How is the NFT space evolving globally and what are the possibilities for artists?
Let’s start with what really matters – simplicity. Next year, NFTs are going to become far more palatable for artists and their creative teams, whether that extends to just their manager or to their label, publisher and promoter.
Take a deep breath and then let it out, it’s all going to become a whole lot easier.
The technology is going to improve alongside an understanding of what fans really want. 2021 has been a year of earth-shaking innovation, and 2022 will be the year that skyscrapers are erected atop well-laid concrete foundations.
Artists and their teams will find that if their objectives involve engaging their real fans, they will need to operate on platforms like Serenade that function like a regular merch store similar to Shopify or Everpress, and allow fans to purchase NFTs without needing to know much about digital wallets, cryptocurrency or the blockchain.
Serenade offers simple and environmentally friendly ways to produce NFTs, with 1 Serenade NFT producing just 1/10th of the carbon footprint of a tweet. When producing an NFT, the only non-negotiable should be a fan’s undying love of an artist, and expecting fans to go beyond their technical understanding or ethics just won’t cut it.
2021 was the year that artists dived into their catalogue and came up asking, what creates real value for my fans? By 2022, they will realise that value is found in brand association, artwork that gives a special sense of ownership to fans, and experiences made more exciting by the fact of delivery by NFT.
The Wild West will pave its first railways and artists will know when to get on board. NFTs will be seen as the perfect accompaniment to existing activity like new music or tour announcements, or a great filler when off-cycle. As artists continue to invest in multiple merch drops per year, NFTs will be seen as the perfect format to roll out profitable, scalable and non-exploitative merchandising.
Artists and their teams will also have some big decisions to make. What do they want to get out of NFTs? If the answer is a boost to their revenue mix and an opportunity to display an innovative, creative edge to fans, then treating NFTs like merch will be the perfect approach.
This said, if an artist finds NFTs appealing as a more holistic opportunity to deliver meaningful content like exclusive experiences and music, and form direct relationships with fans in a fan club-like manner, then fortunately, there are tools out there to complement this approach.
Beyond social media, chat platforms like Discord allow for direct-to-fan communication and community building that fans value for connecting them right to the source. If you didn’t know it already, Discord is vital to building communities of NFT consumers and advocates.
All this being said, artists and their teams are going to find more support in the NFT space, making these decisions far less intimidating to make.
It will be up to artists and their teams to know what their objectives are for creating NFTs, but fortunately artists will be able to find partners they trust with the ideation and execution of projects with care and insight, and guidance in the long term.
In 2022, Serenade will be paving the way for artists around the world to create NFTs irrespective of their knowledge starting point, and the good thing is we couldn’t be more excited about it. So, if you want to get in touch, we’d love nothing more. Hit me up on LinkedIn or Twitter, or contact me at [email protected]
This article originally appeared on The Industry Observer, which is now part of The Music Network.