Can non-fungible tokens (NFTs) change the way the music industry handles bookings? Blockchain-based music research and analysis platform Viberate (whose native VIB token is listed on Binance, Bittrex, OKEx and Uniswap) will launch special non-fungible tokens with the rights to a live performance and other exclusive content from one of its founders, the acclaimed Techno DJ UMEK.
The potential of NFTs reaches the world of music
UMEK’s NFT is the first to explore new possibilities; in this case with the objective that the musicians organize their reservations once the live events return. In total, the UMEK drop on Blockparty (starting April 29 and lasting 24 hours) will include five different NFTs; three unique remixes of his legendary track “Lanicor”, a streaming and a live performance.
“We have been actively involved in the crypto industry for the past few years”, explains Vasja Veber, one of the co-founders of Viberate and manager of UMEK.
Likewise, Veber added that «Our platform includes blockchain and we have our own token (VIB)… So tokenizing the rights to a live performance seemed like the next logical step in the evolution of NFTs. Since security and transparency are important components of the blockchain … this drop will be an exciting opportunity to explore how the live music industry could handle bookings in the future.
If the concept proves successful, Viberate plans to provide the option to mint concert tokens to nearly half a million musical artists in its database. But in addition, they hope to provide the Artist ID NFT minting through a secure verification process.
Therefore, these NFT IDs will act as a certificate of authenticity, assuring the buyer that the content actually comes from a verified artist and not someone offering other people’s work.
You can not lose this! UMEK’s NFT Launch will be at Blockparty on Thursday, April 29, 2021 at 8:00 pm GMT + 1 (3:00 pm EST). Mark the date on your calendar!