Recent uses of NFTs in the music industry include Def Jam Records founder Russell Simmons launching hip-hop ’ s first collection of NFTs in the shape of recordings and artwork from acts including Public Enemy .
The many NFTs sold have ranged from sound recording and publishing rights in songs to video game applications . While the buzz around NFTs has diminished somewhat since its peak in spring this year , many event professionals are convinced they have a future in the live events industry , not least with concert ticketing for the tout-busting reasons mentioned above . But , with blockchain enabling the creation of scarcity for a digital product , or NFT , and then authenticating ownership and transactions for them , it ’ s perhaps unsurprising that someone has launched a marketplace for limitededition digital music collectibles . Serenade is the brainchild of Australian tech entrepreneur and former artist manager Max Shand , who says his mission with the marketplace is to enable artists to build closer relationships with fans while creating dynamic new revenue streams for artists of all sizes .
“ The idea is that Serenade creates opportunities for artists to deliver merchandise to fans that is truly reflective of their music and artistry – potentially much more than just a black T-shirt at a gig ,” he says . “ There are also wonderful opportunities to leverage that epic concert that happened two or 20 years ago – that encore or that beautiful bridge – where there was a great performance there ’ s an opportunity for collectors to want to own that .
“ Going forward , there ’ s also an opportunity to give concert-goers the opportunity to walk away with a
Apps were tested at Latitude festival
recording of the show that they just attended – that ’ s something that we ’ re working on .”
When it comes to selling NFTs on the merch desk at concerts and festivals , Shand says that functionality is also very much in the pipeline : “ You could have a QR code on a merch table that distracts me from buying yet another black band T-shirt and allows me to walk away with something that is closer to the creative heart of that artists , whether that be music , some wonderful artwork or a recent or historic live recording .”
NFTs are not limited to collectable products , they can also be used to acquire live event upgrade experiences such as meet and greets with the performers .
“ We are enabling artists to link money-can ’ t-buy experiences on their product page , such as an exclusive access experience that unlocks when you are in the venue ,” says Shand .
Music industry veteran Mike Smith ’ s long and impressive CV includes being managing director of Columbia Records UK and president of two Universal Music UK labels – Mercury Records and Virgin / EMI . Currently the global president at Downtown Music Publishing , Smith is convinced NFTs will have a considerable part to play in the future of the live music business .
He says , “ An NFT can be displayed as a work of art in a very traditional sense as well as something that only lives on your laptop . Imagine if you had the opportunity to buy the view from behind [ former Led Zeppelin drummer ] John Bonham ’ s drum kit after a gig . Now obviously you can ’ t get that anymore but you could have the view from the stage at a gig you have just watched . What was it like during the IDLES gig that you ’ ve just watched ? I think people will want that .”
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