Country music artist releases a fan club NFT.
You can’t go a single day without hearing about NFTs. Non-fungible tokens. What are they? And why in the world would someone spend millions of dollars on something no one seems to understand? That I can not answer.
Enough people have asked about NFTs that I thought we should tackle again. This time with the help of a music management company embracing the idea of NFTs that are not digital art.
Crown & Ace is a management company for musicians and events. It recently partnered with CurrencyWorks Inc and MusicFX to offer NFTs for fan club memberships.
First, a couple of definitions:
A blockchain is what you might think of when you think of a registry. It’s a digital record of transactions and ownership. Cryptocurrencies use their own blockchains to record who buys, sells, and owns their currency. Bitcoin has its own blockchain, so does Ethereum, Bitcoin Cash, and Litecoin. By recording transactions on a blockchain, ownership cannot be debated.
NFT stands for non-fungible token. Non-fungible items hold no inherent value. It is worth what the buyer thinks it’s worth. A painting, autographed baseballs, and other collectibles are non-fungible items while something like gold is fungible because it does have an across-the-board value established by an entity.
The “T” in NFT, is simply the registration, similar to a “certificate of authentication” on a collectible or painting.
Crown & Ace and its MusicFX offerings are not necessarily digital content in the traditional sense. The company is selling a 12-month membership into country music artist Parker McCollum’s fan club that includes an NFT.
“The NFT can be anything from concert tickets to actual music, to artwork, to album covers,” explains Cameron Chell, co-head of MusicFX.” It’s just like if you join a regular fan club today, it’s just that the things you receive in this fan club can now become an actual collectible.” 423 436
The Gold Chain Cowboy Club Black Card costs $100 and the company offered a limited-edition membership that includes the NFT. Fans purchased every single one of the 1,000 available. Once the 12-month membership expires they can always subscribe again for the extra perks, but there will always only be 100 NFTs of the original Black Card.
“And presumably, since they’re collectible, over time they’ll become more valuable,” Chell said.
Already digital artists, musicians, athletes, actors, and brands have issued and sold their own NFTs. It seems like a fad right now, but as real-life continues moving into the digital realm or Metaverse, Chell believes NFTs will be owned by everyone. They just may not know it.
“Saying you’re never going to own an NFT is like saying, I’m never going to have an email address at the beginning of the internet,” he said. “We’re already seeing it but I predict in 3-4 years every concert ticket will be an NFT.”
Chell said the use of NFTs will cut down on forgeries and fake concert tickets that plague the concert industry and fans. He also mentioned the idea that NFT and the blockchain could record car titles in the very near future.