Bankman-fried announced a thrilling collaboration with popstar, Sia. The Australian star launches her NFT collection on Opensea in partnership with Sam Bankman-Fried’s FTX. That’s right, The Siaverse is officially on its way and we are as excited as you are!
The collaboration aims to extend fans’ options when interacting with Furler and her music in more ways than one. Sia hopes to be able to share NFT projects with her fanbase. One idea is to have fans vote on which songs she writes. She has officially joined the Web 3.0 movement by creating her own “Siaverse.”
Sia discussed the idea of gifting her fans if she so wishes. Furler believes this is fun and a new way to create art and we agree.
NFTs have incredible potential for the music industry. This is a new insight for many. However, there are of course pros and cons. Established artists who already have built a rapport with fans are more likely to gain success quicker compared to less popular artists. This factor will take more than NFTs to resolve.
Who has already used NFTs?
Major artists like Doja Cat, Lil Nas X, Kings of Leon already released NFTs this year. Similarly, Sony Music and Eminem jumped on the bandwagon by investing in NFT marketplace, MakersPlace. Moreover, the Dallas Symphony orchestra recently put up NFTs that commemorated performances of Austro-Bohemian composer Gustav Mahler for sale.
How could NFTs be used in the music industry?
The exciting and revolutionary aspects of NFTs aren’t just for popstar Sia. Actually, they give all of the distribution rights and ownership to an artist. This is not the limit though. Utilisation of NFTs could work for concert tickets, digital art, soundbites and rare albums!
One of the arguments in the music industry is the role of record labels and streaming services (Spotify being one of the largest conversations). Interestingly NFTs remove the intermediaries like record labels and streaming platforms.
How do I get involved?
Audius is owned by the community and controlled by artists. Essentially, they are a decentralized music streaming platform built on the Solana blockchain. Artists get 90% of sales revenue, but the platform takes no cut.
Artists can offer content for free, receive one-time payments to unlock all content, or sell their songs as NFTs.
Interested? Get involved with Audius and you can support individual artists. Just like Popstar Sia, you can join in on the new and improved music world!