The world of music is evolving. Musicians and record labels are experimenting with NFTs to give them a new method to connect with their fans in order to benefit from Blockchain technology breakthroughs and separate the signal from the noise.
Over the previous 15 months, Atlantic Records has been responsible for completing that assignment. Since collaborating with rapper Rico Nasty to create a one-of-a-kind animated NFT in celebration of the artist’s music video for “OHFR” in March 2021, the renowned record label has been gradually and steadily working with the artists on its roster to inform them of the opportunities Web3 has to offer. The company may benefit greatly from the slow-burn strategy in addition to empowering its artists and organically attracting millions of fans to Web3.
Although adopting blockchain-based technology can be scary for non-Web3 enterprises, but as companies like Nike, Gucci, and Lamborghini have demonstrated, heritage brands can gain from doing so. Businesses must not scare or alienate their client base by employing a technology that is still widely misunderstood and often despised, in addition to developing strategies that appeal to Web3 natives.
The team at Atlantic is aware of this. Through Web3 engagements with free mints, they have focused mostly on creating NFTs that are free for the fans of the artists on their list. For instance, the company helped independent singer Arden Jones give away free NFTs to fans who had previously supported his monthly Age Tape campaign in August.
Earlier that summer, they also introduced Jones to the Dented Feels NFT community and collection, enhancing his visibility there and introducing his fan base to it. Although Atlantic is conscious that it cannot compel its artists to seek NFTs, their motivation must be sincere, it cannot force them to do so.
Such viewpoints are appreciated, especially in light of recent NFT releases from major entertainment firms that frequently appear to be little more than sleazy cash grabs. Web3 is also well-positioned to inject equity and vibrancy into the badly needed sector, given the music industry’s terrible history of mistreating and taking advantage of the artists who keep it afloat. If they stay on their current course, Atlantic Records may end up leading that charge.