If you haven't heard about NFT's yet or the announcement that Kings of Leon are releasing their next album with NFT's then you certainly will soon.
NFT's or Non-Fungible Tokens are ways to create a unique, authenticated item, of anything really, even of nothing.
The easiest way I look at it is when you buy a numbered print of art. You are not buying the original art, just a print. That print can be easily copied into thousands of prints or digitally, but your authenticated numbered version is worth more. In fact, the lower the number the more it is worth, even though number one is exactly like number one thousand.
The NFT represents not only the print but also the authentication that it is real and allows you to track each transaction to the new buyer so if you are giving a perk to NFT owners, you will always know who to send it to.
In music, NFT's can offer fans unique opportunities, just like Kings of Leon are offering. It could be access to specific items of value, like a special version of vinyl, artwork or ongoing perks like front row tickets for life.
One of the most interesting aspects of NFT's is the concept of allowing the original owners the opportunity to share in marketplace income when these tokens are resold. To date, I have not seen a model where that is actually in action but potentially the Kings of Leon auction could do this.
At SongVest we believe that NFT's can enable a new opportunity for music. The issue though is how to create it and use it not only to generate revenue today through the sales of NFT's but also allow the original owners the ability to continuously generate royalties every time the NFT's are traded.
The good news is that we have solved both problems. Not only can we help you generate NFT's for current or past releases of albums, but we have the infrastructure to implement and manage the perks you add to your NFT. It is one thing to create the perks, it is another to ensure your fans have a great experience.
The last and most important item is that our marketplace allows fans to buy and trade these NFT's. SongVest has more experience than anyone in building a music marketplace. We not only allow the trading of NFT's but more importantly the royalty payout from each transaction the goes back to the original owner. This is a brand new royalty stream for the artist and record label.
SongVest is putting the final touches on what we have termed Gold Record Coins and now is the time for you to sign up and learn more.