Last week, Jupiter Meta, India’s first fully curated Non-Fungible Token (NFT) marketplace, released India’s first music NFTs as part of a metaverse concert featuring South Indian singer and composer Karthik. Music NFTs are gaining traction worldwide. It’s like inviting fans to be a part of the artist’s universe itself. Bragging rights and personal consumption aside, the economic value is significant. Financially, marketplaces and digital concerts allow musicians more control over the economics of their trade. Through NFTs, musicians can establish ownership, directly engage with passionate fans, and benefit from larger royalties and percentages of resales. There is the agency to operate on your terms and be equitably rewarded.
Manasa Rajan, CEO, Jupiter Meta explains, “We entered the market as a curated marketplace, meaning we verify the asset to ensure its originality in terms of work, ownership, etc.” According to Rajan, this ensures that the buyer does not have to worry about counterfeit items/claims of IPR and other issues involving authenticity. Besides assuring the element of trust, curated assets create immense utility and value for brands, artists, users, and fans. “Our ‘curated’ label extends to creating or, more accurately, crafting immersive digital experiences backed by robust tech and innovation. The idea is to appeal to investors and users, inviting them into a space that feels truly personal, enjoyable, and glitch free,” she adds.
The platform uses Rubix blockchain that involves zero gas fees making it green. Rubix Network is a layer 1 blockchain protocol for peer-to-peer data transfer and transactions. It is a highly secure, energy-efficient web-scale protocol with zero transaction fees and minimal infrastructure costs, making it one of the most robust and sought-after platforms.
Gas fees are the costs paid for updating and validating a transaction in a blockchain; essentially the cost for energy utilised to record the entry in the blockchain. “Rubix deploys the Proof-of-Pledge (PoP) consensus mechanism, bringing together millions of lightweight nodes, utilising the unused CPU capacity of various devices like laptops and mobiles. As a result, the mechanism enables Rubix to execute transactions at zero gas fees, reducing the associated carbon emissions by 100%. This is what puts the ‘green’ in green blockchain,” explains Rajan.
Jupiter Meta’s foray into music NFTs with the live metaverse concert in April has been billed a unique musical experience that offered concertgoers two brand new compositions as music NFTs. Headliner of the concert, Karthik says, “Music NFTs are a new medium for artists around the world to reach their fanbase/audiences. This not only helps the audience and fan base experience the music but also own a piece of the creation. What’s more, they can also trade this further on the platform.”
This becomes a sustained revenue stream for the artists as well—a win-win for everyone. He continues, “I am participating in a nascent stage of this experiment by Jupiter Meta. I sincerely believe that this, when done at scale, is a potential winner for both the audience and the artists, aiding in fostering good talent and some great music. I can see some great times ahead, and I am excited.”
While music NFTs are fast gaining ground, focusing on being an integrated Web 3.0 entity, seeking to marry blockchain technology with NFTs and metaverse applications is the USP of Jupiter Meta. “We aim to create value for customers and brands with this cross-sectoral focus. There’s an added dimension in being more than just a marketplace,” says Rajan adding that this will afford brands to realise greater economic value and utility.
She adds, “That’s the curated aspect of what we do. Giving stakeholders/brands the space to utilise different ways of engaging their customers and supporting their specific visions with customised offerings makes us stand out. Instead of simply selling an item on our marketplace, we work on adding to the piece’s intrinsic value via storytelling to create lasting impressions.”
Films, sports, and culture are especially prominent in NFT circles in India. The potential that a certain celebrity’s fanbase can offer in leveraging intimate, unpublicised stories and moments is catching everyone’s imagination. Brands are turning to NFT platforms to get their message across by swapping traditional media for NFT marketplaces to provide customers with more inclusive, value-enhancing programs and are expected to dictate the marketing and media strategies of brands.
Blockchain technology could be the next iteration of music distribution. An entire user base of potential listeners exists in the cryptoverse. They are constantly buying, trading, and on the lookout for new experiences. Music discovery is easily accomplished in a transparent environment, where like-minded communities can readily meet and transact amongst themselves. “Between giving more control to artists/musicians/creators and fostering more unique collaborations, NFTs will gradually inform how we define art and its contours. I believe you’ll ultimately find more absorbing ways to enjoy music—ones that don’t involve simply playing an mp3. More involved, artform-blurring interactions are inevitably on the way,” says Rajan.
The long-term goal of the organisation is to function as an integrated Web 3.0 space, with a wide range of asset chains, and not just for buyers and traders but brands as well. “Our idea is to work with these brands to curate and operationalise a compelling framework for them to use to engage their customers. We believe that the synergies and value proposition for all stakeholders will be immense as we evolve,” says Rajan. That sounds like music to the ears of all the stakeholders in the industry.
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