How and Why Are NFTs Changing the Music Business?

NFTs have been a key resource for the expanding music industry, especially for emerging artists and upcoming music festivals. But how exactly have NFTs changed the music business?

NFT Funding

Numerous artists and music festivals require funding for their projects. These entities have used NFTs to offer value to their supporters and provided a convenient platform for their fans to support them.

Owning limited-edition NFTs have enabled fans to support their favorite artists but potentially owning an appreciating asset. For the artist, NFTs provide more freedom. Artists benefit from using a decentralized project such as NFTs by possessing control of the type of music they wish to release and also earning passive income by enabling subscriptions.

Some artists convert rare photos of themselves into NFTs and sell them to fans, making it another income stream. 

NFT Event Access

Music festivals wishing to sell tickets directly to their fans without a third party have found NFTs to be the answer. An NFT project such as Cocky enables investors to receive exclusive access to global music events. NFT owners who are unable to attend events in person can use Cocky’s platform to view live streaming of the events.

How and Why Are NFTs Changing the Music Business?

Cocky isn’t just another music festival organizer. It enables NFT holders to reap rewards by earning mutations. These appear as a stamp on an NFT’s background, enabling the holder to write his/her unique story to make the asset rarer.

Cocky’s NFTs are cans that have 51 skin variations and are colored in silver, gold and black lids. The 3-tier color system determines the benefits NFT holders receive at Cocky’s events. Some of the prizes include transportation to events, accommodation and special discounts.

NFT holders stand a chance to win exclusive VIP benefits for events if their cans blackout. Owning the black can NFT entitle the holder to VIP benefits infinitely.

How and Why Are NFTs Changing the Music Business?

Investors wanting to attend Cocky’s events can buy NFTs by holding a MetaMask, Coinbase or WalletConnect. The project is currently in the presale phase, so investors can own pre-minted NFTs.

To attend Cocky’s live electronic music events, NFT holders must be 18 years or older. The attendees are selected by an algorithm based on the most active Discord participants, random distribution from the pool and randomly selected members in the event’s geographical region.

NFTs Decentralize the Music Industry 

Music festival hosts such as Cocky have provided a transparent system via NFTs for ticket holders to minimize fraudulent activities and enable convenient and efficient purchases. Holders stand to benefit more than just having access to events by receiving rewards.

NFTs enable artists to directly connect with their fans and earn from them without an intermediary such as a record label collecting the majority of the earnings.

   
 

NEWS RELATED

South Korean Crypto Exchange CEO to Serve 25 Years in Jail After Appeal Fails

Source: mehaniq41/Adobe The CEO of a South Korean crypto exchange who was found guilty of murdering his lover by stabbing her and pushing her out of a 19th-storey apartment window has had his appeal rejected – and will serve 25 years in prison. The 33-year-old man was convicted back ...

View more: South Korean Crypto Exchange CEO to Serve 25 Years in Jail After Appeal Fails

Bitcoin Price and Ethereum Prediction; Fantom Rockets Over 35%

Bitcoin, the leading cryptocurrency, struggled to break above the $17,250 level on December 2, and it is now heading lower to $16,900. Similarly, Ethereum, the second-most valuable cryptocurrency, has fallen after being rejected at the $1,300 level and is currently consolidating near $1,275. Major cryptocurrencies were trading in the negative ...

View more: Bitcoin Price and Ethereum Prediction; Fantom Rockets Over 35%

Cross-Chain Giants To Watch Closely In This Next Crypto Cycle

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. Innovation of Web3 technology continues to proliferate. During the last bull market (starting from just prior to DeFi Summer 2020), a significant number of projects with novel applications emerged, receiving the attention of venture capital, as ...

View more: Cross-Chain Giants To Watch Closely In This Next Crypto Cycle

14 Best Play to Earn Games for 2022

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Investors can earn rewards from the blockchain in several ways – one of the most popular methods is to take advantage of the latest play to earn ...

View more: 14 Best Play to Earn Games for 2022

DOJ Watchdog Seeks Independent Examiner of FTX Collapse

The internal agency compares the failure of FTX to that of Lehman Brothers and New Century Financial.

View more: DOJ Watchdog Seeks Independent Examiner of FTX Collapse

Three Arrows Founders Have One Week to Provide Key Financial Documents: Singapore Court

The documents would help liquidators locate funds and settle claims with the creditors of the bankrupt hedge fund.

View more: Three Arrows Founders Have One Week to Provide Key Financial Documents: Singapore Court

Solana Soars, Flow Falls as NFT Market Declines Further in November

Trading in November is about 88% lower than January as overall volume and total NFTs sold both slump even further.

View more: Solana Soars, Flow Falls as NFT Market Declines Further in November

Politicians Are Giving Back Their Donations From Disgraced FTX Founder

Among the politicians who haven't commented on their SBF donations: Sens. Boozman and Stabenow, who co-sponsored the DCCPA bill.

View more: Politicians Are Giving Back Their Donations From Disgraced FTX Founder

The Inaugural Crypties Awards: In Pictures!

Optimism Crypto Price Prediction 2022 - Best Crypto to Buy Now?

Digital Asset Management Firms See Lowest Amount of Funds Held Since December 2020 – What’s Going On?

Best Cryptos to Buy Today, 1 December

Apple Forces Coinbase to Disable NFT Transfers on Its Wallet App

CFTC Chair: Crypto 'Potentially a Threat to National Security' After FTX Crash

Magic Eden Launches Solana NFT Tool to Enforce Creator Royalties

Crypto Gaming’s Latest Play to Earn Game is Selling Out Fast – 10x by 2023?

Why are Crypto Prices Pumping This Week? 5 Best Crypto to Buy Before 2023

KuCoin Draws Ire for Sky-High Yields on Bitcoin Dual Investment Earn Products

8 Best Plinko Casino Sites with Bitcoin Bonuses 2022

Elon Musk Fears Severe US Recession is Coming, Urges the Federal Reserve to Do This to Prevent It

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network