NFT stands for Non-Fungible Token — a digital token that cannot be exchanged for another. It can be bought, sold, exchanged, modified, but it will always be unique.
The music industry is undergoing a major shift as more and more artists and fans are turning to non-fungible tokens (NFTs) as a new revenue model where close fans can support their favorite artists. While many people are familiar with the use of NFTs for buying and selling unique digital art, their potential for the music industry is yet unexplored. But that’s about to change.
2021 has witnessed the spectacular rise of NFTs with unbounded enthusiasm across different blockchains, with crypto art gradually merging with the mainstream and auctioned off in respected Christie’s and Sotheby’s galleries.
However, while most of the NFT community’s attention has been focused on artistic and visual-based mediums, a growing trend of musicians entering the NFT space with increasing tempo can be quietly observed.
Music NFTs first grabbed international headlines earlier this year with Grimes, 3LAU, and Kings of Leon releasing digital editions of their music and earning millions.
While this news sparked the interest of the music community in NFTs, there was still a wide gap in awareness and adoption that aspiring musicians had to cross to reach the same heights as their creative peers who were minting more conventional NFTs.
The introduction of more platforms that are music-first, such as ЯÉVOLTE (Japanese DAO) on the Ethereum Blockchain, promise to change the dynamics and empower musicians greatly, especially those with talent but without significant influence or backing.
Music NFTs promise musicians an independent way of living, enabled by collectors worldwide appreciating their creations without being tied to labels for the discoverability and distribution of their music.
Through the blockchain, music NFT creators and their fans also gain a more direct and closer relationship.
There are new and flexible ways for music NFT creators to interact directly with their fans through minting NFTs with a special utility, for instance, giving holders of the special NFTs privilege backstage passes or collaborating together to create a unique music track.
With the implementation of royalties from the resale of NFTs, and potentially from the streaming of their tracks, musicians would gradually gain the financial independence and freedom to pursue creating the music they love without restraint.
All this is made possible with the unique aspects of NFTs where intrinsic value is derived from provenance, and royalties automatically calculated and transferred to creators through a smart contract without the need of any middlemen.
ЯÉVOLTE is a community that experiments new entertainment with “music x NFT”.
Based on the mission of “Creator Initiative”, aim to be a DAO (community) where professionals involved in entertainment gather and experiment with new music business.
ЯÉVOLTE works so far
Numb’n’dub — GASHAPON HARDBASS — and many more still coming…
- FOUNDER: KITSUNE DJ
- ENGINEER: GENTA
- PLANNER / COMMUNITY: SAIDA
- MUSICIAN: KOHEI ISHII / JUNET