Music business

How and why are NFTs changing the music industry?

NFTs have been a key resource for the expansion of the music industry, especially for emerging artists and upcoming music festivals. But how exactly have NFTs changed the music industry?

NFT Funding

Many artists and music festivals need funding for their projects. These entities have used NFTs to deliver value to their supporters and provided a convenient platform for their fans to support them.

Owning limited-edition NFTs has allowed fans to support their favorite artists while potentially owning a valuable asset. For the artist, NFTs offer more freedom. Artists benefit from using a decentralized project such as NFTs by controlling the type of music they want to release and also earning passive income by allowing subscriptions.

Some artists convert rare photos of themselves into NFTs and sell them to fans, making it another source of income.

Access to NFT events

Music festivals wishing to sell tickets directly to their fans without third parties have found NFTs to be the answer. An NFT project like Cocky gives investors exclusive access to global music events. NFT owners who cannot attend the events in person can use Cocky’s platform to view the live stream of the events.

Arrogant is not just another music festival organizer. It allows NFT holders to reap rewards by earning mutations. These appear as a stamp on the bottom of an NFT, allowing the holder to write their unique story to make the asset rarer.

Cocky’s NFTs are boxes that have 51 skin variations and are colored silver, gold, and black lids. The 3-tier color system determines the benefits NFT holders receive at Cocky events. Some of the prizes include transportation to events, accommodations, and special discounts.

NFT holders have a chance to earn event-exclusive VIP perks if their cans break down. Owning the NFT black box entitles its holder to infinite VIP benefits.

Investors wishing to attend Cocky events can purchase NFTs by holding a MetaMask, Coinbase or WalletConnect. The project is currently in the presale phase, so investors can own pre-minted NFTs.

To attend Cocky’s live electronic music events, NFT holders must be at least 18 years old. Participants are selected by an algorithm based on the most active Discord participants, a random distribution from the pool, and randomly selected members in the geographical region of the event.

Visit Cocky

NFTs decentralize the music industry

Music festival organizers such as Cocky have provided a transparent system through NFTs for ticket holders to minimize fraudulent activity and enable convenient and efficient purchases. Holders will benefit more than just having access to events by receiving rewards.

NFTs allow artists to connect directly with their fans and earn money without an intermediary like a record label that collects the majority of revenue.