Musicians are looking to add value to their NFTs by creating actual use cases other than the collectible aspect of the asset
I'm a firm believer in the transformational power of blockchain technology, and I also believe that cryptocurrency is going to disrupt the music industry in many ways. The disruption is already taking place in the form of NFTs.
Some famous artists such as Ja Rule and Shawn Mendes are already integrating NFTs in their work, and countless independent musicians are following the same path.
The NFT problem
Crypto and NFTs can introduce clear benefits to the industry, such as facilitated payment, proof of ownership, authenticity verification, ease of distribution and facilitated access overall. Still, it also brings a few things that are perceived as problems.
The main thing that people still have a hard time with is the apparent lack of use case in art NFTs. Sure, they have intrinsic value as a scarce, collectible asset, but that is not enough for some people.
People are still used to owning physical stuff: things they can see, touch and use. Unless you are an audiophile, there is little difference between listening to digital music or an actual record. Still, it's a lot easier for most of us to feel we have ownership over something that exists in the physical world.
With visual arts, the reality shock is even more problematic because what is the point of buying art that I can't hang up on my wall to admire and/or show off my excellent taste in arts?
For those who are more adapted to the digitalization of life, these may be petty concerns, but it's important to remember that most people are still lagging in that regard.
Use cases for art NFTs
Aware of that situation, some artists are trying to add value to their NFTs projects by creating actual use cases for them. In most cases, the utility comes from "bridging" the NFTs that only exist in the digital world with things that are real and tangible in the material world.
I'm not directly involved in the music industry, but, as an amateur musician, it's something that interests me, so I'm often reading about the latest developments in the scene. That's how I found an interesting project by a Brazilian artist that I've known for years but had no idea was involved in NFTs.
Marcelo Bonfá was the drummer of the Brazilian band Legião Urbana, which was one of the biggest pop-rock bands in the country during the 80s and even though it's not around anymore it's still very well known, allowing the reminiscent members to live off its previous fame.
I didn't know it, but Bonfá is also a visual artist. He has been working with digital art for many years and recently decided to convert some of his work into NFTs.
To accomplish that, he is partnering with Kickoff Music, a platform that was unknown to me until now but seems to specialize in music NFTs and fan tokens.
One thing that caught my attention about this project is that Bonfá is trying to create actual use cases for people who hold his NFTs.
For starters, whoever buys one of his NFTs gets the original physical artwork that generated the token, so the "hanging on the wall" problem is solved.
He is also creating a space in the Spatial metavers, where people can check out his art collection. I'm not sure if owners can keep their NFTs exposed there once they buy it or not, but it can be an exciting idea.
And finally, the most remarkable thing, in my opinion, is that the NFT also works as a VIP pass for Marcelo Bonfá's concerts (he is still an active touring musician). That is a good idea, in my opinion, because it gives token holders an exclusive advantage in the real world and is also suitable for the artist because it's a lot easier to verify NFTs authenticity and ownership, drastically reducing forgery issues.
Final thoughts
Despite being around for some time, NFT technology is still in its infancy. I believe people will be more comfortable around it in a few years, but it will be necessary to pave the road for adoption for that to happen.
I believe that to achieve that, we must first create use cases in which people see real value, and things like what Marcelo Bonfá is doing have real potential to facilitate the transition.
Posted Using LeoFinance Beta
