How leading musicians are improving utility with NFTs
As the speculative side of the NFT market cools, the utility has cemented itself as a defining factor in successful NFT drops. And in the music industry in particular, where NFTs empower artists to unlock unprecedented opportunities for fan connection and collaboration, utility has never been more critical.
As explained by Adam Fell, co-founder of green NFT platform OneOf, NFTs epitomize a fan’s traditional role as a passive listener and consumer. Now, a typical Web2 fan club has been replaced by a small but powerful Web3 Street Team comprised of an artist’s most genuine fans who are mutually connected and encouraged by the artist’s success.
Ultimately, the right utility for an NFT is determined by identifying an artist’s most loyal fans. really wants and then going above and beyond to deliver on those wishes.
Pushing the boundaries
Over the past year, we’ve seen artists use NFTs to offer audiences a variety of benefits. These help serve existing fans as well as welcome new ones into the fold. Steve Aoki’s Web 3 is an early adopter A0k1 terms AOKI offers fans a suite of on-chain and physical experiences, including free tour tickets and free mints to NFT and partner drops. Meanwhile, Masego, FKJ, and Voidz rewarded holders of OneOf’s Tadow collection with personalized videos, signed merchandise, virtual jam sessions, and an official RIAA platinum record plaque.
The possibilities are endless, but to deliver a truly memorable and worthwhile fan experience while building a vision for utility, the primary focus must come from the artists, OneOf’s VP of Music, Thomas Fies, said in an interview with nft now.
“Initially, we start with the artist’s vision and build from there,” he said. “But we’re incredibly aware that it’s our responsibility to make sure we’re pushing the boundaries of what’s possible – balanced with our expertise. At this point, creative honesty and authenticity are paramount to any collaboration.”
Both honesty and authenticity featured prominently in OneOff’s hallmark, The Notorious Big: Sky’s The Limit Collection. One of the most innovative NFT drops to date, it generated an overwhelmingly positive response from the community and still serves as a case study for those looking to replicate its effects.
“The collection sold out in 10 minutes and allowed for community-based decision-making on how to use the acapella freestyle in derivative works,” added Fees. “Furthermore, revenue from future use is channeled back to the community – where they can determine how the funds are used. More importantly, this drop has become a north star for artist groups to celebrate and conceptualize ways to add depth to fan and legacy.” “
Fresh fruit by Doja Cat x JBL
OneOf’s latest collaboration is another breakout star: Doja Cat. Since dropping his studio album in 2018, Doja Cat has quickly risen from TikTok stardom to a global phenomenon with over a billion streams on Spotify. Now, with loyal fans around the world, the Fresh Fruit of Doja Cat x JBL NFT drop is the perfect way to gradually and authentically open access to his community.
Initially released across five drops across August and September, the Doza Fresh Fruit Collection bridges the physical and digital worlds, culminating in the highly anticipated return of JBL Fest 2022. A headline performance by Doja Cat and performances by The Kid LaRoe, Bebe Rexha, DJ Tigerlily and world renowned DJ and producer Martin Garrix.
The collection includes 3D fall-themed JBL headphones, artistically crafted by Doja himself. Like most non-fungible collectibles, NFTs are divided into tiers, each with increasing degrees of rarity and themed around Doja’s favorite fruits: blueberries, lemons, strawberries, oranges, and grapes.
Each Fresh Fruit NFT provides tiered access to JBL x Doja Cat events leading up to (and during) the festival with various perks including JBL product discounts, additional Fresh Fruit NFTs and a chance to win Flyway trips. Holder and a guest of JBL Fest.
The drop also includes two limited-edition eBay-exclusive orange and strawberry tiers, which include a physcial card unlocking the Doza Cat x JBL AR simulation, free merchandise, and special access to guaranteed tickets with priority access for holders and guests of JBL Live! 2022.
Playing into the fluid and dynamic nature of NFTs, OneOf has implemented the ability to edit NFT metadata and evolve utilities for tokens over time, further pushing the boundaries of what is possible.
Almost a year after Doja’s first Planet Doja Genesis NFT drop, the JBL x Doja Fresh Fruit release gives Planet Doja Genesis holders new utility for their tokens. Now, they can fuse three Planet Doja Genesis NFTs in exchange for one of 77 variations of 2,500 Grape Fresh Fruit JBL NFTs. In addition to a unique Grape Doja Cat x JBL NFT, all holders are entered to win guaranteed access to JBL Live!, exclusive access to JBL events, a physical card to unlock Doja Cat x JBL VR simulations, and a diamond. NFT. Holders also get early access and select discounts on iconic JBL products.
All tiers are available now exclusively through the OneOf website and eBay and range in price from free to $1,250. And as part of OneOf’s mission to get more people into NFTs, all Fresh Fruit NFTs are minted on the Tezos blockchain and can be purchased with all major credit cards.
The future of utilities
With leaders like Doja pushing the boundaries of innovation, artists across the industry are taking note and looking for new ways for fans to take advantage of NFT. While many recognize the power of NFTs as a tool to connect with their communities, few know where to begin.
The secret, says Fees, is simplicity.
“Simple. Simple Simple NFT projects should be simple, innovative, inclusive and affordable,” he shared. “More specifically, physical + digital is gaining a lot of traction. Specifically, redemption tokens can be traded or redeemed for a physical item. Additionally , NFCOAs (Non-Fungible Certificates of Authenticity) that bridge the physical and digital are gaining a lot of traction. Specifically, redemption tokens that can be traded or redeemed for an authenticated physical item.”
At Fees’ point, we’re already seeing a difference in how artists structure their drops compared to a year ago. With the hype around NFT beginning to settle, artists and their teams are now prioritizing a long-term vision for their respective collections, ensuring that the drop is well-received initially and has demand and community engagement for years to come.
As for what’s next for OneOf, Fiss hinted at an increased emphasis on using NFTs as a small piece of the puzzle to solve real-world problems.
“I realize this is a bit of a mystery, but we believe the next chapter in the success story will ensure that NFTs provide a problem-solving function in parallel to enhancing the fan experience.”
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