[cue futuristic Space Age electro beats]
While NFTs (non-fungible tokens) aren’t new, they are becoming increasingly popular in the creative and performance arena. NFTs give fans an opportunity to support their favorite artists by purchasing a one-of-a-kind or limited edition item, which is minted, verified, and secured using blockchain technology. As we continue to dream up ways to help artists deepen relationships with their fans, and increase their revenue, in the digital world, we’re diving right into the NFT pool.
How can NFTs increase profitability for artists and why is it cool for fans?
The pandemic ushered in a way for artists to connect with their fans digitally, in ways they never have before with livestream. But livestream only scratches the surface on the way artists can leverage digital technologies to engage.
NFTs represent an opportunity for artists to do what they do - create - but also monetize the creation process in a whole new way.
“It’s a way to monetize your fan base in a way that’s never been possible,” said electronic music artist Justin Blau (known as 3LAU).
Blau earned $17 million earlier this year from NFTs, helped in part by a tokenized release of his three-year-old album “Ultraviolet,” which grossed $11.6 million and briefly held the record for the highest price paid for a single NFT, $3.6 million.
Why do fans love it? For the same reason they collect autographed guitars, limited edition albums and pay top dollar for intimate private events. Fans crave connections with the artists and the music they love and NFTs give them another way to do it.
So, how does Mandolin fit into all of this?
Mandolin is creating an end-to-end blockchain enabled experience for artists and fans. Our platform helps artists invent and mint NFTs, sell them at a fixed price or through an auction and receive crypto as payment. We can also integrate artists’ existing NFTs within the livestream experience, similar to the way we are currently integrating merch, sponsor links, donations and more.
The new NFT capabilities join other features such as Video-on-Demand (VOD) services to answer artists’ need to easily create and release monetizable content. Several other partnerships and features, such as the ability for artists to publish and monetize full live albums (directly from their Mandolin streams to DSPs), will be coming soon.
In addition to providing digital-only ways for artists to connect with fans through NFTs, there is also so much opportunity to use NFTs as complements to a touring world. And as we go back to live events where fans are in the same room as the artist, NFTs represent an incredible way for them to keep a memory with them forever.
Okay, let’s get to the good part. See NFT creation LIVE on Mandolin...
On April 23rd, Mandolin and Jake Cinninger of Umphrey’s McGee will foray into NFTs with a special event, “The Boondock Build.” Cinninger will create a limited music NFT in real-time live on the Mandolin platform, during which fans can exclusively reserve the NFT. Within days they’ll receive a fully mixed music track and a one of a kind piece of art to their crypto wallets. This is a wholly unique event in both the music industry and evolving NFT space.
The NFTs available will vary during the sales period, which will begin prior to the show and end afterwards. The event will also have a raffle component where a few lucky fans will walk away with NFTs for free. Festival Land will also show the event in real time in one of their virtual venues in Decentraland - the first ever virtual world owned by its users.
Ready to get started with NFTs and Mandolin?
Get in touch today to learn more about building NFTs into a customized monetization strategy for artists. We’re here to walk you through the ins and outs of this limitless approach.