Canadian DJ and producer Deadmau5 is embracing non-fungible token (NFTs) collectibles. Here’s what that could mean for the music industry.
Deadmau5 and blockchain platform Worldwide Asset Exchange (WAX) are partnering for the blockchain drop. A series of NFTs held on the WAX blockchain will be available for purchase in just a few days. It signals a change in the music industry, shifting rare collectibles from physical items to digital.
“This series from deadmau5 is the first set of digital collectibles under the new brand name RAREZ and includes rare and authentic digital collectibles for the emerging virtual music industry,” the press release reads. “Because NFTs trade on the blockchain, each deadmau5 collectible is 100% verifiable as authentic.”
Think of the blockchain like a library card that shows all previous owners of these tokens. NFTs, or non-fungible tokens, contain identifying information recorded in a smart contract. The data makes each NFT unique and different – opening the market for digital collectibles.
In the future, event sponsors could hand out rare Fortnite skins to concert attendees. Deadmau5’s NFTs operate like virtual stickers fans can collect and trade among one another – like baseball cards. Deadmau5’s collection is dropping in the form of two limited edition packs. The standard edition will be available for $9.99, with 4,000 going on sale. The mega edition will be available for $28.49, with 2,000 bundles sold. Each edition contains around 10 to 30 digital items, with a value roughly estimated at $96,940.
Buyers can purchase the Deadmau5 NFTs using fiat or cryptocurrency. The goods can then be displayed on social media or the WAX marketplace.
“The special edition collectibles feature creative content from deadmau5’s recent shows as well as video clips, his collectible pins plus an ‘UltraRare’ piece of collaborative artwork by renowned 3D designer Sutu Eats Flies, who has previously worked with The Weeknd, John Legend, Pnau, Safia, and many others,” the release continues.
The NFT market could potentially open up music fans to the world of virtual collectibles. Many fans already embrace collectibles in the K-pop fandom — where separate album releases are highly sought after. Digital items like stickers, game skins, signed virtual albums, and more can be traded as NFTs.
The NFT market itself is a nascent technology, but it is poised to explode as the gaming and music industries embrace it over the next five years. Collaborations like this one help showcase how artists can create digital merchandise to sell without the help of a massive platform like Fortnite.