Everyone can view the first tweet posted by the cofounder and the CEO of Twitter, Jack Dorsey, yet we have seen people bidding on buying the tweet, which was eventually sold for $2.9 million.
Yes, let that sink in for a second, $2.9 million for a tweet found online and which can easily be viewed by anyone. So what is the fuss around NFTs anyways? And why you, as an artist, should join the NFT ride, right now?
Let’s roll up our sleeves and get into it.
To start with, Non-fungible tokens, aka NFTs, are similar to bitcoins but with spice, and that being that they are not interchangeable. Meaning, each NFT verifies the authenticity of a certain digital asset, and these assets can be anything from pictures, videos to tweets, GIFs, artworks, and even music. In simple words, if you purchase something by NFT, the ownership is what you will be getting in return.
The economy of NFT is surely booming and re-shaping the conventional business model of the music industry, but one strategy that will shake up the music industry is the way artists are promoting their digital work. For instance, several creators have announced that whoever wins the bid and purchases X product will have a chance of meeting the artist in person or even working on projects with that same artist.
We have also seen Michael Kenji Shinoda announcing that whoever purchases his auctioned clip for his forthcoming song will also receive a physical copy of that art, and that will be signed by the artist himself. The point is that artists should not only focus on creating and selling NFTs but also know how to reach people. Thanks to NFT, artists can nurture their fanbase by establishing strong ties with them, constantly interacting with them, and obviously, guaranteeing their loyalty.
We still have not done yet, we have another big news related to NFTs which is that now artists can finally profit from their sales directly, without the involvement of any record producer or labels. This is why NFT will revolutionize the music industry, as artists are becoming their own bosses and generating profit from their very own work.
Creators can stretch the wonders that NFT has to offer, ultimately to serve their own benefits, however, one thing to note before taking the NFT ride is that in order to excel in the game you should have built a solid brand reputation because it is evident that more than the art itself, it’s the artist’s brand that makes these sales possible.