Future of Music : How Blockchain Enhances Concert Experiences & Reward Loyal Fans
Get ready for a mind-blowing revolution in the music industry! Web3, the future of the internet, is quietly but surely transforming the way we connect with music, in mind-blowing ways.
Let’s drive into the exciting world where blockchain-based rewards and NFTs are reshaping the music landscape.
CONCERT QUESTS AND BLOCKCHAIN REWARDS
Imagine attending a concert by your favourite artist and earning blockchain-based rewards just for being there. The opportunity came to life during Harry Styles’ Love On Tour sold-out show at Slane Castle, Ireland.
Over 5,000 lucky fans used a cutting-edge app that opened a self-custodial wallet, granting them access to collectible rewards simply by completing quests – like attending more concerts in real life!
EVNTZ founder Kim O’Callaghan explained that the app builds a community that rewards loyal fans, fostering a sense of true ownership. It’s a groundbreaking concept where you earn for doing what you love.
EMPOWERING ARTISTS WITH FAIR ROYALTIES
But this success story is just the beginning. Earlier this year, Jamil “Deputy” Pierre, co-producer of Rihanna’s hit “Bitch Better Have My Money”, sold his personal royalties for the song as an NFT on AnotherBlock. The result? A $63,000 windfall.
Royalties have always been a contentious topic. Streaming giant Spotify, for instance, pays artists a meagre $0.003 to $0.005 per stream. While major label artists receive a smaller percentage due to contractual obligations, independent musicians struggle to make a living.
Taylor Swift even famously pulled her music from Spotify in 2014, highlighting the need for fair compensation. NFTs provide a solution by bypassing intermediaries and allowing artists to sell directly to fans, earning more from subsequent sales. It’s a shift that empowers musicians and reduces their dependence on centralised streaming platforms.
A NEW WAY TO CONNECT WITH FANS
Now, let’s explore the lighter side. Not only are accomplished artists embracing Web3, but they’re also finding innovative ways to engage with their fans.
Post Malone sold NFTs that offered fans a chance to play beer pong with him, creating unique and memorable experiences. Snoop Dogg introduced the Passport Series, granting holders exclusive access to behind-the-scenes content, early music releases, merchandise, and unforgettable encounters with the iconic rapper.
WEB3’S GLOBAL IMPACT ON THE MUSIC SCENE
The Web3 wave has even reached the vibrant world of K-Pop. SM Entertainment, a powerhouse in the industry, recently partnered with SuperNormal, a leading Korean NFT company, to create a profile picture (PFP) NFT project featuring portraits of popular K-Pop artists.
NCT, SuperM, aespa, and Red Velvet are among the stars whose PFP NFTs are expected to make waves and potentially spark mass adoption in the K-Pop scene.
These examples are just the tip of the iceberg. Tory Lanez dropped unreleased tracks as NFTs, generating over $400,000 in sales and giving fans exclusive perks. The Weeknd’s NFT collection, “The Acephalous”, raised over $2 million with captivating audio-visual artworks and unreleased music. And who could forget the purchase of the one-of-a-kind Wu-Tang Clan album, “Once Upon a Time in Shaolin”, by PleasrDAO for a staggering $4 million?
The fusion of music and Web3 is redefining the industry as we know it. It’s time to embrace this exciting era where blockchain-based rewards and NFTs empower artists, reward fans, and reshape the landscape of music.
Discover more about this groundbreaking revolution here. Don’t miss out on the future!