The musical landscape is changing. To take advantage of the advancements in Blockchain technology and separate the signal from the noise, musicians and record companies have started experimenting with NFTs to enable them to interact with their followers in new ways.
Atlantic Records has been carrying out that task over the past 1.5 years. The renowned record label has been gradually and steadily working with the artists on its roster to inform them of the opportunities Web3 has to offer since it worked with rapper Rico Nasty to produce a 1-of-1 animated NFT in honor of the artist’s music video for “OHFR” in March 2021. In addition to empowering its artists and naturally bringing millions of fans to Web3, the company may reap significant rewards from the slow-burn strategy.
Blockchain-based technology can be intimidating to non-Web3 organizations, but as corporations like Nike, Gucci, and Lamborghini have shown, entering the world of cryptocurrencies and NFTs can benefit legacy brands. In addition to creating tactics that resonate with Web3 natives, businesses must avoid scaring or alienating their customer base by using a technology that is still misunderstood and demonized heavily.
Atlantic’s staff is aware of this. They have concentrated mostly on developing NFTs that is free for the fans of the artists on their roster through Web3 engagements featuring free mints. For instance, the business assisted independent musician Arden Jones in giving free NFTs to supporters who had previously saved his monthly Age Tape initiative in August.
They also exposed Jones to the Dented Feels NFT community and collection earlier that summer, increasing his presence in the Web3 community and acquainting his fan base with it. Atlantic is aware that it cannot, however, force its artists to pursue NFTs; rather, their passion must be genuine.
Such perspectives are welcome, particularly in light of recent NFT releases from large entertainment companies that frequently seem to be only cynical money grabs. And given the music industry’s regrettable history of abusing and exploiting the artists who fuel it, Web3 is positioned to inject equity and vitality into the desperately needed sector. Atlantic Records might wind up spearheading that charge if they continue on their current track.