One initiative proposes to combine “streaming, VR, metaverses, and NFTs” into a single platform for music fan participation and control.
Blockchain is quickly proving to be the disruptive force that industry insiders have predicted for years. The growing number of projects and artists utilizing it as a primary technology in their work may be changing the present economic paradigm that most musicians operate under.
Non-fungible tokens, or NFTs empower independent musicians to make money and interact with their fans without having to rely on a label or a streaming service like Spotify. 3LAU, an electronic dance music producer, sold over $11 million in tokens redeemable for real-world products, including music, in March, with a $3 million token holder bidding for the privilege to collaborate with the artist. Another well-known EDM DJ, Paul Oakenfold, stated in September that he will be releasing a tokenized record on the Cardano blockchain.
Many venues throughout the world are still unable to host live performances as a result of the pandemic’s limitations, and certain streaming providers do not provide musicians with a sustainable revenue. Rather of ignoring COVID-19 requirements, some performers and organizers have resorted to blockchain technology in the form of metaverses and non-fungible tokens (NFTs) as an alternative. Epic Games’ Fortnite presented a virtual performance with singer Ariana Grande and other celebrities in August.
One project promises to be transforming the music industry by providing music fans with creative access to top musicians while also introducing blockchain to both newcomers and veterans through the integration of blockchain technology and popular entertainment. Fans of Animal Concerts may attend live or virtual concerts while maintaining some control over their own content thanks to the platform’s utility tokens. NFTs play an important role as well, being used for virtual venue tickets, future live events, fan avatars, and keepsakes for specific performances.
“As the only one bringing it all together in one spot, we are at the pinnacle of numerous upcoming technologies, including streaming, VR, metaverses, and NFTs,” stated Animal Concerts CEO Colin Fitzpatrick. “This is the first big new cash source for musicians in a decade, as well as an exciting and novel way to communicate with their fans.” We’re democratizing concerts and redistributing power to the performers themselves.”
Animal Concerts claims that their business strategy is centered on getting 100 million crypto users into the sector in the next 12 months, claiming to provide non-VIPs with a deeper connection to performers than in-person venues have been able to provide. According to the idea, by integrating the finest elements of streaming, concerts, metaverses, NFTs, and crypto, there may be no limit to the number of individuals who may connect with musical artists. Animal Concerts is currently selling a limited number of NFT tickets in Miami on October 30 that include a live concert and meet-and-greet with Grammy Award-winning rapper Future. Roundtrip airfare, oceanfront hotel, bottle service, and access to the Maxim Model Lounge are among the other goodies.
It remains to be seen whether blockchain technology can help revive the music business as the virus continues to wreak havoc on numerous countries across the world. Expanding customer interaction to the virtual realm and providing a mechanism to democratize the concert business, on the other hand, might transform the sector. Companies like Animal Concerts may be saying “Thank You, Next” to the mainstream concert business, if the more than one million people who watched Ariana Grande perform electronically in Fortnite in August, along with the $20 million she earned for the engagement, are any clue.