RCRDSHP, a digital collectables platform for music, today revealed novel NFT staking mechanics that supercharge engagement between musicians and their fans. Through the unique staking feature, RCRDSHP incentivizes fans and music NFT enthusiasts to support their favourite artists in a gamified architecture. The popular NFT platform blends its frictionless technology with an elite roster of nearly 300 popular EDM artists to give fans exclusive content and experiences linked to their engagement.
The pairing of music and NFTs is relatively new, but the phenomenon has been incredibly lucrative for artists – with nearly $27 million in music NFT sales in March 2021 alone. Although NFTs eliminate barriers between creators and collectors, the NFT space has largely degenerated into a pseudo aristocracy. Music NFT sales, in particular, have achieved record-breaking amounts, but at the expense of the everyday fan. A popular music artist, for example, made headlines when his NFT of a single song sold for $490,000. Despite the assertion that the music NFT landscape would bring artists and their fans closer together, the massive costs have widened the gap between the parties. To facilitate greater access to these digital assets, RCRDSHP delivers a constant supply of affordable collectables so that fans of any financial status can participate in the collection of music NFT.
“The most successful music NFTs tend to be unaffordable and frankly speaking, incomprehensible, to the majority of music fans,” said RCRDSHP Founder & CEO Obie Fernandez. “RCRDSHP is equipping working artists with blockchain-backed tools that they can use to achieve a living wage based on the quality of their music and fan engagement online, without having to tour extensively or resort to side hustles to survive. Our stakeholder rewards system lets players earn a yield on behalf of their favourite acts. Other aspects of RCRDSHP let players dabble in A&R and work as virtual street teams, but always aligning incentives in favour of quality over quantity.”
While music NFT sales topped $26 million in March of 2021, that number dwindled to $1.4 million by May, indicating the erratic nature of the NFT market. This volatility, coupled with exorbitant price points, are primary deterrents to onboarding new artists and encouraging participation. To ensure a stable, sustainable income for their affiliated artists, RCRDSHP not only offers affordable NFT-backed music collectables but is now also implementing unique staking mechanics that incentivize fans to purchase and collect the work of their favourite artists. By staking their assets, fans generate daily SOUND token rewards for those artists, letting them increase their RCRDSHP earnings.
By way of leaderboards, artists are able to verify the identity of their most actively engaged fans and reward them for their support in a variety of ways, including airdrops, tickets, and unique fan experiences. RCRDSHP anticipates this game architecture will incentivize creators to prioritize quality over quantity in their work while encouraging fans to financially support their favourite artists in a more personalized capacity.
“I’m excited about my partnership with RCRDSHP to launch my fully branded digital collectable,” said award-winning recording artist VASSY. “It’s an exciting time for artists, like myself, through the NFT space we have found freedom once again to share our creativity directly with the fans with no limitations and restrictions. I consider my journey in music to be the fan’s journey as well. My fans and their support are everything to me. That’s why I’m excited about my new NFT drop with RCRDSHP because It gives the fans a chance to own a rare piece of that journey. These NFT collectables will include music and memorabilia from throughout my music career. I hope that connecting with the fans in this way inspires them to pursue their own dreams.”
“As I explored the endless possibilities Web3 offered and how to position my music as a digital collectable one company with the mention of “DJ culture” checked all the boxes that I needed,” added Grammy-nominated producer and DJ, Todd Jerry. “I’m so happy my initial journey into the NFT universe was guided by the team at RCRDSHP.”
To guarantee asset scarcity and maintain the value of the NFTs, RCRDSHP delivers a variety of utility functions to the fans holding the NFTs, including burning, massing, and staking, all features that reduce the available supply of collectable designs. Burning NFTs drives scarcity to a collection and secures revenue for the holder. Massing allows holders to merge similar assets to create more rare NFTs, and, ultimately, stake them to generate a more significant yield for their artist. The RCRDSHP game model looks to benefit artists and collectors on the platform from a viable game loop and token economy that aligns artist and player interests in novel ways.
“Releasing utility-driven collectables on RCRDSHP has entirely changed our release strategy,” said music production duo, Disco Fries. “Instead of thinking of just the final product of a song, we’re now able to let fans dive into our process and own a piece of that by attaching stems to collectables, behind the scenes videos, and tons of other content that might have only lived on social media prior to this. When you own a piece of music and the many complimentary assets that go with it, you innately value it more and that’s been the most rewarding part for us. Passive listeners on traditional DSPs & radio are important but there is nothing like a fan who cares about the craft and RCRDSHP has allowed us to explore that deeper while giving those fans ownership in all of it via the Flow blockchain. We’ve got so much planned in this space it’s unreal.”
To learn more about RCRDSHP and explore the marketplace, visit their website.