Article by: Nic Herrera
So what is an NFT? Meaning non-fungible tokens, NFTs have been prominent topics of conversation lately, but few fully understand the concept. To put it simply, an NFT is anything from art, music, and audio files, to images or digital assets which are created and uploaded to the blockchain. This is a digital database which keeps information safe by storing in a block, and then chaining the information together in chronological order to keep it secure. Remarkably, NFT websites have seen over 400% increase in traffic for the month of March as the market goes mainstream. Here is a very quick but simple explanation of NFTs by @garyvee.
With this understanding, let’s look into the potential impact for electronic dance music. So far in 2021, these assets have created new potential revenue streams for artists and creatives alike. A leading example of this would be 3lau’s NFT release, which is the most lucrative EDM offering to date. Many EDM artists have begun to feed off this momentum by releasing albums, songs, and digital art. Adventure Club is even offering up a chance at AC show passes for life during their Blockparty NFT release Thursday, April 8 at Noon PST.
Recently, Illenium released his Ashes NFT collection, commemorating the 5-year anniversary of his first album. It can be purchased on Nifty Gateway along with various art and music pieces. I have a feeling many artists will soon incorporate NFTs as an offering in their merch store or as a link to the HFT host website. This opens room for experimentation into digital fashion and design, with luxury brands such as Gucci expected to follow suit.
In my opinion, NFTs can be implemented in various aspects of EDM, not only for the artists, but also for the ravers who attend shows and festivals. This pandemic has opened many eyes; some have an increasing need for personal safety in regards to contact with others and the spread of disease. Although vaccines are available, a number of people are still reluctant to participate in rave activities of the old days, like trading candy or being shoulder to shoulder in a packed crowd.
I believe NFTs have the ability to fundamentally change the way we rave and how the EDM community experiences PLUR. This medium can be used to share memorabilia from events or artists. Imagine - a DJ could offer up an NFT after playing a live set, or the event company could create an NFT for its festival. All these tokens could be created in real time via the blockchain to incorporate the visual aspect of a live set for a limited release.
Similarly, venues also have a new opportunity and market to add to the overall experience. For example, 100 unique Coachella NFTs for the first 50 VIP and 50 GA tickets sold would create a uniquely marketable collectable. This could be another way to generate extra income for venues and artists, as well as preserving a digital token of a spectacular memory or event experience above and beyond the pictures and videos on your phone.
Ultimately, there is a long and fruitful road ahead for the NFT market and music to come together. It is in the hands of our EDM community, and the blockchain community at large, to create a baseline of this union with the purpose to truly help artists and venues continue to provide unique experiences and goods we can all enjoy well into the future.