Starting July 23, fans of electronic dance music festival ‘Sunburn’ and EDM at large, can bid for non fungible tokens (NFTs) by the festival, offered as part of an association with WazirX Marketplace.
Since the pandemic, NFTs have been all the rage in the electronic music community, providing a new outlet with several benefits of digital ownership. Empowering individual artists and taking a step towards revolutionizing the music industry at large, the interest in NFT marketplace has exploded tremendously.
At par with their global counterparts, there has been a rising interest in India towards unique digital collectibles, creating an artistic community of creators and collectors via NFT. In a recent survey done by Sunburn among its social media community, 49 per cent of their fanbase expressed their interest to invest in NFTs and are keen to learn more about their upcoming NFT launches.
The Sunburn NFTs drop will begin with a round of open editions designed around music and art. NFT collectors can purchase Sunburn NFTs on WazirX Marketplace with the help of their native WRX tokens, said the two in a joint statement.
According to the organisers, the first of Sunburn NFTs on WazirX NFT marketplace will include an extensive lineup of artists and spectacular stage images of the Sunburn festival/Goa over the years and the visual arts of Sunburn Ball.
“NFTs are revolutionizing the music industry by creating new possibilities and experiences for both artists and collectors. Prior to the pandemic, artists relied heavily on touring to break even, but with live music continuing to face an uncertain future, the potential of NFTs hold a huge appeal. As the NFT community grows, we have understood the landscape better, especially when it comes to music, art and culture. Thus, partnering with Asia’s biggest music festival is a step to showcase the unique creations by these independent artists while also reaching out to a wider target audience of music aficionados,” says Vishakha Singh, VP, WazirX NFT Marketplace.
As per Karan Singh, Chief Operating Officer, Percept Live, “The music industry is in a rapid state of flux and evolution. We see NFTs and digitization of our business as a giant leap forward and a mainstay to engage with our new age fans.”
NFTs allow artists to cut out expenses and risks that result from intermediaries and save time by selling directly to their fan base, thus increasing the popularity of crypto collectibles exponentially.