How and Why Are NFTs Changing the Music Business?
NFTs have been a key resource for the expanding music industry, especially for emerging artists and upcoming music festivals. But how exactly have NFTs changed the music business?
NFT Funding
Numerous artists and music festivals require funding for their projects. These entities have used NFTs to offer value to their supporters and provided a convenient platform for their fans to support them.
Owning limited-edition NFTs have enabled fans to support their favorite artists but potentially owning an appreciating asset. For the artist, NFTs provide more freedom. Artists benefit from using a decentralized project such as NFTs by possessing control of the type of music they wish to release and also earning passive income by enabling subscriptions.
Some artists convert rare photos of themselves into NFTs and sell them to fans, making it another income stream.
NFT Event Access
Music festivals wishing to sell tickets directly to their fans without a third party have found NFTs to be the answer. An NFT project such as Cocky enables investors to receive exclusive access to global music events. NFT owners who are unable to attend events in person can use Cocky’s platform to view live streaming of the events.
Cocky isn’t just another music festival organizer. It enables NFT holders to reap rewards by earning mutations. These appear as a stamp on an NFT’s background, enabling the holder to write his/her unique story to make the asset rarer.
Cocky’s NFTs are cans that have 51 skin variations and are colored in silver, gold and black lids. The 3-tier color system determines the benefits NFT holders receive at Cocky’s events. Some of the prizes include transportation to events, accommodation and special discounts.
NFT holders stand a chance to win exclusive VIP benefits for events if their cans blackout. Owning the black can NFT entitle the holder to VIP benefits infinitely.
Investors wanting to attend Cocky’s events can buy NFTs by holding a MetaMask, Coinbase or WalletConnect. The project is currently in the presale phase, so investors can own pre-minted NFTs.
To attend Cocky’s live electronic music events, NFT holders must be 18 years or older. The attendees are selected by an algorithm based on the most active Discord participants, random distribution from the pool and randomly selected members in the event’s geographical region.
NFTs Decentralize the Music Industry
Music festival hosts such as Cocky have provided a transparent system via NFTs for ticket holders to minimize fraudulent activities and enable convenient and efficient purchases. Holders stand to benefit more than just having access to events by receiving rewards.
NFTs enable artists to directly connect with their fans and earn from them without an intermediary such as a record label collecting the majority of the earnings.
