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The Covid-19 pandemic was an unexpected, world-shaking threat to all of us. Suddenly we were forced to stay inside for weeks and ordered to cease all social interactions for the foreseeable future. While the pandemic was no fun for any of us, it certainly made the careers of artists a little more complicated.
As we know, music halls, venues and shows stopped. Tours were rescheduled for years later, and artists lost a significant revenue stream in the blink of an eye. Essentially, the pandemic pushed artists into finding new ways to build an income. Fortunately for them, NFTs or non-fungible tokens are a good opportunity.
NFTs are unique digital assets that can represent anything and enable new ways for fans and artists to interact in meaningful ways. These unique digital assets allow fans to show their dedication and ensure artists can offer one-of-a-kind experiences such as one-on-one live streams or exclusive events. What’s most important here is that artists are finding a way to reconnect with their fans despite the pandemic. Here are a few ways NFTs provide this luxury.
Direct support for independent artists
Aside from the other benefits, fans will be more willing to invest in independent artist NFTs because all funds go directly to the creator. Unlike in the traditional music scene where ticket sales benefit venues, publishers and record labels, NFTs provide new avenues for directly supporting your favorite independent artists and assisting them in remaining independent.
For artists signed to a record label, the ability to keep 100% of the proceeds may entice them to go independent in the long run.
While supporting artists directly is the main benefit, NFTs can provide you with additional artist-specific benefits as well. For example, artists might provide NFT holders with exclusive discounts and events for their most hardcore fans. As the technology evolves and live shows resume, an NFT might even be your ticket to a VIP section during 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 a singer.
NFTs are usable, as mentioned above, and long-lasting as well. A paper autograph can fade over time, leaving you with nothing but old, empty memorabilia. Your NFT will never fade, and it’s something you can pass down to your kids and share your favorite music experiences. It’s also a healthy post-pandemic replacement to the traditional autograph.
For as long as music has been online, songs have been stolen. Piracy is a rampant issue in all art communities, but it hits musical artists the hardest. Bad actors are consistently stealing music for their use, and it’s near impossible to stop in the traditional online space.
If you have a favorite artist you’d like to support, NFTs are the way to do it. The licenses offered by NFTs are non-duplicable, and these assets are much harder to steal, thanks to the underlying blockchain technology. And after this pandemic, artists could undoubtedly use the security.
As decentralized applications grow and the metaverse expands into the mainstream, players customize their online appearances via avatars. Considering avatars are meant to express the player directly, artists who release digital merch via NFTs are sure to benefit.
After all, what fan wouldn’t invest in a digital representation of their favorite artist’s shirt, backpack or sticker?
Undoubtedly, NFTs are here to stay. As the world is pushed into a more digital future, one where celebrities and fans must find new ways to engage, the digital protection and utility offered by NFTs are too much to ignore.
NFTs provide artists with security while still allowing their creativity to shine through. Plus, with NFTs, fans have more ways to support their favorite artists than ever before.
Mattias Tengblad, founder and CEO of Corite. Mattias is an entrepreneur who spent over 20 years running cutting-edge gaming, music and media projects.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any 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