Gary McFarlane
NFT technology is proving to be one of the most disruptive aspects of crypto and none more so than in the music industry, as we shall see.
Non fungible tokens (NFTs) are so useful because they enable unique items to be securely accounted for in the digital realm.
And NFTs’ reach goes way beyond the digital because non-digital goods and services can be ‘tokenized’ using the technology to, for instance, break up a house or a piece of art into fractional parts, each assigned with a unique receipt – i.e. an NFT.
There is perhaps no industrial application area more pertinent for NFTs than music. From clamping down on ticket touts to enabling creators to become their very own label, NFTs are a game changer.
Let’s look a little more closely at how NFTs are starting to change the way the industry and its artists and labels do business.
Muse makes history with a No. 1 album released as an NFT
Alongside traditional formats, British rock band Muse released its ninth album as an NFT, and it found its place in history – on the 2nd September the album, entitled Will of the People, is the first NFT-formatted album to reach No.1 in the UK official music charts.
The NFT version was sold through the eco-friendly NFT music marketplace Serenade. It was only a few months ago that music NFTs became eligible for inclusion in the stats that go into compiling the UK charts.
As it happens, Muse was not the first artist to chart with an NFT in the UK. A rapper called Aitch got his debut album into the top 10 the week before.
So there certainly seems to be the beginning of a trend here, although it should be pointed out that the NFT version of the Muse album was limited to 1,000 copies, so this wasn’t exactly mass market in sales terms.
NFT adoption in music set to accelerate by enabling creators
But this is merely one example. From Linkin Park to Snoop Dogg, musicians have been releasing NFTs for a couple of years now, but we could be reaching a tipping point.
Evidence of that comes from the MTV VMA awards. In a slight twist, Eminem and Snoop performed as Bored Ape NFTs at the awards ceremony, in a leftfield adoption of the technology that is sure to bolster actual music NFT releases.
To understand the rising popularity of NFTs in the music scene, look no further than streaming and the labels.
NFTs potentially provide music artists and other creators with a way of monetizing their digital output without having to rely on a third-party intermediary like Spotify, that takes a huge cut of artist earnings.
NFTs provide a stamp of authenticity and ‘flex’ power
As well as being a way of securing an artist-controlled revenue stream, NFTs are the perfect market fit for the digital age in the sense that the technology is ideally suited for fighting fraud.
Certainly there is no way to stop a digital file being copied and shared over a peer-to-peer network such as bittorrent.
But by ‘stamping’ digital files with an NFT, there can only ever be one version of a particular NFT version of a track, and this fact is provable to the world. That sort of ‘flex’ power matters to fans and artists alike.
NFTs provide an easy-to-manage way to collect royalties on their work, in addition to being a conduit for providing value-added utility to the music. For example, ownership of an NFT could come with the right to attend certain events online or offline with the artists.
With Cocky music event experiences can become ‘a thing’ you don’t want to miss
That last point brings us to Cocky, a lifestyle NFT platform focused around events and electronic music. Cocky is using the technology to fuse music with unusual and appealing places to create memorable one of a kind events.
Through its offering of exclusive real-world experiences, Cocky is much more than a mere ticketing solution, although its technology does mean that touting is impossible.
In order to attend its events, you will need to own a Cocky NFT. The project’s NFT collection is comprised of 10,000 “Cocky Can” NFTs. The NFTs come with 51 different skin variations and colored lids in silver, gold, and black.
Cocky plans to hold two of its once-in-a-lifetime events annually, in addition to regular live stream virtual events.
A combination of unusual and prestigious places and venues will provide Cocky with an aura of FOMO around its events. As Cocky puts it, organizers will pay special attention to the location’s beauty, history, and culture.
Cocky is on to something because people increasingly want unusual and memorable experiences in their lives
Because the events will vary in capacity, ticket volumes will be issued depending on venue capacity. Therefore, Cocky Can holders will need to move quick to register their interest in attending the events, which can be done via the Cocky website.
If a holder receives a ticket and is unable to attend, they have the option to list their ticket for sale on Cocky’s custom-built, second-hand market. In order to buy on the secondary market, you must hold the Cocky token.
The Cocky Can NFTs also come with a tier system randomly assigned to holders.
Each tier unlocks a range of benefits, including:
- Subsidized transport to and from the music events
- Accommodation at the music events
- Additional invites to bring along friends to each of the music events
- Bar tabs to share with friends and family while enjoying the music
- Exclusive merchandise from the artists and the team.
One particularly innovative feature that Cocky has invented for the NFT events sector is what it calls Mutations. Simply by attending events, NFT holders earn mutations.
The Mutations take the form of a virtual stamp, and are displayed on the background of your NFT.
In addition to providing a record of the events attended, the Mutations system enables NFT holders to tell their own story about each event they were present at, and these can be publicly displayed for all to see.
Cocky aims to expand its community over time with bigger and better events. Once the Cocky brand is established the platform will open up to the general public for admission, although exclusive VIP benefits will remain reserved for Cocky Can NFT holders.
Cocky Mint details
- 10,000 unique NFTs
- Mint from cockynft.io
- Once NFT has been minted, holders make an account where NFT’s can be viewed
- Pre-purchasing of NFT’s will be available, a placeholder will appear in the buyers account until mint.
- Pre-purchasing an NFT will grant you to access special locked channels
- Mint Date Q4 2022
Join the music revolution with Cocky NFTs
The music industry was one of the first to be revolutionized by digital technology. With NFTs, that revolution continues, and is now being taken a stage further.
This time it is the creators that could be in the driving seat, and Cocky can help them to achieve that end because events are one of the key revenue-generating areas for today’s music artists.
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This article was written for Business 2 Community by Gary McFarlane.
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