As the speculative side of the NFT market has become less active, the utility has established itself as a critical component of profitable NFT drops. And in the music business in particular, where NFTs enable musicians to unleash previously unimaginable prospects for audience engagement and collaboration, the importance of usefulness has never been higher.
Now that famous musicians are pushing the frontiers of innovation, artists around the industry are taking note and looking for new ways to harness NFTs to provide exceptional service to their respective fan bases. But unfortunately, even though many people are aware of the potential of NFTs as tools to engage with their communities, very few are aware of how to get started.
So at a time when NFTs are widely being used as a substantial asset to help musicians better connect with their fans in the Web3 ecosystem, there are multiple examples of famous musicians and artists making use of this time and lifting utilities in NFTs.
Musicians Attracting a Larger Fanbase by Stepping in the NFT World:
The newest project from OneOf is a partnership with another rising artist, Doja Cat. Doja Cat has gone from being a TikTok celebrity to global success in a short time since her studio album’s release in 2018. To this day, her music has been streamed more than one billion times on Spotify. Now that she has devoted admirers worldwide, the Fresh Fruit by Doja Cat X JBL NFT release is the ideal method to gradually and honestly offer access to her community.
Doja’s Fresh Fruit collection combines the physical and digital worlds, culminating in the opportunity to attend the widely awaited return of JBL Fest 2022. The collection was initially released across five drops throughout August and September. JBL Fest will take place in Las Vegas from September 27-29, and Doja Cat will give the headlining performance. The festival will also have performances by The Kid LAROI, Bebe Rexha, DJ Tigerlily, and Martin Garrix, an internationally recognized DJ and producer.
When You See Yourself is not only the first full-length album by a musical group to be released as an NFT, but it is also the first album by Kings of Leon following a break of four years. This distinction will hold a prominent place in the annals of music and technology history.
The album was planned to be made accessible as an NFT through the blockchain startup YellowHeart between March 5 and March 19, 2021, at 8 o’clock in the evening. However, the auction duration was prolonged by one day, bringing its conclusion to March 20. This twenty-four-hour extension was primarily a response to the learning curve of first-time NFT buyers… in the hopes that more time would allow more fans to participate in this historically significant offering.
Justin David Blau, better known by his stage name as 3LAU, is a dance and DJ maestro. In April 2021, he sold non-fungible tokens for USD 11.6 million. In addition, he broke records for the NFT cryptocurrency by auctioning off 33 NFTs that were made as a limited-edition commemoration of the album’s release three years ago. His Ultraviolet album was critically lauded.
One example of a one-of-a-kind NFT offered for sale comprised a one-of-a-kind song, access to music that had never been heard before, one-of-a-kind artwork, and a limited-edition manufactured vinyl CD of all eleven of Ultraviolet’s original tracks. Furthermore, in terms of Imogen Heap, 3LAU is considering expanding his efforts to engage his audience by dividing his royalties with them.
These are only a few names of musicians in this article, from the most popular to renowned ones in the music industry, who have stepped into the NFT world to connect more directly with their fans.
This unique approach in the Web3 world has enabled such musicians to fulfill their goals and allowed new and struggling musicians to make an extensive fanbase for their work. We can expect more musicians to bring something fun and exciting relevant to the crypto world.