I was in the car with my kids the other day, listening to a musicNFT and we were talking about the artist. We were talking about why artists would choose to make an NFT and not be on Spotify? So that inspired today's post.
What are NFTs?
There are so many NFT skeptics because everything in the blockchain world gets categorized as pictures and currency.
Trying to explain the depth and qualities this tech rarely elicits a positive response, nor does anyone allow the opportunity for someone to explain.
So a NFT is a token
Tokens can be fungible or non-fungible
Fungible tokens are interchangeable and have the same value, like currency, while non-fungible tokens (NFTs) are unique and represent ownership of a specific digital asset
The underlying value of a NFT is what it means to you (art), what it represents or who is backing it. For example, if Elon Musk puts a NFT up for sale on Opensea ( a NFT marketplace/platforms that facilitate secure trading of NFTs) and says whoever owns that NFT can walk into any Tesla dealership and use a Tesla of the floor for as long as they want, would anyone dispute that?
Ok back to my music NFT.
A few months ago, on a Twitter Space I heard Violetta Zironi sing her music(Moonshot), share her story, and engage with her audience.
I enjoyed the music and found the conversation to be meaningful.
So when Violetta's Moonshot Music NFT project launched, I minted one of her NFTs for my collection. (It is worth noting that many NFT projects offer a list of utilities, some achievable, some for hype. It's up to you to judge the value of these utilities. And in the example of Elons NFT, if Tesla goes bang, remember you are only left with a picture of Tesla).
When Violetta came to the UK for NTF London, she invited holders of her Moonshot NFT to a web3 music event, featuring her and several other talented musicians. It was a small, intimate, and high-quality event. Holders had the option of claiming free entry(Violetta would cover this) as a thank you to her fans. Besides the great event, it is there where I saw firsthand how this community of musicians supports and appreciates each other and their fans.
A few benefits of NFTs to Violetta.
It allowed her complete freedom to express her art the way she wanted.
Gave her financial freedom (equivalent of m.m.millions of Streams)
She has connected and knows who her fans are. And allows her to reward her fans (I got sent a NFT from her new project Another Life, thank you)
In conclusion, owning an NFT of Violetta's music has given me access to unique experiences, such as attending a web3 music event, and a sense of connection to her as an artist. It has also provided her with financial freedom and a direct relationship with her fans. Even if Violetta were to stop making music, the NFT would still hold value as a one-of-a-kind digital asset, but more importantly, her legacy and impact on her fans would continue.
Have a listen.
https://opensea.io/assets/ethereum/0x70be4e3761188d0a8c525e54bb81c4ea97712de4/1254