NFTs provide artists the tools to grow a community. Called the '1,000-True Fans' model, this starts with a small group of loyal fans.
Web 3 will transform how fans interact with music artists and listen to their music. Web3 focuses on ownership, identity, and community.
Web 3 creates user experiences through game design elements. This is known as 'gamification.' It is a popular way for Web3 artists and fans to interact.
Fan-artist relationships through Web 3 will be about co-creation. This allows fans to show their love for music and the artist. Meanwhile, independent artists can experiment with gamification using social tokens.
NFT minting grants artists with options for royalty structures. Also called, 'creator fees,' royalties stand for a percentage of each NFT sale once artists resell assets.
NFTs and metaverse platforms can be used as pathways to raise funds and engage fans.
Releasing music as NFTs casts a wide net that welcomes new fans.