NFTs: Top 3 Market Insider Tips

NFTs are used in amazing ways in music marketing. Emile Angervall, co-founder of Corite, says the projects should take into account the interesting uses that exist.

In recent years, blockchain, cryptocurrencies, NFTs, and the “Metaverse” have all become a part of pop culture. Global brands such as Meta, TIME, Mastercard, Samsung and Louis Vuitton are incorporating NFTs into their product ranges. The adoption of these technologies is expected to continue to accelerate. The music industry is developing the adoption of NFTs at an especially rapid pace – an increasing number of musicians are adopting the technology and creating new ways to connect with their fans.

On the other hand, investors are not always aware of the full scope of the company’s services and are still investing. Investing money in NFTs may be a good idea, but for long-term success, the investments must have real utility and value. However, very few perform a proper product analysis beforehand. This includes comparing the project with others in the market, trying to identify uniqueness, and examining the company’s performance and how it reports on the results of its own campaigns.

Therefore, in this article, I would like to talk about the opportunities for using NFT based on my own experiences and observations. These possibilities have not received much attention so far, despite the great potential. However, companies can use it to convert their audience into a loyal community while attracting the attention of new investors.

1. NFTs as tickets to real events

The ticket industry today faces enormous challenges such as counterfeiting, fraud and most importantly, fragmentation. When a major platform issues a ticket, it can be bought and sold multiple times in secondary markets. Using NFT tickets can help solve many of these issues.

Fans don’t just buy paper and then throw it away, they own a digital asset with real value. As the first sold-out event with NFT tickets, the Mola Chill Club is a great example of how this works in practice. The project’s NFTs give members access to exclusive music shows worldwide. Some icons in the set also included surprises, such as meeting the artist, getting backstage, and back and forth to the first event.

Another example is the Coachella collectibles series. The project is a collaboration between Coachella and FTX. This series offers unique opportunities such as lifetime passes, encounters, and more. The Swedish Road Festival (WOW) is currently working on a similar group. This is an NFT-exclusive collection of moments captured by festival-goers.

The increasing use of NFT tickets by high profile events shows that new technologies provide new opportunities to gain a competitive advantage and attract people’s attention.

2. NFTs and Gamification

I like the idea of ​​bringing games to businesses using the NFT suite. Simplicity makes it very attractive to users: one only has to buy one token and keep it to enjoy the exclusive benefits. Such interaction with the product is very interesting because people love games. The gamification element of NFTs keeps the users’ attention, immerses them deeper into the product and sets the project apart from the competition.

You don’t have to develop an entire game at once. Sometimes, all it takes is for your customers to be able to create their own NFTs. German dance giant BOYS NOIZE aka Alex Sidha has already tested this. His “Rave Pigs” collection consists of 6,666 generative tokens featuring characters from Berlin’s underground cyber scene. Each of these characters was created by combining 129 attributes from 10 visual categories and five audio layers. This results in over 50 trillion possible combinations. Each unique token contains a digital image and music track owned by the token holder.

Developing games based on these tokens can also add value. For example, in Axie Infinity, NFTs are an active part of the game. Users can raise and upgrade characters, fight against each other, or even buy plots of land. By turning NFTs into games, Axie Infinity has become the world’s largest earning gaming platform. AXS has a market capitalization of over $3 billion and a daily trading volume of over $150 million.

3. NFTs, Marketing and Crowdfunding

Finally, I would like to go into crowdfunding with the help of fans. In my opinion, this possibility benefits creators and audiences alike. Artists can fund their new album with the support of a committed community without having to rely on labels. In exchange for their contribution, investors get the right to a share of broadcast revenue and a valuable NFT, such as an offline copy of a song or music video.

Artists receive immediate payment for production and marketing costs while retaining ownership of their music. For users, it’s more like giving money directly to artists they think will be successful. If success pays off, investors will participate in it.

The Unity campaign By Alan Walker raised $25,000 in a few days, making it a prime example of how this model works. It is possible that the goal of broadcasting the song will be reached sooner than expected. Inspired by this success, another much larger campaign was launched for the Alan Origins EP. This crowdfunding model can also be augmented with “Fan Quests”. Users get rewards such as airdrops or perks for completing certain tasks set by the artists.

Ultimately, musicians have a committed community that believes in success and is willing to invest. On the other hand, users know that as the artist becomes famous, the value of his shares will increase. Because of the musicians’ work and reputation, their digital products deserve more From purely NFT-based projects?

Image from BeInCrypto.com

Marketing and the importance of audience involvement

Incorporating blockchain and NFTs for marketing purposes would initially seem like a daunting step for traditional companies. But the greater the daily use, the easier it is to incorporate this technology into projects. In addition, the concept brings some benefits to the end users. I encourage everyone to get out of their comfort zone and become a leader in this field. The world is changing and young people in particular want to take advantage of new experiences and opportunities. Brands that enter the world of NFTs early will be better prepared for the future and can fully realize the potential.

About the author

Emil Angervall is the co-founder of blockchain-based digital music distribution company Corite. The company offers music by artists on various streaming services such as Spotify, Apple Music, Pandora, and TIDAL.

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