Viberate and Blockparty to Test First-Ever “Live Gig NFT”, and What It Could Mean for the Music Industry

If validated, the concept of blockchain-backed contracts could transform how artists manage their bookings.

Per their joint announcement, blockchain-based music research and analytics platform Viberate (whose native token VIB is listed on Binance, Bittrex, OKEx, and Uniswap) and the Blockparty digital asset marketplace will be launching a special NFT featuring the rights to a live performance and other exclusive content by one of Viberate’s founders, no. 1 Techno producer and DJ UMEK.

The drop, starting on April 29 and running for 24 hours, will mark the launch of the first “live gig NFT” in the world. UMEK’s offer will include five different NFTs: three exclusive remixes of his famous 1999 Techno track “Lanicor”, one livestream performance, and one live gig. The owner of his NFT will therefore hold the rights to one unique Lanicor remix or one live performance, either in an online livestream or a live event.

Testing the concept

Several music artists have already made waves selling their NFTs, either as albums, VIP tickets, digital art or other concepts. UMEK’s upcoming drop is the first to explore new possibilities for musicians to secure and manage their future bookings once live events return.

“We’ve been actively involved in the crypto scene for the last several years,” explains Vasja Veber, one of Viberate’s co-founders and UMEK’s manager. “Our platform includes blockchain and we have our own token (VIB), so tokenizing the rights to a live performance seemed not only the logical next step in the evolution of NFTs, but also an exciting opportunity to explore how the live music industry could handle bookings in the future.”

Viberate and Blockparty will use the drop to test the “gig NFT'' concept. If it proves to be successful, Viberate plans on providing the option of gig token minting to nearly half a million music artists in its database, along with minting artist ID NFTs through a secure verification process. These ID NFTs will then act as a certificate of authenticity, reassuring the buyer that the contents indeed come from a verified artist, not someone offering other people’s work.

UMEK’s NFT drop will launch on Blockparty on Thursday, April 29, 2021, at 8:00 pm GMT+1 (3:00 pm EST).

Disclaimer. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.