Afrobeats as an export
If there is anything the continent of Africa takes pride in, it is the fact that many of her performing artists never failed to continuously put the continent and its various nations on the world map. In Nigeria alone, one of the most profitable exports of the country is the talent of its people. Performing artists such as Wizkid, Burna Boy, Davido, Olamide, Fireboy, Pheelz, and other bright upcoming talents are among the many that have put Nigeria on the global map. This applies to different countries across the world as well. Our comedians are doing excellent too.
These Artists make money by monetizing their trade through events ticket sales, sponsorships, partnerships, and marginally via merchandise sales.
These Artists make money by monetizing their trade through events ticket sales, sponsorships, partnerships, and marginally via merchandise sales.
The Music industry, among other sectors, was the worst hit when the COVID-19 pandemic struck in 2020. Artists couldn’t hold physical events then, so many turned to social media platforms to connect with their fans.
They achieved this through Virtual Events and Live streaming.
Among several other options, Artists considered earning while their fans connected with them virtually is leveraging Web3 technology and sales of Non-Fungible Tokens, also called NFTs.
Yeah! Web3 technology and NFTs!
When Artists leverage this technology, they make higher profits and eliminate the intermediaries that cost them almost 40% of their profits or royalties. Web3 provides the infrastructure for artists to connect with fans, and NFTs provide the means for artists to reward fans for their engagement.
The very first NFT was created in 2017 through the Ethereum blockchain and was called CryptoKitties. It was one of the first blockchain games, allowing players to breed, trade, and collect digital cats.
CONVERSATIONS WITH PHEELZ (NIGERIAN-BORN AWARD WINNING RECORD PRODUCER, SINGER, SONGWRITER AND VISUAL ARTIST)
Many artists worldwide have begun to embrace Web3 Technology, especially NFTs. One of the famous Nigerian Record Producer, Singer, and Songwriter, Philip Kayode Moses, better known by his stage name Pheelz has embraced this technology to scale his music career, increase followership, connect with fans, and reward fans for their engagement. This technology allowed him to display his creative skills in better dimensions massively.
He recently had an in-depth conversation with Lagoslabs, a research and product development blockchain startup in Chicago. Their mission is to build equitable and empowerment opportunities by intersecting Arts, Entertainment, and Lifestyle.
The conversation between Pheelz and Lagoslabs took place at the 2022 edition of the Angie Martinez Summer BBQ event in Coney Island, New York. Their discussion centered on his plans for his RiiTribe, his NFT collection, and what he envisions for music and blockchain technology. He elaborated about RiiTribe that this is the name given to his core fan base. These fans are majorly found on social media platforms like Tiktok, Instagram, and Twitter.
During the insightful conversation, Pheelz revealed why he chose to launch his NFT collection named RiiCollective. He wants RiiTribe members and others who buy his collections to have an attachment to his art. He wants the community to understand the man behind RiiCollective (his visual artistic side) and Pheelz (the performing artist and producer).
He emphasized building a formidable community around web3 first of all.
His reason was that most celebrities who previously launched their collection of NFTs weren’t successful in centralizing their fanbase around web3. He gave examples of prominent U.S based artists whose NFT collections he had followed during their launch. He opined that one reason their collections did not perform well in the markets, maybe because they either didn’t have the community backing most of their projects or they overplayed their expectations from their fans from their music career.
He also revealed a list of famous web 3 agencies/projects that have approached his team with a launch plan. One of them is the CEO of DC Talent Agency, Doregos Camilo.
Pheelz also disclosed his intention to showcase his visual creativity under the pseudonym Rii which ultimately led him to design the FIFA 23’ UT jersey.
When he heard what Lagos Labs is building and how they are putting the community at the center of all that they create, he was very excited and hoped one day the two brands (Lagos Labs and Rii) can collaborate for their communities.
Next Steps for Artists
From the conversation above, it is evident that to give fans a great experience; artists need to leverage Web3 and NFTs. With Web3, artists can connect with fans directly and offer them66 unique experiences that are impossible with traditional web platforms. For example, artists can provide fans with the ability to preview new music or videos before they are released to the public, or they can offer exclusive access to live events. NFTs also provide a way for artists to reward fans for their engagement.
By offering fans NFTs in exchange for their engagement, artists can incentivize fans to continue to support them. This could provide exclusive NFTs to fans who participate in fan clubs or make regular purchases of an artist’s music or merchandise. By leveraging Web3 and NFTs, artists can give fans a great experience that is both interactive and rewarding.
