Of Course We'll Do Something With NFTs

Vasja Veber

Apr 22, 2021

Does the current NFT frenzy look familiar? For battle-hardened crypto veterans, it's the 2017 ICO hype all over again. There are a few players demonstrating a really clever use of NFTs, there's news of artists making obscene amounts of money selling art on NFT marketplaces, and finally, there are a whole lot of me-toos, peddling crap and/or stolen art. Hopefully, the invisible hand of the market will take care of the latter.

Still, it's nice to see that crypto is again on the front page and that NFT success stories are getting more people into crypto. As one of the not-so-many survivors of the 2017 ICO era, we at Viberate are also looking at implementing NFTs into our business model and, as always, we want to do it a bit differently.

We've always been focused on the live segment of the music industry, which is why we've been working on ideas on how to utilize NFTs in our segment. Tickets had their chance years ago but never got into the mainstream, and the high gas fees today make it impossible to use blockchain-based ticketing. No one wants to pay $15 for a concert ticket and then $50 to claim it into their own wallet.

With most NFT offerings, we were missing one key component: inherent value that would survive the test of time and circumstances. Sure, it's nice to have a digitally autographed track of your favorite artist, but when that same track lands on Spotify, it loses most of its mojo. Using NFTs as collectibles has been a proven model ever since Crypto Kitties first clogged the Ethereum blockchain, but we wanted to look beyond that. That's why we began testing live gig NFTs.

Tokenized rights to an artist's performance might act as a collectible, but we'd prefer to turn them into a tradable commodity.

We've envisioned an exchange system where people would buy, sell and trade live gigs, and the upcoming drop of UMEK's tokenized gigs will tell us whether our vision is on point. If you're interested in finding out more, click here and do.