How leading musicians are increasing utility with NFTs
As the speculative side of the NFT market cools off, utility has cemented itself as a critical factor in successful NFT drops. And specifically in the music industry, where NFTs empower artists to unlock unprecedented opportunities for fan connection and collaboration, the tool has never been more critical.
As explained by green NFT platform OneOf’s co-founder Adam Fell, NFTs have upgraded the traditional role of a fan as a passive listener and consumer. Now, instead of a typical Web2 fan club, comes a smaller but more powerful Web3 street team composed of an artist’s most genuine fans who are mutually aligned and motivated for the artist’s success.
Ultimately, defining the right tool for an NFT comes down to identifying what an artist’s most loyal fans really desires and goes above and beyond to fulfill those desires.
Pushing the boundaries
Over the past year, we’ve seen artists use NFTs to offer listeners a variety of benefits. These serve existing fans while also helping to welcome new ones into the fold. Web3 early adopter Steve Aoki A0k1 verse gives fans a package of both on-chain and physical experiences, including free tour tickets and free coin for AOKI NFT and partner drops. Meanwhile, Masego, FKJ and Voidz have rewarded holders of OneOf’s Tadow Collection with personalized videos, signed merchandise, virtual jam sessions and an official RIAA platinum record.
The possibilities are endless, but to truly deliver a memorable and valuable fan experience when crafting an approach to utility, the first direction must come from the artists themselves, said OneOf’s VP of Music, Thomas Fiss, in an interview with nft now.
“Initially, we start with the artist’s vision and build from there,” he said. “But we’re also incredibly aware that it’s our responsibility to make sure we’re pushing the boundaries of what’s possible – balanced with our expertise. To that point, creative integrity and authenticity are also critical to any collaboration.”
Both integrity and authenticity were prominently displayed in OneOf’s hallmark, The Notorious BIG: Sky’s the Limit Collection. One of the most innovative NFT drops to date, it has generated an overwhelmingly positive response from the community and continues to serve as a case study for those looking to replicate its effects.
“The collection sold out in under 10 minutes and allows for community-based decisions about how an acapella freestyle is used in derivative works,” added Fiss. “In addition, income from future use is directed back to the community – where they can decide how the funds are used. More importantly, this drop became a north star for artist teams to celebrate and conceptualize ways to add depth to fandom and legacy.”
Fresh Fruit by Doja Cat x JBL
OneOf’s latest collaboration is with another breakout star: Doja Cat. Since dropping her studio album in 2018, Doja Cat has quickly skyrocketed from TikTok stardom to a global phenomenon amassing over one billion streams on Spotify to date. Now, with loyal fans worldwide, the Fresh Fruit by Doja Cat X JBL NFT drop is the perfect way to gradually and authentically open access to her community.
Originally released across five drops in August and September, Doja’s Fresh Fruit collection bridges the physical and digital worlds, culminating in a chance to attend the much-anticipated return of JBL Fest 2022. JBL Fest, which runs from 27 .through Sept. 29 in Las Vegas, will feature a headlining performance by Doja Cat and appearances by The Kid LAROI, Bebe Rexha, DJ Tigerlily and world-renowned DJ and producer Martin Garrix.
The collection consists of 3D fruit-themed JBL headphones, artfully conceptualized by Doja himself. Like most non-fungible collectibles, the NFTs are divided into different tiers, each of increasing rarity and themed around Doja’s favorite fruits: blueberry, lemon, strawberry, orange, and grape.
Each Fresh Fruit NFT grants tiered access to a variety of JBL x Doja Cat events before (and during) the festival, along with various benefits including JBL product discounts, additional Fresh Fruit NFTs and a chance to win a flight for the holder and a guest at JBL Fest.
The release also features two limited edition eBay-exclusive Orange and Strawberry teams, including a phygital card that unlocks special access to Doja Cat x JBL AR simulations, free products and guaranteed tickets with priority access for the holder and a guest of JBL Live! 2022.
By playing into the fluid and dynamic nature of NFTs, OneOf has exercised the ability to edit NFT metadata and evolve the utility of tokens over time, further pushing the boundaries of what is possible.
Almost a year after Doja’s first Planet Doja Genesis NFT release, the JBL x Doja Fresh Fruit release gives Planet Doja Genesis holders new tools for their tokens. Now they can merge three Planet Doja Genesis NFTs in exchange for one of 77 varieties of 2500 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 phygital card to unlock Doja Cat x JBL VR simulations, and a chance to to win a diamond NFT. Holders also get early access and select discounts on iconic JBL products.
All tiers are now available exclusively through the OneOf website and eBay and range in price from free to $1,250. And as part of OneOf’s mission to include more individuals to NFTs, all Fresh Fruit NFTs are minted on the Tezos blockchain and can be purchased with any standard credit card.
The future is useful
With leaders like Doja pushing the boundaries of innovation, artists across the industry are taking note and looking for new ways to leverage NFTs to super-earn fans. While many recognize the power of NFTs as tools to connect with their communities, few know where to begin.
The secret, says Fiss, is simplicity.
“Simple. Simple. Simple. NFT projects should be simple, innovative, inclusive and affordable,” he said. “More specifically, physical + digital is getting a lot of attention. Specifically, redemption tokens can be exchanged or redeemed for a physical item. In addition, NFCOA gets are (non-fungible certificates of authenticity) that physically and digitally link a lot of entry. Specifically, redemption tokens that can be exchanged or redeemed for an authenticated physical item.”
To Fiss’s point, we already see a difference in how artists structure their drops today compared to a year ago. With the hype surrounding NFTs beginning to settle, artists and their teams are now prioritizing a long-term vision for their respective collections, to ensure that the decline is initially well-received and that there is 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 it’s a bit cryptic, but we believe the next chapter of success stories will be ensuring NFTs provide a problem-solving function in parallel with enhancing the fan experience.”
