When Grace Christian started recording music with her neighbors at the age of 15, she didn’t expect to use NFTs to take her career to the next level. The self-proclaimed psychedelic pop artist, known by the stage name Mazie, always maintains a “do-it-yourself” approach to music, creating a music label independent of the producer, keeping everything in-house and in control. Currently, she is one of a small group of carefully selected artists selling NFTs on the Quincy Jones-backed NFT platform OneOf.
“This is a great opportunity to give fans the opportunity to invest quickly in me and also to provide a symbiotic relationship that grows as I grow up,” Majie told Yahoo Finance in an interview. “It’s really exciting for me.”
OneOf, an NFT platform backed by 27-time Grammy-winning record producer Quincy Jones, collaborates with legends such as Frank Sinatra and Michael Jackson to host the NFT collections of major artists such as the Grammy Awards and Doja Cat. I am. Today, OneOf is launching a new program to sell NFTs, which independent up-and-coming artists call “rookie cards.”
“When I think about who this technology can help, I’m most excited about the independent artists who use NFTs to fund the early stages of their careers,” said OneOf co-founder and longtime. Adam Fell, Artist Manager and President of Quincy, said. Jones Productions.
OneOf is one of the star-studded music platforms that leads the NFT Music Charge. But while other companies like Royal, founded by EDM DJ Justin Blau, have just launched an NFT marketplace where Coinbase (COIN) has partnered with artists to make exclusive drops, they claim. I’m betting.
An NFT (or non-fungible token) is a certificate of authenticity that shows proof of ownership of a digital collection. Tokens are usually assigned to unique digital music, sports souvenirs, virtual real estate, and more. The NTF has proven to be a new business model for the music industry, allowing individual artists to fund their music careers, while fans respond to the trade-up between artist growth and NFT value. You can make a profit.
Traditionally, artists have had to look for record or publishing contracts to get funding for recording songs or making professional videos in a professional studio. You can now use the revenue from NFTs to raise money to avoid record contracts or defer transactions. This also allows you to negotiate a contract on better terms.
“Get a loan for yourself”
Artists can earn loyalty from NFTs. This royalty gives you a percentage of the selling price when the work is first sold and each time it is resold on the marketplace. This means that after the original artist first sells the NFT, the buyer can sell the NFT to another buyer in the secondary market, and the original artist will receive loyalty on its secondary sale.
“”[The music industry] It’s not necessarily designed to be creatively profitable, “says Mazie. “If you have the space to keep growing yourself without having to sign another record contract, basically taking a loan to yourself, it’s really exciting to have the space to keep growing independently. . “
OneOf’s new program, called CO // SIGN, is the beginning of the process of generating recurring revenue on a fan basis where artists have an economic relationship with their fans. CO // SIGN highlights the hottest artists at breakouts and provides creative, financial, and marketing support.
Each artist has his or her own “rookie card”. This is a unique trading card style 3D animated NFT for sale on OneOf.com. Artists receive most of their revenue permanently and create a long-term source of revenue that can fund their careers, from recording to touring. By purchasing digital goods, fans put money directly into the artist’s pocket.
“They are like electronic baseball cards for up-and-coming artists, allowing them to bet on the power of their rising stars while helping to fund their careers.” Fel says. “When an artist has 5,000 fans, I want to get in early and go to 100 million fans.”
NFTs start at $ 10 and range from $ 50, with gamification opportunities as the collection of Co // Sign artists grows. Creating NFTs on the OneOf platform is built on the Tezos blockchain and uses far less energy than other proof of work networks. According to OneOf, NFT charges are low. OneOf issues a limited number of rookie cards per artist and utilizes a selected number of cards that increase in value as fans grow. If all artists’ NFTs are sold out, OneOf will not make a profit. Instead, the NFT platform focuses on the secondary market where artists make money when NFTs exchange value and fans also make money.
The company will drop a free NFT to the first buyer every time an artist creates a career milestone, such as reaching a certain number of streams or taking a coveted Grammy award home. is. “This gives fans an incentive to retain their original assets,” says Fell.
Jennifer Schonberger covers Yahoo Finance’s cryptocurrencies and policies. She has been a financial journalist covering markets, economies and investments for over 14 years.Follow her in @Geniferism..
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