provide artists with security while still allowing their creativity to shine through. Plus, with NFTs, fans have more ways to support their favorite artists than ever before.
Mattias Tengblad, founder and CEO of Corite. Mattias is an entrepreneur who spent over 20 years running cutting-edge gaming, music and media projects.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
