How NFTs empower recording artists and help them escape centralized platforms

One project claims to bring together streaming, VR, metaverses, and NFTs into one platform for music fan engagement.
Blockchain is quickly becoming the revolutionary force industry insiders have been predicting for years. Blockchain is changing the economic model that most musicians work under. There are many artists and projects offering their works using it. Independent artists can earn income and interact with their fans without relying on labels or streaming services like Spotify. Non-fungible tokens (or NFTs) allow them to make money and have access to their fan base. 3LAU, an EDM producer, sold $11 million worth tokens that could be used to buy real-world goods, including music, in March. A $3 million token holder also bid for the right of collaboration with the artist. Paul Oakenfold, another well known EDM DJ, announced that he would launch a tokenized album on Cardano blockchain. Some performers and organizers are now looking for alternatives to COVID-19 guidelines. Epic Games’ Fortnite hosted an August virtual concert featuring Ariana Grande and other performers. One project claims to revolutionize the music industry by giving music fans creative access and allowing them to hear top artists while also blending blockchain technology and mainstream entertainment. Animal Concerts allows fans to attend live or virtual concerts while still having some control over their content through the platform’s utility tokens. NFTs play a significant role as well, allowing for virtual venue tickets, future events, avatars for fans, souvenirs, and even ticketing for live performances. This is the first major revenue stream for musicians in a decade and a new and exciting way for musicians to interact with their fans. We are democratizing concerts and giving the power back to the artists.”Related. NFTs are a game-changer for independent artists and musicians.Animal Concerts claims its business model is focused upon bringing 100 million crypto users into the space within the next 12 months. This will allow for a closer connection with performers than what in-person venues can offer. The project claims that there is no limit to how many people can interact with musicians by combining the best features from streaming, concerts, metaverses and NFTs. Animal Concerts already sells a limited number of NFT tickets, which include a live concert and meet-and greet with Future, the Grammy-winning rapper. The event will take place in Miami on October 30, 2018. The package includes roundtrip airfare, a beachfront hotel, bottle service, access to the Maxim Model Lounge, and other perks. The potential for blockchain technology to revolutionize the music industry by allowing consumers to engage with the virtual world and democratizing the concert industry could be a huge advantage. Companies like Animal Concerts could be saying “Thank You, Next” to the mainstream concert business, if the more than one million people who saw Ariana Grande’s performance in Fortnite in August are any indication.

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