A famous Danish architect once said: “If a building becomes architecture, then it’s art”. Similarly, if a piece of, hmm, anything, becomes an NFT, then it’s worthy. The nonfungible token sensation is unstoppable and even the sturdiest skeptics now openly plan on trading drawings, celebrity artwork, DJ gigs, Dinner for One videos, digital sneakers, or NFToilet Paper.
As weird as it sounds, all types of ordinary or abstract digital assets can be stored on the blockchain and tracked. It’s something like a special certification but entirely decentralized and transparent, no fuzzy business — plain and straightforward.
Lately, two music festivals have announced that they are including NFT auctions in their program. Or is it correct to say in their line-up?
The news about NFTs shaking the ground of our industry didn’t catch us by surprise and still, being events AND blockchain platform altogether, we couldn’t keep cool. We dug deeper into what Untold and Rare Effect festivals already discovered and took advantage of. Our research sent us all the way back to the architecture quote and the function of the latest crypto trend.
The Cost of NFTs
In essence, NFTs are units built on blockchain for the sake of remaining originals. What’s the purpose of proving a meme’s or a basic postcard’s authenticity? Monetization. It’s not nonsense if it brings money. And certainly, it doesn’t matter whether you can touch, feel, or use your goods as long as you own them — they’re digital.
You get started with NFTs by either creating them or trading them. Of course, if you create them, you will be eligible to sell them because they are the blockchain underlying assets you possess. Alternatively, if you buy them, you may just as well hold and collect them. Long story short, there are spaces for creators and marketplaces for NFT traders. You can find more about minting (producing new tokens) NFT marketplace platforms in this guide.
“Anyone can buy a Monet print. But only one person can own the original.”
Regarding the types of NFTs, whatever we say in this article, probably by the time you’re reading it, the information will be outdated. So, let’s not put NFTs in any categories, just imagine they can be any form of multimedia. It’s also not fair to underestimate their artistic value because this would be a harsh generalization.
Each token is nonfungible because it’s unique and can’t be exchanged for something that it’s the same — it’s the only one!
The NFTs Relationship with Events
So, according to a report from NonFungible.com, in the first quarter of 2021, NFTs have generated more than $2 billion in sales. Everyone is getting involved — traditional galleries, artists like Damien Hirst, influencers like Gary Vaynerchuk are all in.
Crypto transactions are not a new idea for event organizers and NFTs offer an advanced extension of that idea. Ticketing can benefit from being tied to NFTs that will ensure a seamless user experience and will reduce scams. There are already examples of ticketing apps spanning this opportunity.
Everything else related to physical, virtual, or hybrid events, can also be digitalized. This switch will not just enhance the personalization and give a hi-tech kick to events marketing but it will also favor sustainability. From one side, NFTs producing consumes energy but then, you don’t need to print anything, go anywhere, verify, perform multiple transactions, etc. Besides, newer NFT platforms such as Tezos and Artnome for instance, aspire to apply more eco-friendly technologies in sourcing NFTs.
Last but not least, NFTs auctions are social gatherings, maybe not the mundane type, but still, they create bonds. Moreover, such occasions are exceptional and attract attention. Purchasing NFTs, on the other hand, is not solely an investment in art — it’s an illuminated path leading to new communities, and sometimes to VIP status and privileges.
Rare Effect is an art festival in Lisbon run by Art Progression Now. The event took place on May 12–22 and is considered the first art and crypto festival where the physical meets the digital.
“Rare Effect invites visitors to explore society’s relationship to art through the lens of crypto-economics.The festival seeks to raise awareness of the current existential threat facing grassroots cultural associations & DIY music venues. The aim is to directly support Arroz Estudios and the exhibition’s contributing artists by facilitating the sale of digital art as NFTs.”
The festival format was mixed — it was happening live in the work and party space Arroz Studios, and virtually on social media outlets and in the Metaverse. Its program combined 2D & 3D digital displays, AR & VR exhibits, crypto talks, interviews, and music shows along with live and online exhibitions. Among the featured artists were Miguel Rodrigues + Grandpa’s Lab, Sylvain Souklaye & Will Da CostaMim Suleiman, Mosca, Ransom Note (w/ Bawrut, Lakuti & Manfredas), Violet b2b Photonz & DAO Records.
This was the second Rare Effect edition. The first one went on in February and was all online. Probably that’s why Art Progression Now bet on a fully immersive all-encompassing appearance this time.
But is it possible for NFTs to work hand-in-glove with serious parties? Yes, and Untold will demonstrate it live and loud between September 9–12. This Romanian festival exists since 2015 and is internationally praised. More than 300 000 people from all over the world traveled to Cluj-Napoca, Transilvania to celebrate the summer of 2019 together. Last year was skipped for obvious reasons but in 2021 the event is coming back with a bang.
Apart from applying the usual post-COVID people and resilience theme to their promotional strategy, Untold organizers explore crypto opportunities to reach even further.
“So far, the World Capital of Night and Magic would only open for 4 days at a time so you could step in and immerse yourself in its enchantment. This time UNTOLD sends a piece of its magic into the world and an exclusive tribe of collectors upon whom fortune has smiled will be able to own it.”
Untold created its own Tarot Deck Art Collection that corresponds with the magical quality of the event. However, NFTs are just a fragment of the interesting festival campaign package that includes a cruise, happy camp, and other adventures. Stormzy, Robbie Williams, Martin Garrix, Black Eyed Peas, Armin Van Buuren, David Guetta, and The Chainsmokers are some of the famous producers and artists that will get on Untold’s stages.
NFTs feel comfortable in crypto, arts, retail, and entertainment surroundings. There will be more NFT auctions and festivals popping up in the future and it’s best to get used to them and stay on track. It’s not an underground territory reserved for eccentrics anymore, it’s new popular culture and decentralized finance.
Electronic music festivals might be the first to incorporate NFTs into their events but they will not remain the only ones. After Kings of Leon released their latest album as an NFT and Warner Music Group started making NFT avatars for their artists, certainly more people from the industry will become intrigued. Tokens already allow you to support creators and forecasts are that very soon they will be super tightly tied to copyrights.
Eventually, if you’re planning a mind-blowing event, better make sure it’s really going to be as glamorous as you promise. Otherwise, you’re risking ending up in a situation similar to the FyreFestival’s case where a tweet about the poor catering at the “luxurious” event got sold as an NFT. Disappointed by the festival, a guy called Trevor DeHaas tweeted an image of а lame cheese sandwich festival-goers got for dinner. His post went so viral that in April he auctioned it as an NFT for $80 000.
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Learn more about Art Progression Now.
Hey, we’re only a month away from the official launch of our reimagined ticketing platform Plentix!
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