NFTs have been around since 2014. Even so, they’ve become more popular in the art world over the last 12 months due to quite a few factors. Firstly, the historical lows of U.S Treasury bonds, have made stocks and other asset classes more attractive to investors. Furthermore, the COVID-19 pandemic has forced music artists – who are now unable to tour and perform – to seek out other sources of revenue. Given that listeners are now spending more time at home, the forces of the market have given NFTs the opportunity to break through the industry.
Many music artists have made millions of dollars independently by selling digital versions of the art, music, videos, and other visuals in the crypt-ocurrency space. An NFT is a rare item that is recorded on a digital ledger in the music industry. Artists and singers can construct their own NFTs to auction off various types of digital media to followers who pay using crypto-currencies such as Bit-coin, Ethereum, and others. They could either add several buyers to the NFT or limit it to one owner. The artist may also be paid royalties if a buyer of a digital copy sells it to another person. This gives artists more leverage, as they now have another opportunity to sell their digital merchandise.
According to experts in the music industry, NFTs are just the beginning of an era where block-chain technology is used in the creative space. In fact, it’s possible that artists will soon be able to do business directly with music retailers and sell their NFTs at the same level of selling self-produced CDs in the past.
While not every artist is going to earn millions in a matter of seconds, they will be able to find creative ways to use their NFTs to connect more directly with fans and drive their careers forward. Given how quickly the landscape is changing, all it takes is for one loyal fan to completely change the game for an artist.
Some music artists who have embraced NFTs include Deadmau5, Kings of Leon, Shawn Mendes, Steve Aoki, and Post Malone. In 2020, Deadmau5 started selling NFTs for virtual stickers, Post Malone auctioned off an NFT for fans to play beer pong against him, Steve Aoki made $4.2 million just in the first week of March, and Canadian musician Grimes made $5.8 million in 20 minutes. In the past, that amount of money would normally have taken them years to earn. Even so, NFTs have created a new model for artists to reach consumers without having to deal with a middleman when it comes to distribution.
Some music lovers are still questioning whether owning NFT tokens or any other tokens defeats the point of appreciating art in the first place. These people believe that the most optimistic scenario for NFTs is that they will give artists and musicians the “economic clout” that they currently lack. Nevertheless, many venture capitalists and experts are saying that the people who are resisting this new technology are truly “cynical,” because this new technology is the future and is here to stay. What NFTs have done so far is attempt to create a new dynamic, not change the rules of the game entirely.
The team at Triptcip understands that NFTs are only the beginning of a wonderful fusion of crypto-currency and blockchain technology in the music landscape. In fact, Triptcip has developed a creative NFT hub for electronic music in order to solve the problem that music artists are currently facing – relying on middlemen to deal with everything from creating visuals to distribution.
With Triptcip, it is now possible for music acts to create stunning visuals for their music without having to rely on visual artists and auction them off to generate an independent income stream.
If you want to be among the first to learn about their artist line-up and get more information about their NFT hub, subscribe on Triptcip’s website for updates.
Triptcip has developed a unique visual sequencing tool – Void – which lets music artists create dynamic, trippy visual for their music without leaving their browser. Void is a lot of fun and a creativity gold mine. The tool offers over 7,000 customizable, psychedelic visuals, which can all be blended, tweaked, mixed, and looped in interesting ways. The upcoming expansion for integrating images, 3D models, and text, will provide even more flexibility for artists to create truly unique visual experiences.
The Triptcip team is comprised of dedicated web and crypto developers with a passion for electronic music, music production, visual art and crypto-currency. Their mission is to liberate artists and create a unique experience by combining the worlds of music and crypto. Currently, their hub is fully built and will launch in July 2021. Triptcip is poised to become an NFT host platform for the many talented electronic music artists out there.
While NFT technology is still in its very early stages, it has great potential and all that the experts need to do need to do is adopt and improve on it. The music industry is currently at a crossroads and there are plenty of directions it can go, especially digitally. Many artists want to be represented more, either financially or creatively, and NFTs have the potential to solve that problem.