The music community is quickly engaging non-fungible tokens in new and creative ways. While certain artists are using NFTs as a lottery system to send some of their fans to space, others are taking a more practical approach. NFT ticketing and NFT music are beginning to replace traditional music monetization methods and for good reason.
A NFT Ticket offers many practical benefits compared to traditional ticketing methods. By utilizing blockchain technology, every NFT ticket is easily verifiable both as legitimate and has a public transaction record indicating current ownership. Say goodbye to counterfeit tickets and enjoy a trustworthy secondary resale market.
Additionally, having a non-fungible token attached to a ticket opens a world of possibilities. Artists can now create a fan club of ticket holders, send out exclusive content, and set rules around the secondary resale of their tickets to discourage scalpers.
Live Nation has dipped their toes into NFT ticketing with the announcement of Live Stubs. This is the entertainment giants first use of non-fungible tokens. The first Live Stubs will be issued for the Swedish House Mafia – Paradise Again Tour. While the NFT backed ‘Live Stub’ will be included for free with the ticket, it will not be used to access the event. Rather, it is simply a collector’s item that can be gifted or resold by the original ticket buyer. It is unclear how much additional value Live Nation intends to generate with these Live Stubs.
The GET Protocol allows artist and event coordinators to create and issue their own NFT tickets. They recently passed 1,000,000 on chain tickets sold. While the GET Protocol is popular, there are several NFT Ticketing companies competing for control of the market. While NFT tickets can be advertised as NFTs, they can also be dressed up as traditional digital tickets. You may have purchased a NFT ticket and not even known it.
NFT music is a new and exciting frontier in the NFT space. Music is an especially enticing NFT purchase as it has the potential to generate ongoing royalties. Artists are experimenting with selling their music royalties through a set of non-fungible tokens. The NFT King himself, 3LAU is among the founders of the new platform Royal, which is setting out to be a leader in this space.
Music royalties and NFTs have already generated headlines. Damon Dash tried to sell his partial ownership of Jay-Z’s Reasonable Doubt album via a NFT auction and quickly found himself on the receiving side of lawsuit. The auction was stopped before it was public.
Other Music NFT Options
Here at NFT Concerts, we have developed our own NFT platform to enable artists to release concert recordings and studio performances through the issuance access tokens. These access tokens are not a one-off ticket. Instead, they guarantee the token owner lifetime access to stream the performance recording on-demand.
Functioning in a similar ways to a limited run DVD, only the owner(s) of the access token(s) will be able to unlock and stream the recording. Sell the access token, lose access to the show. Enjoy a subscription free, ad-free user experience with superior streaming quality. Our platform allows artists to generate additional value from their live performances, create unique digital experiences, and monetize their art through exclusivity without having to give up ownership.
If you are a musician or artist interested in transforming existing or future concerts into unique digital collectibles, fill out our Artist Application. We will work with you to determine the right NFT strategy to fit your goals. If you’re a fan looking to collect unique music experiences, stay up to date by joining our mailing list in the footer below.