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December 9, 2024
Let’s tackle on more uses for NFTs. Did you know that a house in Florida was put on sale using NFTs? The house was auctioned at a starting price of 210 ETH (Back then, i.e., in February, it was 650,000$), and over 7,000 people were listed in the auction. We know it was mainly a gimmick to promote the sale and the company (A real estate startup called Propy), but it demonstrated how NFT technology can be used for much more than owning digital art.
After it was canceled in 2020 and 2021 due to Covid, he’s finally back this July: Tomorrowland, the world’s biggest Trance Festival, is back. With its very anticipated return, Tomorrowland is bringing an exciting innovation: The festival organizers have launched a unique NFT collection that enables holders to enter the festival, including some VIP areas and small private parties. Tomorrowland is, in fact, not Coachella actually did something similar not that long ago.
In fact, the relationship between music in general and the NFT industry is really coming together: Kings of Leon have launched an album as an NFT; Mike Shinoda (Linkin Park) has launched an NFT collection, and so did other rappers like Method Man, Snoop Dogg and many more. This is just the beginning of the NFT era, but it is becoming clear that NFT and music have a strong bond between them.
This shouldn’t surprise us since NFTs have the potential to affect the music industry profoundly. First, when it comes to music royalties, musicians don’t have much leverage against the big streaming platforms and therefore receive low income for the use of their art. Several blockchain streaming services have been built in order to change this paradigm.
Another factor is the emotional connection between music artists and their fans. Since the beginning of the music industry, this relationship has been commodified with the sales of music albums. Since music albums are now a thing of the past, there is a certain void that needs to be filled by artists who want to hold something that their artists make, and NFTs can be that thing.
The third factor that may indicate the potential of NFTs and the music industry is high ticket fees. Recently, John Oliver dedicated his weekly segment to TicketMaster and explained why TicketMaster is a sinister organization that charges a lot of money in various ticket fees. Selling tickets as NFTs can bring back the power to artists and eliminate the middleman that charges a lot more fees than it probably should. The more artists start selling tickets as NFTs, the more people will feel acquainted with NFTs, and it will be more mainstream.
In conclusion, the NFT industry is barely in its beginning. The future is hard to predict, but NFTs may be used for a lot more than owning digital art.
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