Canadian DJ and producer Deadmau5 isembracing non-fungible token (NFTs) collectibles.
Let’s see what this could mean for the music business. The blockchain drop is being co-hosted by Deadmau5 (and blockchain platform Worldwide Asset Exchange, WAX). In a matter of days, a series of NFTs on the WAX blockchain will become available for purchase. This is a shift in the music industry. Rare collectibles will be moved from physical to digital.
The press release states that “this series from deadmau5 includes rare and authentic digital collectibles to the emerging virtual music business.” Each deadmau5 collectible can be 100% verified as authentic because NFTs trade on blockchain.
The blockchain hink is like a library card, which shows all token owners. Non-fungible tokens (NFTs) contain identification information that is recorded in a smart agreement. This data makes each NFT unique, making it possible to create digital collectibles.
Event sponsors may be able to give rare Fortnite skins out to concert goers in the future. Deadmau5’s NFTs function like virtual stickers that fans can trade with one another, much like baseball cards. Deadmau5’s collection will be available in two limited edition packs. The standard edition will retail for $9.99 and 4,000 copies will go on sale. The mega edition will retail for $28.49 and include 2,000 bundles. Each edition includes approximately 10-30 digital items with a total value of $96,940.
The Deadmau5 NFTs can be purchased using fiat and cryptocurrency.
You can also display the goods on social media and the WAX marketplace. “The special edition collectibles feature original content from deadmau5’s recent shows, as well as video clips. His collectible pins, as well as a ‘UltraRare’ piece of collaborative artwork by Sutu Eats Flies (who has previously worked with The Weeknd John Legend, Pnau and many other artists), complete the release.
Music fans could be exposed to virtual collectibles through the NFT market. K-pop fans are already fond of collectibles, where individual album releases are highly desired. As NFTs, digital items such as stickers, game skins and signed virtual albums can be traded.
Although NFT market is still a new technology, it is expected to grow rapidly as more people embrace it in the music and gaming industries over the next five year. This collaboration shows how artists can make digital merchandise without having to use a huge platform like Fortnite.