Asia's largest music festival is launching music and art NFTs on July 23

NFTs
, ,
#1

Since the pandemic, NFTs have been all the rage in the electronic music community, providing a new outlet with several benefits of digital ownership. Empowering individual artists and taking a step towards revolutionizing the music industry at large, the interest in NFT marketplace has exploded tremendously.

Starting July 23, fans of electronic dance music festival ‘Sunburn’ and EDM at large, can bid for non fungible tokens (NFTs) by the festival, offered as part of an association with WazirX Marketplace.

#2

I understand that Sunburn is a big deal, but is it big enough an event for its NFTs to be valuable? Seems kind of unnecessary.

Also, you’re saying that the whole point of NFTs is to cut out the middle man. But, if the NFTs are still being sold under Sunburn’s banner – isn’t there still a middle man in play between the artist and the buyer?

#3

NFTs can be used for more than just releasing songs of artists. We need to look at a bigger picture here

  1. Users can buy tickets as NFTs
  2. Proof of attendance can be given to users
  3. Brand (sunburn) can engage with the users wayy after the event is over, creating a deeper and stronger community
  4. Ticket NFTs can get access to the original tracks for free, just as a way of attending the event
  5. Artists can share loyalty earnings with the people who have this ticket NFT, potentially for life!

and MUCH more can be done… and Sunburn will not be the middle-man here. They are the main party

#4

So, again my question remains – how does this benefit the artists? They’re still caught in the same cycle.

#5

Actually, if sunburn is releasing its own content under its banner – like tickets, proof of attendance and stuff – then the artist doesn’t have a role to play there.

That’s sunburn doing its own NFTs as an event management platform.

Loyalty earnings are compensation for their participation, I’m assuming.