As a musician, I am so intrigued by the potential that blockchain technology holds for the music industry. I see web3 as a way to create more transparency and fairness in the distribution of royalties and to connect with fans in new ways. Not to mention, I firmly believe that tokenization is the future of the world.
So, when it came to choosing how to release my first web3 music project, I decided to go with an NFT access pass. Here's why...
First and foremost, I believe that experimenting with new applications for NFTs is essential to shaping the future of web3. No one is an expert yet and we're all still learning about the potential of this technology. So, by releasing my music through an NFT access pass, I'm not only giving listeners a new way to enjoy my music, but I'm also helping to pioneer a new model for distributing and consuming music.
We're living in one of the most exciting moments in history. Right now we're calling it web3 but just like its predecessors web1 and web2, web3 will one day just be "the web." So the experimentation that we as early adopters are doing now, is essential to defining what web3 will become. And I want to be a part of shaping that future.
The traditional music industry was built by gatekeepers who held all the power. They decided which artists got exposure and which didn't. They took a huge cut of the profits and left musicians struggling to make a living.
But with web3, we have the opportunity to build a music industry that's more fair, transparent, and decentralized. One where artists can connect directly with fans and keep a greater share of the profits.
NFTs are key to this vision. They give artists a way to tokenize their work and sell it directly to fans. NFTs also open up new revenue streams, like fan-funded concerts and exclusive access passes.
So why did I choose my first music NFT release as an access pass over the more popular option of an NFT music collection?
There are a few reasons...
First, I wanted to give listeners a new way to experience my music. Rather than just passively listening to an album, I wanted them to be able to actually interact with my music in a live setting.
The idea of being able to attend a concert from anywhere in the world is truly web3. And by releasing my music through an NFT access pass, I'm giving my audience that opportunity.
Secondly, as I said before, the future of web3 lies in tokenization. Just like we now have cryptocurrency tokens and utility tokens, soon everything will be tokenized. That includes physical assets, like houses and jewelry, as well as digital assets, like music and art, and even utilities like credit cards and loyalty points.
Tokenization will change the way we interact with the world and create a more fluid economy. It will birth new economic opportunities and make it easier to transfer value and track provenance. This new system will also create a lot of chances for us to generate revenue by fractionalizing ownership of these assets and selling them in a way that's less expensive and more available to the general public. With tokenization, assets can be divided and traded quickly and easily, creating a more efficient economy. This will allow artists to generate new revenue streams from their work and connect with fans in new ways.
To achieve worldwide adoption, we need to start making tokenization more accessible to everyone. And that's the third big reason I chose a tokenized access pass for my first release. I want to help make the practicality and utility of NFTs in everyday life become more widely understood and accepted by the general public. NFTs are often seen as frivolous or unnecessary. But I think they have the ability to revolutionize society and how we interact with the digital economy.
By releasing my music through an NFT access pass, I'm helping web2 migrate to web3. But that migration has another hurdle that I am eager to help web3 overcome...
Decentralized technologies like web3 wallets are necessary to purchase NFTs, but getting non-web3 users to adopt them is a challenge.
This is a chicken and egg problem. In order for web3 technologies to become mainstream, we need more people using them. But in order for more people to start using web3 technologies, they need to be more user-friendly and accessible.
That is why when I chose to release my first NFT access pass, I jumped onboard with the402, a web3 platform that is innovating on smart contracts and collaborating with artists to implement user-friendly web3 solutions for the music industry. After seeing my friend, Mike Bass, successfully release his live-stream music performance on their platform, I wanted to try it out for myself.
I got on a call with the402's co-founder and developer, Ravi Bakhai, to plan my release. He asked me what sort of customizations I wanted for my live stream NFT access pass. I told him that I wanted the purchase experience of my NFTs to be just as user-friendly and accessible for my web2 audience as it is for web3 early adopters.
This meant I needed the 402 team to integrate a credit card payment feature.
The402 team was able to quickly develop a solution that addressed both of these concerns. I mentioned Crossmint as a possible credit card payment gateway for web2 users to purchase my NFT access pass and they ran with it!
Crossmint is a secure, web3 wallet that non-crypto, web2 users can easily create without having to go through the hassle of buying crypto. Crossmint is partnering with many companies and projects in web3, such as Burble, a web3 entertainment and media company for which I serve as their director of community.
The402 team was able to easily integrate Crossmint into their platform so web2 users can buy my NFT access pass with a credit card and receive it directly in their Crossmint wallet.
This means that web2 listeners can use their credit cards to purchase their NFT access passes without having to create a decentralized wallet, like Metamask. Once users purchase their NFT access pass, they are automatically emailed a link to access their NFT and use it to gain access to my live stream performance on August 30, 2022.
This is a huge development for web3 because it means that we can now start to get web2 users to adopt web3 technologies without having to sacrifice ease of use and familiarity. Plus, users still have the option to transfer their NFTs that are stored on Crossmint's custodial wallet to a decentralized wallet if they decide to create one in the future.
The402 also created an easy-to-use web3 player for their live stream concert platform that makes the experience convenient for web3 and web2 users alike to watch and listen without having to download any new software or plugins. They're also constantly building new tools to optimize interaction by adding unique features that aren't possible in web2.
I'm a firm believer that in order for the world to adopt blockchain technologies, we must allow users to interact with the technology in a way that is familiar and convenient for them. The402 and Crossmint have taken web3 technologies and made them more accessible for web2 users without compromising the decentralization of the platform. Some people want to own a decentralized wallet because they believe in the philosophy of web3. But others just want to use the technology because it's more convenient. And that's okay!
Another interesting part of my NFT access pass is the402's smart contract.
The contract has an ascending model that the402 calls a bonding curve. "The core concept of a bonding curve is that the price of an NFT is determined by its supply. The more NFTs that have been distributed, the higher the price. The fewer NFTs, the lower the price."
In other words, the price of my NFT access pass will go up as more people purchase it. And since the NFT is stored on the Ethereum blockchain, it's a completely trustless system. This means that I don't have to worry about someone reverse engineering my contract or manipulating the price. It's all done through code and it's completely transparent.
The contract was an important consideration for me because I have been discussing this type of contract structure in a weekly "Collectors and Musicians in The Round" Twitter Space that I co-host with my friend and musician Joe Rian. In this space, we workshop NFT collection ideas with musicians asking NFT collectors for feedback. We were brainstorming in this space and came up with an auction idea for NFTs that is very similar to a bonding curve structure. We playfully nicknamed it the "Reverse Dutch."
The idea was that raising the price of an NFT after each sale would encourage collectors to buy sooner rather than later since the cost would only rise. There are all kinds of possibilities with this sort of structure like creating giveaways at certain price points or adding additional content as the price goes up.
And since a bonding curve allows for the NFT price to be determined by supply and demand, I don't have to worry about how to price my NFT. The market will do it for me.
For this first release, I am focusing on creating a unique live music experience for my audience while building and expanding my community of music patrons...
I don't have any planned contests as part of this release, but I am doing giveaways as projects pop up that I want to support, like my friend Joe Rian who is giving away one of my NFTs as a prize to those who signup for the whitelist of his next drop.
So I’m supporting @frndsNFT by giving away 3 of their loving, mental health Frnds to 3 of my collectors when the 10th person collects an NFT pass to my @the402HQ livestream performance on 8.30.22
You can collect here
app.the402.xyz/media/1087de92…
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I'm definitely planning to experiment more with utility for my NFTs in the future, but for this first drop, I wanted to underpromise and overdeliver. I'm focusing on producing a really high-quality live stream performance with the help of my partnerships with IK Multimedia, Avid (Pro Tools), Logitech, and Blackmagic. I'm excited to be using Blackmagic's ATEM Mini Pro for the first time to stream with two cameras - their Blackmagic Pocket Cinema Camera 4k + a Sony A6600. I'll be routing and mixing my live sound through Pro Tools and using equipment from IK Multimedia and Blue Microphone as well. My goal is to make the performance feel intimate. Being an audio engineer myself, I'm focused on delivering the best sound and video quality that I can.
As for the actual performance, I'll be playing some of my older music, unreleased tracks plus a few new songs that have never been publicly performed or released. And also I'm planning to do a Q&A at the end where I'll be taking questions from those who have purchased my NFT access pass and I'll be asking them what kind of utilities they would like to see come from this first NFT release in the future. I think one of the best ways to build and create NFT experiences is to ask for feedback from your audience so you can shape the experience together.
I'm really happy about my decision to release my first music NFT as an access pass on the402's platform. I'm all about exploring what the future of web3 holds and I'm honored to be part of this experiment in tokenizing music. I believe that we are on the cusp of a new era in music where artists will have more control over their careers and will be able to connect with their fans in more meaningful ways. The possibilities are endless.
The most important thing about my first music NFT release is that those who purchase these access passes aren't just purchasing access to this one live stream performance. Because NFTs are recorded on the blockchain, this purchase is also an investment in my future as an artist.
As web3 technologies continue to evolve, I'll be able to update my NFTs with new features and benefits that weren't possible before. This could include early access to new music, exclusive merchandise, or even VIP experiences at live shows. So essentially, by collecting my first music NFT access pass, you are also joining my community and supporting my music in a more meaningful, sustainable, and long-term way that goes beyond just one purchase.
So, if you're a web2 listener who's curious about web3 or an early web3 adopter who wants to see how tokenization can be used in a practical application or you just want to enjoy some good music, I invite you to check out my show on August 30, 2022. Purchase your NFT access pass now at the402.xyz
If you're a web3 user and you already have an Ethereum wallet set up, you can connect your wallet directly on the402 website or if you're interested in using the credit card method, you can follow the instructions below:
1. Go to https://app.the402.xyz/media/1087de92-f165-4a35-bcde-1b65f3634ebc?protocol=liquid
2. Instead of connecting your wallet, just enter your email on the402 website (image below)
3. A popup screen from Crossmint will appear and you will be prompted to enter your email again
4. Check your email inbox for an email from Crossmint and click on the button in the email (this is how you log into your new Crossmint account)
5. You will then be taken to the Crossmint website where you will need to enter your credit card information in order to purchase my NFT access pass
6. Once you purchase, you will be taken to a new screen. At the time of writing this article, there might be an error on this screen. If this happens, never fear! Your NFT purchase is secure. Simply click on the circle in the upper right-hand corner of that screen, choose "account" and then on the next screen select "collection" and you will see your access pass.
7. The pass gives you access to my performance on August 30th, 2022 at 7pm PST. Go to the same link above for my NFT access pass and you will be able to watch the performance on the day of the live stream with the NFT you purchased!
I'm so geeked to see how web3 technologies, like NFTs and smart contracts, will shape the future of the music industry.
And I'm grateful to be collaborating with innovative platforms like the402 and Crossmint, which are making it possible for web2 audiences to access and engage with web3 content.
I hope my first music NFT release inspires other artists to start experimenting with different uses for NFTs. Only by doing this will we be able to shape the future of web3 and create a more user-friendly and accessible tokenized economy.
If you're interested in web3 or NFTs, come experience my debut web3 live stream performance on August 30, 2022. The price will only go up as more people purchase them, so the sooner you buy, the better deal you'll get. You can collect your NFT access pass to this performance now at the402.xyz!
