As NFTs have made it possible for up-and-coming and independent musicians to create their own communities, the indie music business has been changed.
Many independent performers are now able to reach an audience without the help of a major record company because of these digital tokens.
For the most recent example, pop singer Thomas Pipolo, also known as Pip, earned a stunning $20,000 (6.8 ETH) within 24 hours of the introduction of his Cotton Candy Backstage Passes.
As part of the artist’s crowdfunding effort, Cotton Candy NFTs were introduced on March 21, 2022. ETH-based musician Pip is attempting to raise more than $109,660 via a crowd sale.
According to his Mirror.xyz crowdfunding website, this money is needed for his next EP NFT drop, Cotton Candy Skies, his first EP (a small album with two to five tracks), and to launch his own label Cotton Candy Records, among other things.
Which backstage NFT passes are valid for Pip?
Silver, Gold, and Platinum Backstage Passes are all available for Cotton Candy’s performances. The advantages of each of these products differ depending on how much you pay for them.
Members of the NFT pass may access the member-only portal only cotton candy, but platinum pass holders (the most costly NFT users) are also entitled to free admission to all Pip headline performances for the rest of their lives.
Access to live studio sessions and meetings as well as merchandise and previously unpublished video are just some of the perks available to Pip’s NFT pass holders.
Onlycottoncandy members also gain access to Pip’s upcoming releases, including Cotton Candy’s debut single, MONACO, which will be released on March 25.
What makes NFTs so good for independent musicians?
Cotton Candy Records, which Pip intends to create after the release of his EP, would be one of the first record labels to use blockchain technology, according to Pip.
“The fans and supporters investing in these Backstage Passes are providing me and my team the opportunity to make our ambitions come true,” he stated in an interview with NFT Culture.
As a result, I’m really happy to see our new record label Cotton Candy Records go live on the blockchain so we can assist other musicians in their endeavors. Web3 and the music business will be revolutionized as a result of this.
PUBLIC MINT IS NOW LIVE ON @viamirror !
Grateful for the support so far! 🙏
Important details below. (thread)https://t.co/riRRMTlRrA
— Pip (@Pipmusic_) March 21, 2022
A former Division 1 baseball player, Pip was forced to retire from the sport after suffering an injury. In 2020, he found his love for music and debuted with “2:22,” which became a global success.
As an artist and a blockchain enthusiast, he is aiming to show that independent artists can also create their own identities utilizing NFTs and other technology.
Pip said he wanted to teach other independent musicians that it is feasible to provide your fans meaningful access to you and your music, and the ability to invest in your brand, because of the tremendous first-day sales of his digital backstage tokens.
Using blockchain technology, musicians of any level may retain ownership of their work, have a successful music career, and get their music recognized.
Because of NFTs, independent musicians may now make the music they desire without being constrained by contractual obligations or quotas. It’s well-known that musicians are typically underpaid and don’t retain all of the rights to their music when they release it via a corporate record company.
All of the revenues and rights connected with a creator’s material are owned by him when he creates NFTs. Even more importantly, NFTs are bringing the artist-follower relationship closer than ever before.
Direct financial backing is being given to artists like Pip by people who believe in their work. It’s interesting to note that large corporations are now collaborating with web3 communities to harness the potential of music-related NFTs.
NFTs will play a pivotal role in defining the music business of the future, based on these early advances.