Technology / 11.02.22

The Future of Live? How NFTs Can Benefit Artists

Access Staff

Pollstar (10/27/22) King, Ariel

Non-fungible tokens (NFTs) may be a game-changer for live events, with outfits like CAA signing NFT artists. "There are platforms that are now presenting themselves as options for ticketing on the blockchain, which will help prevent scalping," says CAA music and Web3 agent Phil Quist. "And gouging has been a problem in the music industry for a while. I think using NFT for ticketing and the live side of things also essentially becomes an artist CRM [Customer Relationship Management], where they can see who their most loyal fans are over time." CAA's Adam Friedman adds that an NFT itself can be used as a proof of event attendance, and French-based technology firm Billy is spearheading an NFT ticketing push. Billy's Charles Baldet cites the value of NFT tickets as memorabilia and connections to the fan community. Meanwhile, Medallion intends to fortify the link between artists and fans, offering digital events and specialized NFT tokens to give especially devoted fans more tailored experiences. "Our goal is to allow artists to bring their global fanbases that exist across intermediary social platforms into an environment where they control the terms of content commerce and communication," says Medallion Chief Strategy Officer Stephen Vallimarescu.

Read the full story on Pollstar. 

Tags: Technology , NFTs