The unstoppable rise of NFTs and what they could mean for classical music
26 October 2021, 16:16
Classical music has its own account with NFTs. But what could they mean for the future of the genre?
Before February 2021, hardly anyone in the world had researched, mentioned, or even thought about buying an NFT. Today, people spend millions to own original, proven versions of ‘one of a kind’ assets, from iconic tweets to viral videos.
But what is it actually are NFT, or “non-fungible tokens”? In economics, non-fungible describes a unique good, which cannot easily be exchanged for a similar product. NFTs are rare digital assets with distinctive characteristics that make them difficult to trade for another similar product as they are unlikely to be of the same value.
Examples of NFT that have been sold range from the first tweet from Twitter CEO Jack Dorsey to a 20-second video clip of LeBron James “Cosmic Dunk # 29”.
The most expensive NFT for sale is the outrageous $ 69million (Â£ 50million) price tag that was imposed on the digital artist (known professionally as Beeple) The work of Mike Winkelmann, Daily: the first 5,000 days.
But what about NFTs in music? Could someone own a piece of music? Could someone even own a performance?
Read more: How much would your favorite classical composers have made on Spotify?
Could musical compositions and performances be sold as DTV?
They can, and that’s exactly what the Dallas Symphony Orchestra did this summer to help their fellow musicians.
As of March 2020, the Metropolitan Opera Orchestra was unemployed due to the pandemic, and the New York Opera did not reopen until after its September 2021 performance by Terence Blanchard. Fire shut up in my bones.
The Dallas Symphony Orchestra, however, was able to resume performing from fall 2020 and therefore wanted to do something to help.
They then invited 50 musicians from the Metropolitan Opera Orchestra to join the Dallas Symphony Orchestra for performances of Mahler’s Symphony No.1 on April 30 and May 1, 2021.
Dallas raised funds to pay each of the 50 visiting musicians a weekly salary to perform, as well as to present a series of master classes and chamber music performances. A 90-minute show dedicated to this collaboration has been created and will air on KERA-TV in North Texas on Friday, October 29 at 9 p.m. and Sunday, October 31 at noon.
The acclaimed performance has been described as a “sonic extravaganza” and full of “dazzling excitement”. speak Dallas Morning News, and a video performance of the event was rated “fresh, lively and cumulatively quite moving” by The New York Times.
“NFTs can generate new sources of income for artists”
Two months after the performance, the DSO released a three-tier NFT celebrating the historic musical event.
The filmed version of the concert, along with other VIP benefits, are available in the Rarible Online Marketplace, where buyers can bid or purchase the NFTs.
By uploading to Rarible the performance was ‘hit’, an important part of the process of transforming digital art into NFT.
âCollaboration with the Dallas Symphony Orchestra marks an important step in our journey to integrate NFTs and reach new audiences,â said Alex Salnikov, product manager and co-founder of Rarible.
âLike so many others, the musicians of the Met Opera Orchestra have been affected by the closure. This NFT is a true testament to the value that NFTs can generate for artists and creators by creating new sources of income. “
A Mozart NFT is currently on sale
Other classical music ensembles that have benefited from the NFT’s journey to mainstream audiences include VÃ©dÃ©gris, a professional vocal group based in Dallas.
Betty’s notebook, is a multi-layered multimedia choral piece, a musical adaptation of a distress call by the American pilot, Amelia Earhart.
The distress call was reportedly made after her famous disappearance and was heard by a 15-year-old civilian, Betty, who recorded the call in her notebook.
This piece was auctioned off at Async Art, an NFT platform that sells ‘programmable’ art, and sold for over $ 375,000 (Â£ 271,600).
A multi-layered version of Mozart Eine Klein Nachtmusik, is also currently for sale on Async Art.
The project, called MozartBeats, uses multiple tracks that can be remixed, allowing buyers to “create a personal, magical and unique tapestry of sound, closely related to the Mozart original.” [work]. “
Its list price is currently $ 188,626 (Â£ 137,000).
What could NFT mean for classical music?
NFTs have created a whole new brilliant distribution model that allows artists to reach consumers by avoiding the middleman.
Musicians of all genres such as pop and electronics are already making millions using NFTs, and with the current trend, it wouldn’t be surprising to see them become more mainstream in classical.
And with the DSO in the lead with its example of musical solidarity, the NFTs could be the lifeline classical musicians deserve after the past 18 months of financial insecurity.