Non-fungible tokens (NFTs), digital collectibles that are “minted” using blockchain technology, have expanded into the worlds of art, music, literature, and sports. These new hyperactive NFT markets have garnered the attention of musicians and artists who have sold digital artwork, music albums, concert tickets, merchandise, and digital experiences for hundreds to millions of dollars.
Until now, most NFTs are bought by tech-savvy investors that have driven up prices to skyrocketing levels. The music industry is anticipating the market to develop better fan participation — at fan-accessible and affordable prices.
How Can Fans Support Their Favorite Artists More Directly with MOZIK NFT?
Musicians selling merchandise and VIP experience to fans is not a new concept. When fans buy a product as NFT, like an autograph, why not present them with a blockchain receipt so that they know most of the revenue will go to their favorite artists’ crypto wallet? Even better, this has the added benefit that the product is 100% authenticated and tracked on the blockchain.
NFTs could be transformative and revolutionary for artists, giving them more control over their music and valuations. Moreover, it offers them a direct revenue stream from their fans, which is not dependent on third parties such as music streaming platforms (Spotify) and concert promoters. It is certainly not a coincidence that NFTs are prospering during a pandemic, as lockdown around the world had cancelled concerts, tours, and festivals which were one of their main sources of income.
With no live performances for more than a year, musicians are looking to connect with their fans and create a new revenue source by selling non-fungible tokens. In January 2021, Monstercat’s debut NFT drops fetched more than $500,000. Activity picked up pace in February, with Linkin Park’s Mike Shinoda, Shawn Mendes, Grimes, and Ozuna releasing digital art, song releases, animations, and avatar outfits on the blockchain. Justin Blau, also known as 3LAU, set records with the tokenized re-release of his album, “Ultraviolet” in late February 2021. The album grossed $11.6 million and briefly held the record for the highest-paid single NFT at $3.6 million. The record has since been broken by the artist Beeple.
MOZIK is building the largest global decentralized music platforms, enables artists and fans to interact through the NFT marketplace. Artists can release exclusive content or access, which can then be discovered and bought by their fans directly.
How Can MOZIK Solve the Current Economic Problems Faced in the Music Industry?
MOZIK is based on an economic ecosystem in the creative industry, and one of its main goals is to assemble a group of loyal followers and fans. Musicians and creative artists can upload and share their music and digital assets. Fans can then stream, subscribe, and communicate with their favorite artists both online and offline through the MOZIK platform.
As different communities form, including artists, fans, and investors, the blockchain platform will organically connect these communities through different technology platforms and activities. It will also work together with the MOZIK App to manage the communities, to serve users, and to grow user activation and retention.
Fans with diverse interests can form their own independent groups. The community system developed in the platform will allow fans to build their own community circles to interact and engage with each other.
The interaction between communities and cooperation between the MOZIK platform and app operators will help facilitate communication between artists and fans. With digital and physical contents, virtual events, and in-person activities, the possibilities of NFTs are endless.
What Other Ways Can Fans Connect With Musicians?
The Rolling Stones, David Guetta, Taylor Swift, Coldplay — Many A-list artists arranged for free virtual performances during the peak of the COVID-19 pandemic. Now they are trying new ideas to continue interacting with fans while making up for tour cancellation and concert losses.
Rob and Kal are a pop/rock act from the United Kingdom who are taking fans into their record studio and involving them in the music creation process. They’ve termed it Mubla 2.0, which Rob defined as “our interactive music recording project where we pitch song ideas, and you help us develop them with your musicianship, suggestions, and comments.”
How Fans Can Benefit from Music-related NFTs
Fans get to support their favorite musicians and creative artists in a more personal and direct way than with other platforms, such as Patreon. They also get to invest in a music albums or digital artwork. If the artist gains popularity, then their collection or music record will become more valuable, too. This becomes an interesting investment opportunity, as well as a show of support. Overall, it is a win-win situation for both artists and fans.
The Bottom Line
With the increasing technological advancements in the music industry, MOZIK provides artists the proper value for their work while protecting their IPs.
NFTs are allowing musicians and artists to pave the road for new possibilities and experiences with their fans. As the adoption of NFTs becomes stronger, it could entirely revolutionize the music industry, just like how the internet did.
