Austin Country Singer Parker McCollum Creates NFT Fan Club
One thousand fans of Austin-connected country singer and songwriter Parker McCollum are now members of one of the world’s first NFT fan clubs.
NFTs, or non-fungible tokens, are collectibles on the blockchain usually in the form of digital art or animations. But lately, the music industry has been gaining ground in the space to generate additional revenue for artists and provide perks for fans.
For example, members of McCollum’s fan club gained VIP access to events, access to private jam sessions, meet and greet opportunities and more by purchasing an NFT which became available on MusicFX, a platform -form and a market for musical NFTs.
In a video announcing the fan club, McCollum called it “hands down the coolest thing I’ve ever done for my fans.” The memberships, which granted people a Gold Chain Cowboy Black Card signature edition, sold out within three days of becoming available on December 15.
“I really wanted to create a way to stay connected with my fans who have been with me since the beginning; all my days,” McCollum said.
But convincing music fans to buy an NFT can be tricky. Many are unaware of MusicFX, one of the offerings of CurrencyWorks, a blockchain platform provider. Cameron Chell, co-founder of MusicFX, thinks that could change.
“The real big benefit here is that the artists themselves have a new potential revenue stream and the fans have a richer, more direct experience with the artist,” Chell told Austinia. These experiences could be an album with a limited release or an artist producing an intimate acoustic session in their living room. Given this, Chell believes NFTs are growing the industry rather than disrupting it.
He thinks digital art made the biggest splash in the early days of the NFT economy because music and movies had a deeply established infrastructure that over the past decade has taken shape in the form of streaming.
For artists, it is easy to understand that they will need around 250 streams on Spotify to earn a dollar. NFTs may not seem so simple, especially when it comes to understanding how intellectual property rights are managed.
NFTs serve as an additional outlet for musicians’ income and brand building. “(The NFT) is a new incremental income for them that just promotes the streaming music that they have,” Chell said. whatever the number, there is a market they can go in and trade it.
Over time, this rare content could gain even more value than it already has, like when fans of the late Austin singer-songwriter Daniel Johnston bid on one of his works.
In March, some of the first major NFT music sales took place, such as Kings of Leon’s “When You See Yourself” album, which Chell says is destined to become a classic. And DJ 3lau achieved the biggest NFT sale of $11.7 million by selling 33 NFTs to mark the third anniversary of his album “Ultraviolet”.
Recently, local startup Royal used 3lau’s song “Worst Case” as their NFT, after which the company received over 2,000 requests from artists.
But this experience is not blocked only online. Chell believes NFTs also benefit in-person experiences for venues, artists and fans in the live music capital of the world.
“This NFT phenomenon that’s happening gives a much wider access to the fan base that goes beyond just listening to music. Ultimately, it further increases the value of physical locations and these NFTs can be used in the physical location for prizes or awards or better seats,” Chell said. “It makes the whole thing rich.”
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