MusicFX founder says NFTS have scarcity, security and versatility

Country singer Parker McCollum, better known as The Gold Chain Cowboy has announced the release of his first-of-its-kind 2022 Fan Club NFT on MusicFX, the latest NFT platform from CurrencyWorks.

MusicFX is revolutionising the music industry one experience at a time as an entirely new stage for music fan engagement, giving new meaning to social currency for artists and events.

Coin Rivet spoke with CurrencyWorks and MusicFX’s co-founder Cameron Chell who spoke about NFTs in the music industry and in general.

He explained NFT’s allow for an actual digital product that is unique or can be limited to a number and not copied.

“This is a digital product that can have scarcity, security and versatility,” he said.

“Their basis within blockchain means that consumers do not need to worry about fakes, or counterfeits – issues that have plagued the music industry for years in the events, ticketing and memorabilia spaces.

“Versatility, in that almost anything can be tokenised as delivered to the end-user through an NFT and it doesn’t need to just be a song, artwork or video.”

When talking about artists engaging with fans in novel ways, Chell said NFTs are definitely among the future possibilities.

“It’s an area of engagement that is not being overlooked at this moment in time but I think people do underestimate what is possible with this technology, and we’re aiming to change that thinking with MusicFX,” he noted.

NFT’s can be utilised in many different ways

He also added that while he believes NFTs can revolutionise the way we approach many aspects of consumer and commercial transactions and interactions, he doesn’t, however, think they will replace the demand for traditional engagement.

“In fact, some of the benefits we will extend to members of MusicFX will be that type of engagement, but the gateway to those experiences will be delivered through an NFT,” he opined.

“I think NFT’s can be utilised in many different ways, this could be one of them.

“As much as I’m sure both sides would like, it’s just not practicable for an artist to meet and spend time with every single fan.”

The truth is, NFTs could be utilised to bridge that to some extent through personal content that would be unique by their encoding through the blockchain.

Also, due to the scarcity or uniqueness of that content, it has value as a collectible and can be traded with other fans/collectors.

Singer Parker McCollum revealed to Coin Rivet that he was always interested in finding new ways to connect with his fans and supporters.

“I didn’t just want to put a song on an NFT, I wanted to put an experience on one, and CurrencyWorks have done that for me,” he said.

He also admitted he cannot remember where he first heard about NFTs but added he knows they’ve been pretty big news in the music industry for a while now.

“I think a lot of indie artists were using them, to begin with, but I’ve seen the Rolling Stones, Shawn Mendes, and Mike Shinoda all release NFTs,” he noted.

He also revealed that, even though he is still not an active investor in NFTs, he “wouldn’t rule it out”.

“I’ve seen some pretty cool things done on NFTs, so I’d definitely consider it,” he added.