Blockchain has quickly become an innovative force that has been looking for a promising industry for years. The number of projects and artists who showcase their work with this technology as a core can change the current economic model that most musicians work by.

Non-fungible tokens, or NFTs, allow independent artists to generate revenue and interact with their fans without always relying on labels or streaming services like Spotify. In March, electronic dance music producer 3LAU sold over $ 11 million in exchangeable tokens for real goods, including music, as well as a $ 3 million token holder claiming the right to collaborate with the artist. Another popular EDM DJ, Paul Oakenfold, announced in September that he will be releasing a token album on the Cardano blockchain.

Many arenas around the world are still unable to host live concerts due to restrictions imposed by the pandemic, and some streaming services do not provide a steady income for artists. Instead of deviating from the COVID-19 recommendations, some executives and regulators have turned to blockchain technology in the form of metaverse and NFT for alternative solutions. In August, Epic Games’ Fortnite hosted a virtual party with singer Ariana Grande and others.

One project claims to revolutionize the music field by giving music lovers creative access to top performers while enriching the blockchain novice and veteran board by integrating blockchain technology with mass entertainment. Animal Concerts fans can attend live or virtual concerts while retaining some control over the content of platform tokens. NFTs also play a big role and are used for tickets to virtual arenas, future live events, fanatics and memories for certain shows.

“We are at the forefront of many new technologies, real-time streaming, virtual reality, metaverse and NFT, and we are well positioned to take advantage of this as the only one gathering everything in one place,” said Colin Fitzpatrick. , CEO of Animal Concerts. “For musicians, this is the first major new source of revenue in a decade, and an exciting and innovative way to interact with fans. We democratize concerts and return power directly to the artists themselves.”

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Animal Concerts says their business model aims to bring 100 million cryptocurrency users into space over the next 12 months, and apparently provides closer contact with practitioners than was possible for non-VIPs. According to the project, there may be no limit to the number of people who can interact with music artists, combining the best features from streaming, concerts, metaverse, NFT and crypto. Animal Concerts is already selling an exclusive NFT ticket set that includes a live concert and a meeting with Grammy-winning rapper Future in Miami on October 30. Other benefits include round trip travel, beach hotel, bottling service and access to the Maxim model Lounge.

It remains to be seen whether blockchain technology will help revitalize the music industry as the pandemic continues to plague many countries around the world. However, expanding the interaction with consumers in virtual reality and proposing ways to democratize the concert industry can revolutionize this area. If over a million people saw Ariana Grande perform a virtual show on Fortnite in August, it’s a sign that along with the $ 20 million she spent on the party, companies like Animal Concerts could say, ‘Thank you, with’ the main concert. industry. …

Source: CoinTelegraph