Snoop Dogg, Eminem and Travis Scott are just some of the big names that have recently entered the NFT world, bridging the gap between the traditional music industry and the metaverse industry. As a result, the quality and quantity of Metaverse concerts has skyrocketed.
What is Musical NFT?
You may have stumbled upon NFT images, the most popular form of content on the blockchain. Musical NFTs work just like any graphical NFTs, but they present audio content.
Technical details aside, a musical NFT is a proof of ownership of a particular audio element. It can be a soundtrack, a song, or just a beat.
Music NFTs and cryptocurrency tags can solve a wide range of problems in the traditional music industry. Removing unnecessary intermediaries empowers artists and enables direct interaction between fans and creators.
What is the Metaverse Concert?
Musical NFTs currently represent only a small part of the overall NFT market. However, things are changing rapidly, and the main reason is the performance of the metaverse.
Virtual World Concerts are virtual performances on virtual world platforms such as The Sandbox, Wave, Facebook, etc. It is essentially the same as a traditional concert, with a few exceptions.
Metaverse concerts are pre-recorded or performed live by an artist who stays indoors with special equipment. He processes his performances and broadcasts the show live to the Metaverse.
Metaverse concerts do not take place in the physical world. So you can easily watch the performances of American singers from Thailand.
Spectators connect to the Metaverse platform and watch the concert remotely. In some cases, you can interact with artists through chat and emoticons. To “go” to such a concert, all you need is a VR helmet and a digital ticket, which is usually issued free of charge.
Virtual concerts aim to replicate the traditional concert experience as realistically as possible, as well as other experiences. To make the concert even more realistic, your avatar can interact with the performers, acquire different skins and show off dance moves.
In addition, performances in virtual worlds are very profitable for artists. One reason is the amount of work required to plan such an event. This is usually much less than organizing physical performances.
Advertising, sales of VR merchandise and skins are the main sources of income for this business model.
It is hard to ignore the general decline in crypto and NFT activity. At present, inflation has swept the world, and many economists even predict the beginning of a recession. So in the short term, you probably shouldn't expect a huge boom in music NFTs.
However, in the long term, the situation is much more positive. The entire NFT industry continues to thrive. Since the value presented by this technology brings many positive changes to the world, the industry is expected to grow rapidly in the long term.
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