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- NFTs are a great way for young artists to raise funds
- Concerts in the metaverse could be co-occurring instead of large sum audiences
- The future seems still far away but big corporations could make the transition sooner
During the last year, cryptocurrencies saw major twists & turns where major tokens ended their year on a medieval note at optimum price levels. While Bitcoin failed to reach 100K, we did see immense new usage of blockchains picking up pace, of which the most prominent ones were the craze for NFTs and metaverse.
Non Fungible Tokens (NFTs) where any media format can be converted into an exclusive crypto token and could be sold on various exchanges. The most prominent one being OpenSeas. The trend started picking up pace when a few celebrities like Snoop Dogg & Lindsay Lohan decided to own & mint their own crypto collectibles as a token of exclusivity for their fans.
NFTs are considered the first step to the metaverse, where these tokens of exclusivity will be packed to buy new avatars, skins, or special characterizations in the complete virtual world made to function all the real life events including socializing & working.
Music, Artists & NFTs
After being considered evolution to autographs & photographs, Soon the NFTs became a way for rising artists to market themselves & their art while also becoming an attractive way of raising funds. The blockchain-based ledger systems also open up new prospectus for protecting their digital property in the ambit of intellectual property.
For various artists, singers & composers, many NFT platforms have mastered the mechanics & have understood the concepts of music production. These platforms are helping artists in raising funds and distributing their music for the fans to imbibe. Fans & enthusiasts in turn help support their favorites while also being rewarded with virtual collectibles.
Music & Metaverse
The metaverse will revolutionize & rethink the concept of concerts. While human beings love shared experiences & a sense of belonging, the world of metaverse might have co-occurring rooms with specialized attention being favored in small groups.
According to stats from Amelia Kallman, witnessing Travis Scott perform live in Fortnite wasn’t a collective experience of millions of people. Instead, the concert was made up of smaller rooms of a maximum of 50 people with 250k rooms co-occurring simultaneously. A concert in Metaverse would certainly be a better choice than live performances occurring on Instagram or YouTube, in empty stadiums or from home studios.
When is Future?
However, with Christmas-like insights & plans, the world of the metaverse is still far away from the realities of a layperson. Simon Powell, an expert from Jefferies, believes that the world is at least a decade away from any unified version of Metaverse being launched into the mainstream.
A full-fledged world of metaverse requires significant standards of interoperability so that users aren’t stuck in any one metaverse belonging to a particular corporation. However, apart from creating viable infrastructure, the legality of the virtual world should also be factored in to create a safe & cohesive user experience.
Given the initiatives adopted & financed by tech giants like Microsoft, Nvidia & Meta, more innovations are expected to be showcased, to bring immersive experience & cohesive stature to the virtual world of the metaverse.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
