Blockchain-based music research and analytics platform Viberate (whose native token VIB is listed on Binance, Bittrex, OKEx, and Uniswap) just announced that it will test the concept of a “live performance NFT” in partnership with digital asset marketplace Blockparty.
The upcoming 24-hour “NFT drop” (the release and subsequent auction of non-fungible tokens) will launch on April 29 and feature the work of globally renowned Techno DJ and Viberate co-founder UMEK. Five different NFTs will be open to bidding by fans and organizers, three of them unique remixes of UMEK’s 1999 techno club hit “Lanicor”, and two “live gig NFTs” – one for a livestream performance and one for performing at a live event.
An NFT, or non-fungible token, represents a one-of-a-kind piece that cannot be replicated or tampered with. This makes it a rare and collectible item that’s great for fans, collectors or investors, as they become the sole owner of an original. Speaking of rarity, UMEK has vowed to permanently delete all existing files of the offered “Lanicor” remixes, making exact replication impossible and the buyers of his NFTs the owners of the only such tracks in existence. What’s more, the blockchain technology behind NFTs makes every transaction verifiable, thus creating so-called “smart contracts” between two parties – for example, an artist and an event organizer.
This is why UMEK and his team see the drop not only as a form of creative expression, but also as a new opportunity for artists to manage their bookings. “I’ve been paying close attention to NFTs, as I’m obviously invested in cryptocurrencies and blockchain,’’ says UMEK. ‘’Viberate, the music research and analytics startup I co-founded, also includes both. But more than that, I know that the Electronic music scene is very diverse. There are many DJs out there who are currently stuck waiting for the pandemic to end, as they don’t produce and sell their own music, but are quite successful in playing live gigs. Securing events via NFTs can open up a whole new world of opportunities for all artists, even those who might not yet be very well-known or who are not backed by major labels that handle their business. I strive for more equal opportunities, not just in the Electronic music community, but for artists in general, as I truly believe we can help build a more transparent and diverse industry.’’
It seems that Electronic artists are at the forefront of NFT drops. Since February, several prominent names, such as Grimes, Kygo and Steve Aoki, have released their collectible art, earning millions in the process. Grimes’ digital art, for example, has reportedly sold for $5.8 million in under half an hour. This kind of creative thinking could be attributed to Electronic artists being more comfortable with using technology and adopting the latest digital trends. But Viberate and Blockparty also believe the reason lies in the general re-thinking of monetization that artists were faced with in the months with no live events (and subsequent lack of revenue).
Vasja Veber, Viberate co-founder and UMEK’s manager, explains further: ‘’The industry’s been living in a sort of limbo this past year. As there are no live events, the artists try to make do by streaming their performances, but there’s no clear answer as to when and how things will return to normal – or even what ‘normal’ will mean by then. We hope to prove a concept with our NFT drop: any artist can make sure they’ll have a booking waiting for them once live gigs are back in the picture, and the terms of that booking are agreed upon in advance.’’
The first-ever “live gig NFT” will therefore propose a vision of the music industry’s future: digital-oriented handling of gigs that is more secure for both artists and organizers. Viberate plans on providing the option of gig token minting to nearly half a million music artists in its database, along with minting artist ID NFTs through a secure verification process. These ID NFTs will then act as a certificate of authenticity, reassuring the buyer that the contents indeed come from a verified artist, not someone offering other people’s work.
UMEK’s NFT drop will launch on Blockparty on Thursday, April 29, 2021, at 8:00 pm GMT+1 (3:00 pm EST).
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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