NFTs, Cryptocurrency, and The Electronic Dance Music Industry

Mar 12, 2022

So unless you’ve been on an internet-break for the past two years the terms NFTs, Ethereum, Cryptocurrency, and Blockchain have more than likely surfaced on your newsfeed somewhere. Of course, the language of money is universal so it’s no doubt the concepts would spread across all genres of music!

From A-List rappers such as Eminem, Post Malone, and Snoop Dogg, to the top EDM DJs such as Steve Aoki, Don Diablo, Deadmau5, Grimes, Getter, 3LAU, and UZ, a multitude of artists have found a new way to take control of their money combining current industry tactics with the new emerging decentralized world of digital currency & assets! There is no doubt that Non-Fungible Tokens (NFTs) and Blockchain technology will revolutionize the Electronic Music Industry.

So what are Non-Fungible Tokens? The technical term for an NFT is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.

Essentially, this can be any form of digital media such as a JPG, Gif, MP4, 3D Render, or even something like a virtual baseball card. The major concept to keep in mind with NFTs is that they are “Non-Interchangeable” units of data. This means that there can only be one true original copy of the digital asset. To put it in example, think of the famous Mona Lisa painting. Even though there are thousands of replicas of the masterpiece, there is only one true original painting. You can’t trade/sell the original Mona Lisa for another original Mona Lisa because it does not exist. On the other hand, currency is interchangeable; you can trade a $10 bill for another $10 or 5 BTC for another 5 BTC. NFTs are also “non-fungible” which means that all assets are strictly digital. You are not able to physically touch an NFT as if you were buying a physical CD or physical painting!

Now that you’re a little bit more familiar with the concepts of NFTs, let us explain why they’ve sparked the interests of top artists and entrepreneurs globally! NFTs specifically run on the Ethereum Blockchain, which means you need ETH (Ethereum) to buy/sell Non-Fungible Tokens. Because the Ethereum Blockchain is decentralized, there is no middle-man to play the part in holding or monitoring your money (like a bank would with USD, Euros, or Pounds). Your cryptocurrency is truly held and owned by you.

With that being said, DJs and Artists have taken back control from Music Labels and certain ownerships by being able to release their music & other projects by means of NFTs
7 be paid directly for their art. Some artists have also bought NFTs to become part of exclusive societies with special rewards such as the well-known, Bored Ape Space Yacht Club . This exclusive NFT community is the most-popular NFT community by far with its high-profile roster including Steve Aoki, Kevin Hart, Steph Curry, Lil Baby, Jimmy Fallon, and even Paris Hilton! It became so big that the developers of the Bored Ape Space Yacht Club were reached out to by Adidas for their first NFT project!

Back in 2021, Getter and his good friend Nick Coletti auctioned off the original internet-viral “Suh Dude” meme video that surfaced the internet in 2015. One of the highest bids for the 7-second video came to 5 ETH or roughly $10,482.83 at the time! Someone now owns a piece of the Getter legacy and only for the price of a used car! Steve Aoki, on the other hand, has always been an early pioneer of Cryptocurrency, so it was not long before he jumped into the NFT space. Aoki has even gone on to create his own NFT marketplace called Oddkey together with Comic Book Legend Todd McFarlane! Many know of Grimes, not only as the Ex-Wife of the innovative Billionaire Elon Musk, but as an innovator herself! Last March, she raked in an estimated $6 million in less than 30 minutes with her WarNymph select 10-piece digital art collection created together with her brother Mac Boucher. 3Lau (Justin Blau) also made an estimated $11 million over the span of a weekend when he released the world’s first-ever tokenized album!

So how can you as an artist or DJ get involved in the NFT world? There are a couple great strategies that you can use to first learn more about NFTs and then take advantage of them yourself. There are many NFT Music Communities currently forming to help create a space in the Web3 for artists to gain exposure, funding for music, and more!

MusicFund, for instance, is a Web3 music community that finds, funds, and supports up-and-coming artists. Every Month their members vote to donate ETH to three rising musicians through the Community Fund. The goal is to continue growing the community and reinvesting into its members! MusicFund members also gain access to random giveaways for Coachella Tickets, Private MusicFund Concerts, 1/1 NFT Giveaways, Ethereum and more!

One of (no pun intended lol) the most recognizable NFT Music Communities is a platform named OneOf, a green NFT music community made to connect fans and collectors at all levels with their favorite artists! The key concept with this platform is built on the Tezos Blockchain, an energy efficient proof-of-stake network. The Tezos Blockchain uses 2M times less energy than other proof-of-work blockchains. You can learn more about this by visiting their website. This platform became a favorite of many including Warner Music Group, Doja Cat, Alesso, Chief Keef and more. Another MASSIVE advantage for artists using OneOf is their $0 minting cost (gas fee) destroying the financial barrier for artists of any backgrounds, and allowing them to buy, sell, mint, and share creative projects in a safe, eco-friendly space!

To wrap things up, there are currently also a number of free resources and ways to learn about upcoming Music and EDM NFT Communities through Facebook Groups & Clubhouse Chatrooms! Every day the world of Web3 is changing, and the cryptocurrency world is quickly melding its way in global economics. There is absolutely no doubt that MANY artists will reap the early benefits of joining during the “gold-rush” era of NFTs, Cryptocurrency, and Blockchain technology. Choosing to learn about NFTs & Blockchain Technologies is a way of getting ahead of economic trends & creative freedoms! The digital world has now been exponentially expanded & the possibilities for artists are now endless!

{Written & Edited}
Adam Xavier Hawthorne
NoFace Radar/Records Publicist


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