NFTs are making inroads into every industry, from food to automotive, and music is no exception; in reality, it is one of the most active.
Following in the footsteps of renowned music industry superstars–like Usher, Elton John, and Madonna–many more emerging musicians have begun to embrace Web3.
Indeed, emergent technologies like the metaverse, NFTs, and cryptos have the potential to provide musicians with a new way to build their brands, identify themselves, and generate additional revenue in the digital world.
These are the opportunities pinpointed by AudioSwim, a platform that allows artists and fans to buy and sell NFTs and music royalties all over the world.
The platform enables musicians to turn their songs into NFTs, with the option of distributing a single edition, several editions, or a rental.
We welcomed Albert M. Carter, founder of AudioSwim, for an informative Q&A session to gain a deeper understanding of AudioSwim.
This is how it turned out!
1) How long have you been involved in the music industry?
We’ve been involved in the blockchain / NFT space for about 3 years now. Mostly consulting with artists about how to drop music NFTs.
2) What inspired you to enter the NFT space?
The thing that inspired me to get into the NFT space was the global lockdown that took place for Covid-19. Seeing how artists were unable to tour, we looked at how we can help artists monetize in the long run. That is why we focus on the utility of NFTs and on how blockchain can enhance the experience.
3) How can turning music into NFTs benefit both artists and fans economically and creatively?
Music NFTs can help artists connect with their fans a bit more than streaming. Through our platform we all for artists to have NFT live streaming as well as a direct chat function with their fans. This form of communication allows artists to get valuable insight from their community who are really engaged and tapped into what they do. In addition, depending on the artists, fans have the ability to monetize the NFTs based on what the artists are willing to sell.
4) What blockchain did you choose to mint your NFTs on? Why?
We chose Binance SmartChain to mint our NFTs because it’s one of the more established and secure blockchains. We initially wanted to create our own chain but after some field research and understanding why using a more established chain was important for security for both us as a company and the end user, we felt that Binance had all the parts needed to create a successful marketplace.
5) Would you like to share any of your big achievements since the inception of your NFT project?
One of our biggest achievements has been the ability to help artists understand what NFTs can do for them, their career, the industry, and their fans. I personally think that’s the biggest achievement.
6) How did the music community respond to your NFT initiative?
The music community has responded well. We are one of the very few platforms that offer on-chain and off-chain solutions. So it’s a winning combination when you allow Web2 users to explore what they can do in Web2 and Web3. So the plan is to keep converting users to Web3.