Skip to content
Business Plan

Business Plan

Business Reopen

Primary Menu Business Plan

Business Plan

  • Business Finance & Support
  • Business Plan
  • Their Business
  • Business & Finance News
  • Wealth Business
  • Financial Function
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Business Finance & Support

Why NFTs are the new business model for music [Video]

Linda Caughey May 7, 2022

When Grace Christian started recording music with her neighbor at age 15, she never thought she’d be using NFTs to take her career to the next level. The self-described psychedelic pop artist, who goes by the stage name Mazie, has always maintained a “do-it-yourself” approach to music, creating an independent music label with her producer to keep everything in-house and maintain control. Now she’s one of a small group of hand-picked artists who will sell NFTs on the Quincy Jones-backed NFT platform OneOf.

“This is a huge opportunity for me to provide my fans the opportunity to invest in me early and also provide a symbiotic relationship where as I grow, they grow as well,” Mazie told Yahoo Finance in an interview. “That’s really exciting for me.”

OneOf, an NFT platform backed by 27-time Grammy Award-winning record producer Quincy Jones, who worked with legends such as Frank Sinatra and Michael Jackson, has hosted NFT collections from the Grammy Awards and major artists like Doja Cat. Now OneOf is launching a new program for independent, up-and-coming artists to sell NFTs they’re calling “rookie cards.”

“When I think about who this technology can help, the thing that gets me most excited is independent artists using NFTs to finance the early parts of their career,” said Adam Fell, Co-Founder of OneOf, longtime artist manager and president of Quincy Jones Productions.

US producer Quincy Jones waves on stage during the 53rd Montreux Jazz Festival on June 30, 2019 in Montreux. (Photo by FABRICE COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)

US producer Quincy Jones waves on stage during the 53rd Montreux Jazz Festival on June 30, 2019 in Montreux. (Photo by FABRICE COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)

OneOf is one of the star-studded music platforms leading the NFT music charge. But others like Royal, founded by EDM DJ Justin Blau, are also staking their claim while Coinbase (COIN) just launched its NFT marketplace where it’s partnering with artists for exclusive drops.

NFTs — or non-fungible tokens — are certificates of authenticity that show proof of ownership for digital collectibles. The tokens are typically assigned to one-of-a-kind digital music, sports memorabilia and virtual real estate, among other items. NTFs are proving to be a new business model for the music industry, empowering individual artists to finance their music careers with them while fans can make money as an artist grows and an NFT trades up in value.

Traditionally, artists have had to seek out a record deal or publishing deal to get capital to record songs in a professional studio or make professional videos. Now they can use revenue from NFTs to finance themselves and avoid a record contract or postpone a deal, which also enables them to negotiate contracts with better terms.

‘Taking a loan out against myself’

Artists can earn royalties from NFTs that give them a percentage of the sale price when their creation is first sold and each time it’s resold on a marketplace. That is, after the original artist first sells the NFT, the buyer could sell the NFT to another buyer in the secondary market and the original artist would receive royalties on that secondary sale.

“[The music industry] is not made to necessarily benefit creatives,” said Mazie. “If I have the space to be able to continue to develop myself without needing to take another record deal, which is basically taking a loan out against myself, and just having the space to continue to independently grow is really exciting.”

OneOf’s new program, called CO//SIGN, is the start of a process to create recurring revenue with a fan base where the artists have an economic relationship with their fans. CO//SIGN will highlight breakout, buzzworthy artists and offer them creative, financial, and marketing support.

Each artist will have their own “rookie card” — a unique trading card-style 3D animated NFT for sale via OneOf.com. The artists will receive a large portion of the proceeds in perpetuity, creating a long-lasting revenue stream that can fund their careers, from recording to touring. By purchasing the digital collectibles, fans put money directly into artists’ pockets.

MIAMI, FL - FEBRUARY 01:  Justin David Blau aka 3lau atttends Gronk Beach at North Beach Bandshell on February 1, 2020 in Miami, Florida.  (Photo by Jason Koerner/Getty Images)

MIAMI, FL – FEBRUARY 01: Justin David Blau aka 3lau atttends Gronk Beach at North Beach Bandshell on February 1, 2020 in Miami, Florida. (Photo by Jason Koerner/Getty Images)

“They’re just like electronic baseball cards for up-and-coming artists, allowing them to bet on their rising star power, while also helping to finance the artist’s career,” Fell says. “You get in early when the artist has 5,000 fans and hope they go to 100 million fans.”

NFTs will start at $10 and range to $50, with gamification opportunities as the collection of Co//Sign artists grows. Built on Tezos blockchain, minting an NFT on OneOf’s platform uses far less energy than other proof-of-work networks — allowing them to charge le
ss for NFTs, according to OneOf. OneOf will issue a limited number of rookie cards for each artist, banking on select numbers of cards that will appreciate in value as fans grow. If all the artists’ NFTs sell out, OneOf doesn’t make its money back. Instead, the NFT platform is focused on the secondary market where artists make money as NFTs trade up in value and fans make money too.

The company plans to airdrop initial buyers free NFTs each time the artist makes a career milestone like reaching a certain number of streams or taking home the coveted Grammy award. “This gives fans an incentive to hold the original asset,” Fell says.

Jennifer Schonberger covers cryptocurrencies and policy for Yahoo Finance. She has been a financial journalist for over 14 years covering markets, the economy and investing. Follow her at @Jenniferisms.

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube

Tags: Amazon Business Login, Amazon Business Prime, Bank Of America Business Account, Best Business Schools, Business Attorney Near Me, Business Bank Account, Business Card Holder, Business Card Maker, Business Card Template, Business Cards Near Me, Business Casual Attire, Business Casual Shoes, Business Casual Woman, Business Plan Examples, Ca Business Search, Ca Sos Business Search, Capital One Business Credit Card, Chase Business Checking, Chase Business Credit Cards, Chase Business Customer Service, Chase Business Login, Chase Business Phone Number, Cheap Business Cards, Citizens Business Bank, Cox Business Login, Digital Business Card, Facebook Business Suite, Finance In Business, Free Business Cards, Google Business Login, Harvard Business School, Lands End Business, Massage Parlor Business Near Me, Michigan Business Entity Search, Mind Your Business, Mind Your Own Business, Ohio Business Search, Risky Business Costume, Skype For Business, Small Business Loan, Small Business Saturday 2021, Starting A Business, Texas Business Entity Search, Triumph Business Capital, Vending Machine Business, Verizon Business Customer Service, Vonage Business Login, Wells Fargo Business Account, Yahoo Small Business, Yahoo Small Business Login

Continue Reading

Previous Anthony Antonelli Named a Crain’s Cleveland Notable in Finance for 2022
Next Liberty Helps Business Owners Financially Prepare for Unexpected Events

More Stories

Google Map Vs Bing Maps : Which One Is Best?
  • Business Finance & Support

Google Map vs Bing Maps : Which One Is Best?

Linda Caughey May 30, 2023 0
HubSpot Deal Stages: 7 Keys to Success
  • Business Finance & Support

HubSpot Deal Stages: 7 Keys to Success

Linda Caughey May 29, 2023 0
Funding roundup November 26 – December 2: Shopa Group , Josef and more
  • Business Finance & Support

Funding roundup November 26 – December 2: Shopa Group , Josef and more

Linda Caughey May 28, 2023 0
June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    

Archives

  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • November 2018
  • October 2018
  • December 2016

Recent Posts

  • Logo For Your Business
  • Tracking the un-trackable with GTM
  • Google Map vs Bing Maps : Which One Is Best?
  • HubSpot Deal Stages: 7 Keys to Success
  • 7 Ways To Use Google Trends For SEO & Content Marketing

BL

Tags

Amazon Business Credit Card American Airlines Business Class Att Business Login Austin Business Journal Best Bank For Small Business Best Business Bank Accounts Best Business Schools In Us Best Business To Start British Airways Business Class Business Business Attire Men Business Card Ideas Business Casual Shoes For Women Business Continuity Planning Business Entity Search Business Letter Template Business Management Degree Business Manager Facebook Business Plan Outline Business School Rankings Colorado Business Search Delaware Business Entity Search Drop Shipping Business Family Business Bet Fox Business Live Georgia Sos Business Search Google Business Account Harvest Small Business Finance How To Build Business Credit Is Saturday A Business Day Is Sears Still In Business Microsoft 365 Business My Business Google Name Generator Business None Of Your Business Ny Sos Business Search Open A Business Bank Account Pa Business Search Plus Size Business Casual Pnc Business Banking Sos Business Search Ca Sunbiz Business Search Taking Care Of Business The Business Of Being Born Turbotax Home And Business 2020

Visit Now

Xtreme Free Games

pest control las vegas scorpion 

getlinko

Related Article

  • Business Plan

Logo For Your Business

Linda Caughey June 1, 2023 0
Tracking the un-trackable with GTM
  • Their Business

Tracking the un-trackable with GTM

Linda Caughey May 31, 2023 0
Google Map Vs Bing Maps : Which One Is Best?
  • Business Finance & Support

Google Map vs Bing Maps : Which One Is Best?

Linda Caughey May 30, 2023 0
HubSpot Deal Stages: 7 Keys to Success
  • Business Finance & Support

HubSpot Deal Stages: 7 Keys to Success

Linda Caughey May 29, 2023 0
7 Ways To Use Google Trends For SEO & Content Marketing
  • Business & Finance News

7 Ways To Use Google Trends For SEO & Content Marketing

Linda Caughey May 29, 2023 0
fit-body-24ua.xyz | CoverNews by AF themes.

WhatsApp us