Viberate, a music research and analytics platform based on blockchain, has issued a statement urging musicians to register and become part of the ‘new music economy.’ This follows the record live gig NFT event that happened in April.
Viberate operates the VIB native token supported on several major exchanges, including Binance, Bittrex, OKEx, and Uniswap. The new call to musicians to adopt the ‘new music economy’ will help in testing the waters of whether the NFT craze is still in play.
The feature will also help in testing whether the music industry is ready to venture into NFTs. It will help musicians manage bookings, engage better with fans, and gain insights from big data and analytics. It will also help in testing whether tokenized contracts can be adopted in the music sector.
NFTs and the Music sector
The co-founder of Viberate, Vasja Veber, stated that “We strongly believe that blockchain-backed bookings and customized fan experiences are a natural way forward. We just have to decide to start accepting them sooner instead of later. It’s time to ditch the old-school way of doing things and start relying more on the amazing power of the internet, making the business more transparent and secure. After all, the music industry managed to survive a pandemic year by doing everything online, so what more proof do we need?”
Viberate stated that three main NFT categories would be part of the new solution. The three categories will include live performance NFTs, Livestream NFTs, and a fan-based NFT that will allow artists to interact with their fans. Viberate has also urged interested artists to register for the service on its website.
Popularity of NFTs in the Music Sector
NFTs could play a great role in enabling musicians to increase their revenue streams. The best feature about NFTs is that they could aid in piracy issues that have gripped the music sector for a long time. An NFT makes it impossible for art to be duplicated, giving musicians total control over their product,
3LAU, an electronic artist, has been an instrumental figure showing the benefits of NFTs in the music industry. 3LAU sold his album dubbed ‘ultraviolet’ as an NFT for $3.6 million. During the album sale, he traded 33 tokens at varying prices in an auction that saw many bids coming together to launch the product.
3LAU is an artist with a great interest in the blockchain sector. He has also organized a blockchain-powered festival that allowed attendees to use crypto to buy items at the festival. With the pandemic making it hard for musicians to organize and attend concerts, NFTs are the suitable solution.