NFT’s next 24-hour drop (a release followed by a silent auction of tokens) begins on April 29 and will feature the work of UMEC co-founder, world-renowned techno DJ and viber. Five different NFTs are up for auction by fans and promoters, including three unique remixes of UMEC’s 1999 techno club hit Lanicor, and two live NFTs – one for a live show and one for a live event.
The NFT, or unreadable token, is a unique item that cannot be reproduced or counterfeited. This makes it a rare and collectible item, ideal for fans, collectors or investors, as they will be the sole owners of the original. Talk about scarcity: UMEC has promised to permanently delete all existing remix files offered by Lanicor, making them impossible to reproduce exactly, and purchasers of its NFTs are the owners of the only such tracks currently in existence. In addition, the blockchain technology used by NFT makes it possible to verify each transaction and create smart contracts between both parties, for example between the artist and the event organizer.
Therefore, UMEK and its team consider the depot not only as a form of creative expression, but also as a new way for artists to manage their orders. I have been watching NMT closely because I am naturally invested in cryptocurrencies and blockchain, UMEC said. Viberate, the music research and analysis startup I founded, also integrates the two. But more than that, I know the electronic music scene is very diverse. Many DJs are currently stuck waiting for the pandemic to end because they don’t produce or sell their own music, but play successful live shows. Event protection at NFT can open up a whole new world of opportunities for all artists, including those who may not be as well known or supported by the major labels that run their businesses. I strive for more equality, not only in the electronic music community, but for artists in general, because I truly believe that we can help build a more transparent and diverse industry.
Electronic artists seem to be the biggest culprits in NFT’s decline. Since February, several big names like Grimes, Kaigo and Steve Aoki have released their collectible photos and made millions doing so. Grimes’ digital art, for example, reportedly sold for $5.8 million in less than half an hour. This creativity can be attributed to the fact that electronic artists are more tech-savvy and embrace the latest digital trends. However, Viberate and Blockparty also believe that the reason for this is the general demand for revenue that artists face during months without live events (and the resulting lack of revenue).
Vassia Weber, co-founder of Viberate and CEO of UMEK, also explains: The sector has been at something of a standstill for the past year. In the absence of live events, artists are trying to cope by broadcasting their performances, but there is no clear answer as to when and how everything will return to normal, or even what the word normal means at this point. We hope to prove the concept of our NFT drop: Each artist can be sure that a commission will be ready for him/her as soon as the performances resume, and that the terms of this commission will be agreed upon in advance.
NTF’s first-ever live concert thus offers a vision of the music industry’s future: a digitally-enabled concert experience that is safer for artists and promoters alike. Viberate plans to tokenize nearly half a million music artists in its database and store an NFT artist ID through a secure authentication process. These NFT references then act as a certificate of authenticity, guaranteeing the buyer that the content comes from a verified artist and not from someone offering someone else’s work.
On Thursday, April 29, 2021, at 20:00 GMT +1 (15:00 ET), the UMEC NMT reset will begin at the block party.
. He is one of the early proponents of blockchain and cryptocurrencies in India. After being in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology.
Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.
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