The creator of FanSociety explains how NFTs can bring musicians and fans together.
Virtual tokens, or NFTs, took the world by storm in 2019 — and as the entire crypto market contracted and the industry plunged into a nearly two-year bear market, it was almost in ruins. An objective assessment of NFT events may conclude that the technology has delivered on its promise, and it may be more insightful to take a closer look at what features are needed to make it work, rather than writing off failed projects as scams. Successful projects.
In Episode 35 of the Agenda podcast, hosts Ray Salmond and Jonathan DeYoung talk to Web3 developer Miles, the creative mind behind FanSociety — a funding method for musicians that borrows and blends ideas from traditional 1950s fan clubs with modern crowdfunding ideas. and immutable storage on blockchain networks.
Tech needs to adapt and give users room to grow.
Any aspiring musician knows that getting funding for an album can be difficult, and of course, once the album is out, locking in fans for life becomes the next hurdle. Miles explained that he envisions FanSociety as a tool for creators to connect with their audience, reward loyalty, and grow more organically than the typical NFT collections currently available.
He also stated that FanSociety has the dual purpose of allowing musicians to raise money from fans while also rewarding them with digital artifacts that are part of their expanding discography.
According to Miles, a recurring problem with NFT collections is that projects often have fixed amounts, so creators must issue new contracts to “extend” the collection:
You know, and just having a smart contract doesn't make sense. And, like I said, it's just like boolean. You have the signal, you either have an NFT or you don't and a lot of what was going on was very successful musicians were starting NFT projects, and you know, it was like that, they only got 10,000 NFTs, and you either have one or you don't. T. And to me, that to me is very sophisticated and antithetical to the type of Web 3 discipline. And so I wanted to do something different.
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Fan engagement should also be valued.
Revenue sharing is another issue FanSociety aims to address. Miles laments that major distribution platforms and record labels give artists only a fraction of the revenue generated by their music, and that platforms take a lot of the tips artists receive from fans:
“For example, you look at Twitch. You tip someone, you give them money, you register. First of all, the platform is 50% rev[enue] Breaking up is horrible for me. And we don't know if this will increase in the future, right? The content creators on that don't know that if they throw additional fees on top of that, it's going to go up to 60%, 70%. So there is such a problem.”
For artists who use the platform to expand their catalog and engage with fans, Miles NFTs can be a more meaningful show of appreciation than a “sticker pack to put in their chat” or something fun and “not too expensive.”
Miles said:
“I want it to be more valuable to be able to give back to the fans, and so I'm trying to support. And what kind of things, the way to show their appreciation to the people they support is up to the artist.”
To hear more from Mill's conversation with Agenda — including his future plans for FanSociety — listen to the entire episode on Cointelegraph's Podcasts page, Apple Podcasts, or Spotify. And don't forget to check out Cointelegraph's full lineup of other shows!
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This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.
