NFT marketplace Fanaply and DJ and international DJ Sarah HB created a limited edition NFT in 24 hours to celebrate Lively Worldwide’s Future of Music event. 20 editions are available for $20 each, featuring a track entitled ‘Prayer to the Streets’, co-written last year by legendary Chicago house artist Marshall Jefferson and Grammy-award winning Maurice Joshua who has worked with Beyonce, Michael Jackson, Justin Timberlake.
Why invest in NFTs?
Non-fungible tokens, or NFTs, have moved out of technology news and into the entertainment headlines over the past few months. The biggest stories relate to the purchase and sale of art, especially digital art.
But this isn’t just an update in technology, it's a real change of culture - you might not be able to keep up with the highest bids at Christies for artwork, but it’s important to stay involved because as with all major shifts - this is just the start of the story.
NFTs are a hot property both metaphorically and digitally. Bubbles they may well be, but out of bubbles there’s not only a burst but a learning, and this is why it is so important to get in early. Be it fad or cultural revolution, owning an NFT is not just about having something to yourself, it will have a value long after the pixels fade. Anyone can view the artwork, but only one person will officially own the code - and the ownership history of every artwork is also tracked and documented in the blockchain. Putting a price on this value is complex but that is precisely where the attractiveness - and the risk - lies.
As for a creator, whether an artist or a musician, NFTs open up the marketplace by offering a way for artists to sell a ‘piece’ - both one that is highly prized or where there may not be much of a market for it. For emerging artists without that ready-made fan base, NFTs offer a more level-playing field. Moreover, with the ability to embed royalties within NFTs, every time said piece gets sold on, the artist stands to get a cut of the sale. Compare this to a DJ who might compile a mix and share it on Soundcloud, where there is no control over the ownership and very little if zero return.
The growth of a new movement
Accessibility is here already and displaying these online collectibles will become easier too. Lively’s virtual panel on The Future of Music examined the potential of NFTs, with panellist digital expert Goldie Chan explaining just how rapidly the technology for this is advancing and improving. Apps currently in development will act as NFT art galleries: "You'll be able to display those beautiful NFTs you're purchasing as the ecosystem grows and develops, bringing them further into existence,” she said.
There are great opportunities for brands to get in at the beginning. CEO of Lively Worldwide, Mike White, argued that “NFTs put power back in the hands of the creatives. If brands champion creativity, then they’ll gain credibility”. NFTs are more than items to own, they're a new movement. And that kind of experience never really fades, nor can you put a price on it.
Lively predict a move towards brands increasingly creating or aligning with digital collectibles and fan-led experiences this year, and are poised to deliver significant content.