How Miles Davis Would have Leveraged the Power of Tokenized Music (NFT's)
Creating a loyal fanbase using Music NFTs ( tokenized music) uses the power of blockchain technology to create unique, value-added music products and experiences for fans, which deepens engagement and boosts fan loyalty. Here's a detailed guide on how you can use Music NFTs to build and maintain a dedicated fanbase:
1. Understand Your Audience
Before diving into NFTs, understand who your fans are, what they like about your music, and what additional value they seek. Use surveys, social media interactions, and feedback to gather this information. This insight will guide you in creating NFTs that truly resonate with your audience. Define your audience carefully by creating fan personas. A fan persona is a description of your fan that helps you focus on that fan but remember your music is creative work. Do not just focus on your current fan but your future fan. For example, during the Miles Davis days, Miles was famous for his album “So What”, he then transitioned to electronic music culminating in “Bitches Brew”, many of his fans were furious but Miles continued his musical journey creating a lasting musical legacy of great music.
2. Offer Exclusive Content
Create NFTs that offer exclusive content such as unreleased tracks, special versions of songs, or behind-the-scenes footage. This content should be something that fans can’t get anywhere else, making the NFTs more valuable and sought after. If Miles was living today, he would video tape every session, interview musicians and have sessions photographed so he could create collectible exclusive content that he could offer in a collectible NFT.
3. Facilitate Unique Experiences
Beyond exclusive content, NFTs can be used to offer experiences, such as virtual meet-and-greets, private concerts (online or offline), or early access to new albums. These experiences can be tiered, with more intimate or rare experiences being made available at higher tiers or prices. Miles would also probably allow fans to visit sessions (maybe not Miles but you get the idea), he certainly would do private concerts and create other unique experiences for his fans.
4. Implement Tiered Ownership
Create different tiers of NFTs to cater to various levels of fan engagement and financial commitment. For instance, a basic tier might include digital downloads, while a premium tier could offer annual exclusive physical merchandise or VIP concert tickets.
5. Engage with Smart Contracts
Utilize the programmable capabilities of smart contracts with your NFTs to automate benefits for NFT holders. For example, smart contracts could automatically send concert tickets to NFT holders a week before the event or give them first access to new merchandise drops.
6. Promote Community Building
Use NFTs to foster a sense of community among your fans. This can be achieved by providing access to exclusive online forums or chat groups for NFT holders. These platforms can serve as spaces for fans to connect with each other and with you, strengthening their loyalty.
7. Transparency and Education
Since the concept of NFTs and blockchain can be complex, provide educational content that helps your fans understand how to purchase and benefit from your NFTs. Transparency about how NFTs work, where the money goes, and how it supports your music can build trust and encourage participation.
8. Keep the Momentum Going
Continuously engage with your NFT community by updating them with new content, answering their questions, and keeping them informed about what’s coming next. Regular updates and interactions can keep the community active and excited.
9. Leverage Feedback
Regularly collect feedback on your NFT projects to understand what works and what doesn’t. Use this feedback to refine future NFT offerings and strategies, ensuring that they continually meet the evolving desires of your fanbase.
10. Collaborate with Other Artists
Consider collaborating with other musicians or visual artists to create joint NFTs. This can help tap into each other's fanbases, introduce new music and artists, and create buzz around the NFTs. Miles collaborated with many artist during a time when collaboration wasn’t easy. In the Web3 music world collaboration is much easier and Miles would have certainly taken advantage of the much easier way to collaborate with artist around the world.
About Dwight Miller
With a dynamic career spanning the realms of technology and music, I've established myself as a pioneering entrepreneur at the intersection of innovation and creativity.
Beginning in the computer industry, I honed my skills as a computer engineer and educator, notably training engineers at Cape Canaveral and immersing myself in the cutting-edge world of technology. Transitioning to the music industry, I co-founded PKB Arts & Entertainment, producing iconic events such as the St. Lucia Jazz Festival and collaborating with legendary artists including Carlos Santana, Luther Vandross, and Patti Labelle.
Amidst the challenges of the pandemic, I delved into blockchain technology, aiming to revolutionize the music industry by empowering musicians through Web3 technology. My vision is to create a more equitable and sustainable music ecosystem, where artists thrive and technology serves as a catalyst for positive change. As I continue to navigate the ever-evolving landscape of entrepreneurship, I remain committed to driving progress and leaving a lasting impact on both industries.