Tuning into demands for creative ownership, a wave of platforms are emerging to promote music-related assets as digital collectibles. One example is Catalog, a marketplace for single-edition music non-fungible tokens (NFTs). Primarily aimed at super-fans, the concept allows musicians to monetise their music as an object that costs more than the traditional mediums of CDs, vinyl or streaming subscriptions. For fans, the ownership model allows them to signal their devotion to artists, while also feeling empowered to sell their NFT whenever they want. Elsewhere, Sound.xyz, runs daily drops where collectors or traders can mint editions of a music NFT. Offering an interactive element, the platform also features the functionality of allowing owners to comment at a certain moment in a given song. When an NFT is traded, new owners can overwrite the token’s original comments.
Beyond music collectibles, entrepreneurs are exploring how emerging technologies can help create more reciprocal relationships between musicians and fans. Demonstrating an evolution of our research into digital fandom, cryptocurrency platform Rally is enticing creators with customisable cryptocurrencies, or social tokens. Through the platform, users can launch their own tokens that can include programmable features such as access to private Discord channels or exclusive event invitations. Also banking on the importance of fandom communities is Temple, a membership platform presenting exclusive content across multiple platforms. The idea is to encourage creators to make content that is exclusively available to subscribers, who can pay for that content with social tokens and NFTs.
Sign up to our trends intelligence platform LS:N Global and get unlimited access to a hive of insights - from microtrends and macro trends to market reports, daily news, research across eight industry sectors.