Key Takeaways:
- Music artist Sia Furler to launch her NFT collection on Opensea.
- Bankman-Fried announced the collaboration on Twitter.
- Sia hopes to share NFT projects with her fanbase and let them vote on which songs she writes.
- She intends to use the platform to distribute gifts to her fans.
Sia Furler, a well-known Australian singer, is launching an NFT collection on Opensea in collaboration with Sam Bankman-Fried’s FTX. Fried and Sia chose FTX for their ethos, but she is platform agnostic. Bankman-Fried announced the partnership 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 believes it’s fun and a new way to create art. Users must download be downloaded, and a Metamask wallet must be created. Then 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 have enormous potential in the music industry, particularly for established artists who have already established a rapport with fans. Major artists like Doja Cat, Lil Nas X, Kings of Leon have already released their works as NFTs, while Sony Music and Eminem have invested in an NFT marketplace called MakersPlace. In addition, the Dallas Symphony orchestra recently put up for sale NFTs that commemorated performances of Austro-Bohemian composer Gustav Mahler to help Met Opera musicians who had been out of work survive the pandemic.
Concert Tickets, live streams of interviews, digital art, sound bites, and rare albums can all be minted as NFTs. 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.
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 gets 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 achievements such as trending tracks.
