Over the past year we’ve seen music NFTs rise up to the main stage. Musicians from all genres have been able to create their own work and add a unique spin to the NFT sphere. Some of our favorites who have found their voice though NFTs include:
- composers/orchestra writer: Cristina Spinei
- band: Beauty School Dropout
- rapper: Xcelencia
- singer: Amanda Frances
- producer: Harrison First (yours truly!)
By now most people understand that an NFT is a digital asset that lives on the blockchain, and almost anything can be an NFT. I remember when Pranksy was auctioning his time as an NFT on Rarible, or when I created a NFT jewelry brand with my friend CryptoSoltan. The list goes on and on but I’m sure you get the point.
The music NFT space is continually evolving and one of the most interesting developments has been around utility. Some collectors and artists say that music itself is the utility, which is a fair point. But having add-ons and perks for collectors is a great way to build community and reward loyalty. This is the perfect opportunity for social tokens!
Social Tokens are creator or community tokens that operate on many of the same principles as currencies such as Ethereum or Bitcoin, but they are related to a specific creator or community. For example, my token $FIRST is a social token created on Roll that runs on Ethereum and has been a great way to reward my community and inspire a collective of people to build together.
How $FIRST is Used
As an example of how to use social tokens as a musician, here are some of the things I’ve done and am planning to do next with $FIRST:
Token gate unreleased music for your community. For example, only those who hold 1000 or more of your token can view a private Soundcloud link of your music. You can do this by:
- Uploading your music to Soundcloud as a private link
- Setting up a quick account with Mintgate.io in order to token gate the private soundcloud link
- Lastly share the token gated link created by Mintgate.io
Create a Web2 website and upload a collection of your music there (or entire album) and only people who own your token can listen to the music.
- Set up webpage on platforms such as Squarespace or WordPress
Use Mintgate.io to token gate
You can reward your top music NFT collectors in your social token which is an added incentive for them to collect more of your art in the future.
- Tracking your NFT collectors on different music NFT platforms
- Then sending them your token via Roll reward code
Hold IRL events for those who hold your token.
- Hosting an event in your city such as a concert, art exhibition, or meet up
- Then having your community show proof of being a holder by showing your Roll Wallet, Metamask, or any other wallet
Sell your merch or concert tickets in your token.
- Mint concert tickets and Merch as an NFT on Opensea or Rarible
- List the NFT in your own social token
- Have community members come to the event and show the NFT in their wallet
Sell your music NFTs in your social token.
- Opensea or Rarible
- Fill out application to have your social token listed on the platform as a form of payment
Use your social token as unlockable content so when people purchase your music NFT they also get some of your token.
Create a DAO and have your token holders become your A&R and listen to music and vote on what they like and don’t like.
Last but not least, you can introduce your music to a crowd of people that would have never listened to you unless you had your own social token.
At the end of the day it’s always going to be about the music. But using Web3 tools artists have more control than ever over the distribution and monetization of their work. Using social tokens an artist has a whole new set of tools that turn the old idea of fans into a real community.