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Blockchain-based music research and analytics platform Viberate (whose native token VIB is listed on Binance, Bittrex, OKEx, and Uniswap) just announced it will be launching a special NFT featuring the rights to a live music performance and other exclusive content by one of its founders, renowned Techno DJ UMEK.
The drop, verified by Viberate, will happen on April 29 in partnership with Blockparty and marks the launch of the first-ever “live gig NFT”. UMEK’s offer will include five different NFTs: three exclusive remixes of his 1999 hit Techno track “Lanicor”, one livestream performance, and one live event performance.
Several music artists have already successfully sold their NFTs, either as albums, VIP tickets, digital art or other concepts. UMEK’s upcoming drop is the first to experiment with the possibilities for musicians and organizers to securely manage their future bookings once live events return.
“We’ve been actively involved in the crypto scene for the last several years,” explains Vasja Veber, one of Viberate’s co-founders and UMEK’s manager. “Our platform includes blockchain and we have our own token (VIB), so tokenizing the rights to a live performance seemed not only the logical next step in the evolution of NFTs, but also an exciting opportunity to explore how the live music industry could handle bookings in the future. The live music industry is among those hit hardest by the pandemic. In 2020 alone, the estimated losses revolved around $30 billion, so it’s important to explore such options.”
Viberate and Blockparty will use the drop to test the “gig NFT” concept. If it proves to be successful, Viberate plans on providing the option of gig token minting to nearly half a million music artists in its database, along with minting artist ID NFTs through a secure verification process. These ID NFTs will then act as a certificate of authenticity, reassuring the buyer that the contents indeed come from a verified artist, not someone offering other people’s work.
UMEK’s NFT drop will launch on Blockparty on Thursday, April 29, 2021, at 8:00 pm GMT+1 (3:00 pm EST).