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The Covid-19 pandemic was an unexpected and overwhelming threat to all of us. Suddenly we were forced to stay indoors for weeks and ordered to cease all social interactions for the foreseeable future. While the pandemic was not fun for any of us, it certainly made artists’ careers a little more complicated.
As we know, music halls, halls and shows have stopped. The tours were rescheduled years later and the artists lost a major source of income in the blink of an eye. Essentially, the pandemic has prompted artists to find new ways to earn income. Fortunately for them, NFTs or non-fungible tokens are a good opportunity.
NFTs are unique digital assets that can represent anything and allow fans and artists to interact in meaningful ways. These unique digital resources allow fans to show their dedication and ensure that artists can deliver unique experiences such as one-on-one live broadcasts or exclusive events. What’s most important here is that artists find a way to reconnect with their fans despite the pandemic. Here are a few ways that NFTs deliver that luxury.
Direct support for independent artists
Other perks aside, fans will be more willing to invest in independent artist NFTs as all funds go directly to the creator. Unlike the traditional music scene where ticket sales benefit venues, publishers and record labels, NFTs offer new avenues to directly support your favorite independent artists and help them stay independent.
For artists signed with a record company, the ability to keep 100% of the revenue may encourage them to become independent in the long term.
While direct artist support is the primary benefit, NFTs can also provide you with additional artist-specific benefits. For example, artists can offer NFT holders exclusive discounts and events for their most die-hard fans. As technology evolves and live shows pick up, an NFT might even be your ticket to a VIP section at 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 singer.
NFTs are usable, as mentioned above, and durable as well. A paper autograph can fade over time, leaving you with old, empty memories. Your NFT will never fade, and it’s something you can pass on to your kids and share your favorite music experiences. It is also a healthy post-pandemic replacement for the traditional autograph.
Since music is online, songs are stolen. Piracy is rampant in all artistic communities, but it hits musical artists the hardest. Bad actors are constantly stealing music for their use, and it’s nearly impossible to stop in the traditional online space.
If you have a favorite artist that you would like to support, NFTs are the way to do it. The licenses offered by NFTs are not duplicable and these assets are much more difficult to steal, thanks to the underlying blockchain technology. And after this pandemic, artists could undoubtedly use security.
As decentralized apps grow and the metaverse spreads to the mainstream, gamers are personalizing their appearance online through avatars. Since avatars are meant to directly express the player, artists who publish digital products through NFT will definitely benefit.
After all, what fan wouldn’t invest in a digital representation of their favorite artist’s shirt, backpack, or sticker?
Without a doubt, NFTs are here to stay. As the world is pushed into a more digital future, where celebrities and fans alike must find new ways to engage, the digital protection and utility offered by NFTs are too hard to ignore.
NFTs offer artists security while letting their creativity shine through. Plus, with NFTs, fans have more ways than ever to support their favorite artists.
Mattias Tengblad, Founder and CEO of Corite. Mattias is an entrepreneur who has spent over 20 years managing cutting edge games, music and media projects.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.
Featured Image: Shutterstock / Kirk Andrew / Africa Studio