It’s safe to say the music industry is rapidly changing, with a strong host of artists and producers already taking advantage of the creative opportunities NFTs have provided. We’ve put together a few brief perspectives on just how transformative blockchain technology has been for artists in the industry so far.
Whether you’re a fan of his music or not, it’s hard to ignore the prominence, presence and influence Snoop Dogg has had on the hip-hop scene and the wider music community. Often at the forefront of promotional innovation, Snoop has been one of the pioneering artists to hop aboard the NFT train. Apart from releasing an NFT single alongside rap-mogul Eminem, Snoop plans to refurbish the well-tenured ‘Death Row Records’ as an ‘NFT label’. In a YouTube sit-down with Clubhouse, the iconic rapper likened the re-branding of his label to Death Row’s early days, stating “Just like how we broke the industry when we was the first independent to be major, I want to be the first major in the metaverse so Death Row will be an NFT label”.
Snoop Dogg’s blockchain ventures have even stretched toward gaming, with the rapper recently pairing up with The Sandbox to deliver a metaverse-based experience called Snoopverse. While a whole digital world dedicated to the OG might be an experience better suited to the more die-hard fans, it’s hard to deny the versatility, creativity and audience-reach being demonstrated by Snoop Dogg’s interference in the NFT movement.
Speaking of hip-hop legends, Nas teamed up with producer 3lau earlier this year to drop two fresh singles in the form of exclusive NFT releases. What’s particularly interesting in this case is that Nas decided to include royalty rights as part of the tokens — instead of just receiving a couple hit singles, purchasers stand to make passive income on the long-term streaming (or downloading) of the songs. This is yet another example of how the gap between artists and fans is being bridged to create a more direct relationship. The notion of supporting an artist’s future success (and vice-versa — an artist’s success being a support for their fans) is being made more tangible by allowing consumers to invest in royalties.
Showcasing rare and unreleased material can be another form NFTs are cast into. In December 2021, NFT marketplace OneOf auctioned an unreleased, unheard demo from the acclaimed and much loved vocalist Whitney Houston (who died in 2012). The demo, which was taken from a recording when the singer was only 17, sold for just short of $1M, with proceeds going to a charity foundation in the singer’s nameake. That highly sought-after music collectables can become a revenue stream for charity in the digital space is truly a sign of the times!
Classical music made its first debut on the NFT market-space when “Betty’s Notebook” was released for just shy of $300,000 USD last May. To be fair, the NFT itself is far more interactive than simply being a piece of music — the 21-minute composition actually involves an inbuilt audio-puzzle where users tune into various ‘stems’ to uncover a mystery. Even more impressive, a full purchase of the token also comes with a unique life-size, physical radio with the NFT track built-in. It is truly fascinating to see the digital and physical worlds crossing over in the web3 space, and it’s hard not to get excited for where this may lead.
On the international scene, Japanese producer Akimoto is creating a fully-fledged meta-group — a holographic J-pop band that will perform, record and interact with fans all in the metaverse. Tickets to performances, live recordings and hang-outs with the band will be distributed via NFTs. Seeing as though one of Japan’s most influential actor performers, Hatsune Miku, is already a purely digital creation (a holographic vocal synthesizers, to be exact), it should be interesting to see how musicians, web3 and NFTs intersect with AI and software-based in the near future.
The Publicator is dedicated to creating a platform for artists, fans and NFT enthusiasts that wholly embraces the decentralized future of the music industry. You can apply to be a beta tester at https://the-publicator.com/.
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