Are NFTs the new MTV?
The Future. In what may be the biggest revolution for musician-fan relationships since the creation of MTV, artists are using crypto to give intimate access to their fan bases and monetize their work beyond the low rates of song streaming on Spotify or Apple Music. In the streaming world, artists are forced to generate 75% of their income from touring… but with crypto, those days may soon be over.
Crypto is eliminating the divide between artists and fans.
- Some musicians have developed their own tokens in order to give die-hards exclusive access to content. One example is Portugal. The Man with PTM Coin.
- Non-fungible tokens (NFTs) have become a way for artists such as Linkin Park’s Mike Shinoda and 3Lau to sell collectible items directly to fans.
- Some bands, such as Kings of Leon, have sold whole albums as NFTs.
Cryptos, such as tokens and NFTs, are essentially remaking the fan club for the modern era… and providing a means by which artists and fans can profit together.
For the fans
Kurt Patat (who used to be the SVP of Communications at MTV), says that the crypto revolution reminds him of the same “independent game-changing spirit” as the music-focused network. Patat points to the creation of the MTV Artists platform, which helped “artists gain entryway into our corridors by self-submitting their videos to air across MTV, VH1 and CMT, while also creating a one-stop-shop where fans could listen and buy music, purchase tickets, and more.”
Additionally, MTV knew that the digital revolution was creating a “zero-distancing” effect between artist and fans. In 2013, it released a study called “Music to the M Power,” which showed how “social media was dismantling barriers between artist and fans [and that] more than half of millennial respondents stated that they felt closer to their favorite acts when they shared personal information with them.” That would prove prescient.
Today, Patat works as the Global Head of Communications at Rally — a network that allows creators to launch their own crypto tokens — making sure that he stays on the cusp of the next revolution.