Reported By: Bitcoinist.com
Non-fungible tokens (NFTs) have taken the crypto market by storm – and more importantly, they have captured the imagination of the wider world, with brands and companies tapping into their potential. While most of the discussion has been centered around its application in art and real estate, other industries are using the technology to engage with fans.
The music industry is now one of the most active in the NFT space, giving fans novel ways to engage with their favorite artists and songs through music NFTs. Stakeholders in the industry, including artists, record labels, and event organizers, are using the special asset to provide exclusive benefits.
Here, we examine the best NFT projects in the music and events industry, specifically those that deal with real-world music festivals and events.
The 5 Best NFT Projects for Exclusive Access
NFTs can be a great way to give holders access to premium services and exclusive privileges. The following briefly describes the best NFT projects for exclusive access to events. After that, we discuss the projects in detail.
Cocky – An exclusive NFT lifestyle club providing access to world-class music events.
OneOf – An NFT platform that covers music and offers VIP concert tickets
Rug Radio – A decentralized media platform for content distribution
YellowHeart – A ticket-focused NFT platform
GUTS – A project designed to prevent ticket fraud
A Closer Look at the Top NFT for Exclusive Music Events
Cocky is arguably the top of the list when it comes to exclusive access NFTs – and for several reasons. Cocky is an exclusive lifestyle club for the digital age, with access to exclusive music events, and experiences that cover both the virtual and real worlds.
What separates Cocky from other NFT event platforms is the fact that holding NFTs also provides access to real-world events. Members can attend between two to four in-person music events every year. For the virtual events, they’re accessible only to NFT holders and are viewable as live streams.
The events themselves will be held in unconventional locations, with the goal of making each event memorable and unique. The number of tickets will naturally be determined by these locations, so NFT holders will need to be quick in registering their interest in attending the events.
If an NFT holder receives a ticket and cannot attend, they have the option to sell their ticket on the custom-build secondary market. Only Cocky token holders are eligible to purchase tickets from the secondary market to help level the playing field and provide additional utility for holders.
Cocky’s NFT collection consists of 10,000 Cocky Can NFTs that depict a soda can that come with 51 different skin variations. There is also a tier system – silver, gold, and black – that offers a range of perks to holders. The benefits include accommodation, bar tabs, exclusive merchandise, and subsidized transport.
Furthermore, Cocky has created a novel feature for their NFTs, dubbed Mutations. This feature will allow holders to see their NFT “mutate” as they attend events and participate in the ecosystem. These mutations are stamped on the background of NFTs, and adds a narrative touch to the asset while also increasing its rarity. Think of it as visa stamps on your passport.
Cocky has a lot planned for the future, and will notify the public about the location of its first event in Q4 2022. The next year appears to be even more exciting, with the first event to take place, along with the first generation of Mutations of the NFTs.
OneOf is a green NFT platform that is built on Tezos and the Polygon Network, offering privileges to those interested in music, sports, and lifestyle. One of its most touted features is its eco-friendly, as Proof-of-Stake blockchains power it.
OneOf is an NFT platform that covers music, among other niches. The platform has a tier system where the top tier, called One, offers such privileges as VIP concert tickets, meet and greets, and access to private events.
There are five tiers on OneOf – Green, Gold, Platinum, Diamond and the OneOf One.The latter is the most exclusive of them all, and includes VIP concert tickets, meet and greets, access to unreleased tracks, and private events. Others offer a varying range of benefits, such as better engagement with artists and IRL experiences.
The OneOf platform also has an emphasis on diversity, with over 80% of the available collections coming from minority or female creators. For example, OneOf offers Doja Cat NFTs – which can also be turned into new assets through a process it calls fusion.
3. Rug Radio
Rug Radio is a decentralized media platform that gives individuals the power over what content is produced and consumed. Unlike the other platforms, membership passes primarily focus on the content creation side of things, but Rug Radio also intends to offer exclusive access to merchandise and experiences through its RUG token
With the tagline “media for the people, by the people”, Rug Radio is not shy about its intentions. The platform aims to be a successful decentralized media platform that is completely steered by the community. What content is presented and how it is consumed – all of it is determined by ownership on the part of the community and hosts.
To that end, Rug Radio has a membership pass that proves ownership. The RUG Genesis NFT collection was minted by membership pass holders. The RUG token and the NFT are both utility assets, and there are several users planned for them. In the future, the platform plans to offer merchandise and exclusive access to events and experiences.
YellowHeart is a Web3 ticketing platform that offers tiered and customizable Web3 tools to increase sales and engagement and reduce fraud and unfair ticket prices on the secondary market. It has a strong focus on music, but it also covers other types of events.
YellowHeart is primarily a ticketing-focused NFT platform that wants to give fans exclusive access to content, perks, and private community events, among other features. It has already roped in some major music artists.
Users have access to an NFT marketplace, where ticket sellers can also publish their tickets. In addition, the latter can customize the delivery experience for artists and events of all sizes. They can further the experience by using Web3 and gamification tools to create a more interactive experience.
YellowHeart plans a lot of exclusive features for its NFT holders. Some of the planned perks are membership programs, loyalty and rewards programs, merchandise, access to restaurants and bars, and ticket upgrades.
Last on our list of the best NFT projects when it comes to festivals is GUTS. Powered by the Guaranteed Entrance Protocol (GET), GUTS is a ticketing platform that aims to eliminate ticketing fraud and unfair secondary market prices. The app is available for both Android and iOS.
Like YellowHeart, GUTS is also an NFT ticketing platform that offers perks and privileges to both participants and organizers. The project aims to tackle ticketing fraud while also offering access to exclusive virtual and real-world events
GUTS enables any type of ticket to be created and validated, and overcomes any potential for fraud by registering tickets on the blockchain. Holders can also real-time information on their ticket ownership and activity. But perhaps most importantly, users can sell their tickets on the secondary market for fair prices and in a controlled manner.
However, events are also on the cards for GUTS. The platform is used for many virtual and real-world events, and it is keen on expanding its offerings as much as possible.
NFTs Can Significantly Change Real World Events
One thing is certain: the application of NFTs in the music and events industry is only just taking off. Stakeholders are tentatively testing the technology to see how it can be best used to engage with fans. NFT festivals may just become common practice.
There is certainly plenty of potential in terms of what it can do to maintain the interest of listeners, whether that’s the right to certain tracks, exclusive merchandise, or special tickets at festivals. Platforms like Cocky are pioneering how businesses and artists can better interact with fans to benefit all stakeholders. Most importantly, it offers a way to create a community virtually and in the real world.