NFTs have already changed the music industry — forever
NFTs remained far from the public eye until last year. Now, they function as a type of “new stage” for artists and music producers.
It may just seem like a fad or the latest trend, but there are many signs that the music industry’s attachment to NFTs (Non-Fungible Tokens) is here to stay.
NFTs represent one of the applications of the crypto universe: decentralized smart contracts that provide uniqueness and exclusivity to a digital file; that file is usually some kind of art piece, such as a painting, a film, or an excerpt from a show.
They operate on a blockchain, a transparent network accessible to the public but completely protected from attacks. Anyone can access the details of an NFT transaction, though, because of the nature of its very design, it can’t be changed once it’s created.
Despite having existed in the form of commercial projects since 2018, NFTs remained far from the public eye, relegated to the periphery of more alternative environments. But beginning last year with the concurrent explosion of bitcoin and the popularization of several cryptocurrencies — and further compounded by the restrictions necessitated by the Coronavirus pandemic — NFTs started to function as a type of “new stage” for artists and music producers.
That’s because NFTs offer an avenue to expand the potential audiences for an entertainment product. Think of what remains of an artist’s earning methods today: selling physical albums, digital music, tickets to shows, and time-intensive events like “meet and greets.”
With the impossibility of performing shows during the pandemic, the NFT emerged as a way to improve the fan-musician relationship through various methods of engagement, such as offering rarities or building anticipation. A band can release an NFT edition of their album with special advantages, such as an exclusive cover or a personalized message. A director can even transform a film’s first ticket into an NFT, recognizing its first viewer, raising funds for its distribution or even producing the film itself.
There are countless possibilities, and Global Pandemic Shield believes that all of them can be used to serve one unifying purpose: to heal science to save the world. And for those who purchase the platform’s exclusive NFTs, they represent proof of their collaboration and dedication to the cause.