Sia Furler, a well-known Australian singer, is launching an NFT collection on Opensea in collaboration with Sam Bankman-FTX. Fried’s Sia chose FTX for their ethos, but she is platform agnostic. Bankman-Fried announced the collaboration on Twitter. Sia hopes to be able to share NFT projects with her fanbase and let them vote on which songs she writes as she participates in the Web 3.0 movement by creating her own “Siaverse.” She thinks it’s a new and exciting way to make art. Metamask must be downloaded, a Metamask wallet must be created, and Ethereum must be loaded into it. Then, on Opensea, create an account and link it to your Metamask Wallet. She intends to use the platform to distribute gifts to her fans. She recently held the launch of her NFT project on December 4, 2021, during which she performed a song she wrote that morning.
NFTs promote deeper connections between artists and fans.
NFTs have enormous potential in the music industry, particularly for established artists who have already established a rapport with fans. Doja Cat, Lil Nas X, and Kings of Leon have already released their works as NFTs, and Sony Music and Eminem have invested in an NFT marketplace called MakersPlace. The Dallas Symphony Orchestra recently put up for sale NFTs commemorating performances by Austro-Bohemian composer Gustav Mahler in order to assist Met Opera musicians who had been laid off due to the pandemic.
NFTs can be minted from concert tickets, live interviews, digital art, sound bites, and rare albums. NFTs give an artist complete distribution and ownership rights. NFTs can assist fans in developing deep relationships with artists through Discord, or simply by a concert ticket displaying immutable proof of concert attendance or a one-of-a-kind curio. It eliminates intermediaries such as record labels and streaming platforms.
Decentralized Art is Championed by a Music Streaming Platform
Audius is one company that has pioneered music streaming for the Web 3.0 era. Audius is a Solana blockchain-based decentralized music streaming platform. It is community-owned and operated by artists. Artists receive 90% of sales revenue, but the platform receives no cut. Artists can provide free content, accept one-time payments to unlock all content, or sell their songs as NFTs. Audius awards Audio tokens to artists for accomplishments such as trending tracks.