Greg Oakford, a co-founder of NFT Fest Australia, guides you through the Web3 digital art world from a collector’s perspective.
Turning concert merchandise and memories digital
Snoop Dogg’s recent announcement of the Snoop Passport — an evolving concert tour collectible — is a trend I believe we’ll see get more and more traction among musicians and entertainers.
They tap into those fan moments we’ve all had: whether it’s dusting off an old concert T-shirt, rustling through a shoe box full of ticket stubs from sporting events and concerts you’ve attended or putting your favorite musician/band poster on your bedroom walls as a kid.
All these examples create feelings of nostalgia; they take you back to a moment in time and act like the timestamps of your life. But they are fragile at best over time, and at least half of my cherished ticket stubs are dog-eared with fading ink.
So storing nostalgia on the blockchain in durable digital goods is just the base case for why we’re likely to see more artists after Snoop follow suit. But there are plenty of other reasons for artists and fans to get on board
What’s in it for the musician?
— Ability to token gate exclusive and dynamic content to fans.
— Open up a new line of digital merch (alongside physical merch).
— Deeper engagement between artists and fans with new experiences and access.
— Collaboration with Web3 and digital artists (hip hop is well known for its collaborations over many decades, so this natural extension into a Web3 context makes sense).
— Reward fan loyalty and the ability to add additional utility to the holder.
— New revenue stream from minting. Snoop opted for $42 (approx) or 0.025 ETH, which re you can pay via credit card or via crypto.
— Royalties on secondary sales.
What’s in it for the fan?
— Creates nostalgia through collectibles on the blockchain.
— Dynamic content and exclusive behind-the-scenes access.
— Exposure to artists and collaborations (i.e., Terrell Jones and Coldie).
— Access to drops, events and experiences.
— The new era of displaying fandom (many collect vinyl when they don’t even have a record player)
— Integration with social media, a continuation of social signaling in our digital lives.
— Ability to trade it on secondary NFT markets.
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