EDMjunkies is launching a platform for independent artists to create, mint, and auction non-fungible tokens, widely known as NFTs.
An NFT is simply a record of who owns a unique piece of content – proof of ownership, which you can’t counterfeit because it’s stored on the Ethereum blockchain. This allows artists to create rare pieces of art, whose value is rooted in scarcity. They’ve been getting massive attention from the music industry of late, where they represent the ownership of digital products such as an original copy of a song or artwork. Clarian recently became the first artist to auction an entire album as an NFT. NFTs can also record who owns a physical product, such as a piece of merchandise or a rare test pressing.
The value of music and the art that surrounds it has been eroded in the streaming era and NFTs can bring it back. By creating these rare pieces of art—exclusive tracks, albums, physical products, publishing rights, sample-packs, or whatever they wish—artists can connect with and, importantly, monetize their loyal fans away from centralized digital music platforms. What’s more is that artists will be paid a royalty whenever the NFT is resold, opening the doors to sustainable careers that aren’t so reliant on touring. [For more information on NFTs and specifically their application to music, we recommend you read Pitchfork’s feature here and Rolling Stone‘s longer feature here.]
EDMjunkies has been fiercely supporting independent artists and the wider electronic music community for over 27 years. This begins with cutting-edge editorial but it’s also evolved into our music subscription service and member community, EDMjunkies+. We’ve long been exploring ways on how the music industry can benefit from using decentralized technologies and better support artists, and we’re ready to take that step forward once again.
By working with our NFT platform partner, Cargo, a group of artist advisors including Clarian, plus several other advisors who have been involved in the crypto and decentralized space for the past seven years, we are readying to launch a curated NFT marketplace dedicated to electronic music. This will allow artists and labels to: (i) create NFTs; (ii) and market and sell NFTs, thereby placing the control of art back into the hands of the creators, allowing them to be paid directly for their work in perpetuity. We plan to launch in April.
For more information contact us at [email protected]
