With the massive amount of excitement surrounding the metaverse, it can be easy to overlook the real-world live events currently implementing NFTs. While there are NFT centered professional conferences such as NFT NYC and NFT LA, a better indicator of public adoption is the increasing number of concerts, music festivals, and sporting events releasing NFT collectibles.
Zhu got the game rolling way back in May with the release of the DREAMROCKS NFTs, free to attendees of their Red Rocks shows. As far as I can find, these were the first NFTs released in conjunction with a live event. With plans to allow NFT owners access to exclusive content and a private Zhu fan club, the DREAMROCKS NFTs proved popular among fans.
Rolling Loud Music Festival had a unique NFT implementation that engaged fans at the actual event. Rolling Loud set up a NFT scavenger hunt, rewarding fans who tracked down hidden QR codes with a free NFTs. At the event, there was a legitimate buzz among collectors as they probed the venue for these exclusive collectibles.
The NFL is getting in on the NFT action with the release of commemorative NFT tickets. These tickets have been released for some of this year’s regular season games and all of the playoff games. They have proved immediately popular. Attendees of Super Bowl LVI will receive one of these commemorative NFT tickets featuring their seat number, row, and section.
While events are exploring NFTs, my big question is where is the utility? While it would be hard to complain about a free NFT that comes with a ticket, the resale market on these event-centered NFTs is already poor. While the concept of an event based NFT is great, the market has not valued these assets in the long term. How can we add additional value to an event NFT that will encourage long term demand?
At NFT Concerts, we are developing a NFT platform designed to turn live performances into exclusive digital collectibles. Rather than just giving a NFT away for free with a ticket, we encourage artists to release a set of NFTs for a show separate from their ticket sales. These NFTs will be limited in quantity and grant their owners access to the full concert recording. Artists will now have the ability to monetize their concert recordings using exclusivity and can ditch subscription and ad-based distribution methods. Fans can now purchase the right to stream their favorite performances on-demand and have ownership over an exclusive digital asset tied to their favorite artist.
Every concert is unique, and every show has value. By attaching a private recording to a public NFT, additional value is offered to the owner of an NFT Concert. Resell values of these NFTs should increase with the popularity of the artist. Additionally, by focusing NFT releases on singular events, artists open a new revenue stream by creating valuable digital assets that doesn’t step on or hurt the value of their previously released NFT works. There is no need to wait 6 months between NFT drops when you are creating NFT Concerts.
If you’re an artist interested in releasing an NFT Concert, please fill out our Artist Application. If you’re a music fan who can’t wait to start collecting your favorite live performances, join our mailing list in the footer below to get notified of our imminent launch. As NFTs explode in popularity, keep your eyes out for a NFT release coming to a live event near you.