NFTs and music are quickly getting into bed together. The power of non-fungible tokens to monetize digital content is rapidly creating a new source of revenue for artists of all types. While there have been songs, albums, and artwork released by musicians as NFTs, we would like to encourage bands and musicians to turn their concerts into collectibles using NFTs.
While there have been a couple of NFT projects announced dealing with concert tickets, and even Don Diablo’s one-off virtual show, here at NFT Concerts we have developed a method to monetize live concert recordings though exclusivity. Only the owners may access and stream the show.
Concert recordings are niche content. To passionate fans, a concert recording is priceless. This is especially true when it is a recording of a show you personally attended. Over $3.5 billion of music merchandise is sold each year to fans trying to take home a piece of that magic.
The current release methods for concert recordings are deeply flawed. Public release through YouTube or SoundCloud, or subscription services such as Nugs.net are both interested in the same thing – the number of views.
Concert recordings will never generate the same view count as an official album release or music videos. Additionally, many artists play similar sets show after show, and there is a disadvantage to releasing the same show to the public twice.
At NFT Concerts, we have solved the problem by making concert recording exclusive. For an individual show, a set number of NFTs are released that unlock streaming access to that concert recording. Our streaming platform checks for that NFT to unlock the file. The NFT functions as a key, offering ownership over the right to view that concert recording.
If an owner sells the NFT, they will instantly lose access to that concert recording. Each concert recording will have its own set of NFTs, and as a result, its own set of owners. Artists are able to determine the exclusivity of each show by choosing the number of NFTs. Our NFT experts work with artists to ensure they release the right number of NFTs at the right price point for their fanbase.
If you are an artists or content owner interested in releasing an NFT Concert, be sure to fill out our Artist Application. We will be in touch shortly with more details. If you are a fan looking for ownership over exclusive concert recordings, register an account or sign up for our mailing list below. Are you ready for NFT Concerts?