Each day this week, journalist Amit Gurbaxani has focused on interesting stories in the Indian music business, with plenty of links for you to explore. Here’s his final dispatch – you can read all of them here: Spotlight on India.
For streaming subscriptions and concert tickets, India is known to be a highly price-sensitive market so most of the handful of musicians and music promoters dropping big-ticket NFTs are sweetening the deals by bundling their offerings. Like, for instance, Percept Live, the promoters of hugely popular electronic music festival Sunburn, who’ve sold out of their first batch of ten NFTs released on Indian marketplace WazirX last month.
The drop included four gifs of the festival emblem priced at 500 WRX ($526), which were bundled with “all access” passes to the next edition of Sunburn, and another one-of-a-kind gif of the poster art for the 2019 edition priced 1,000 WRX ($1053) that got its buyer tickets to the festival as well as all other Sunburn events over the next 12 months. A second and final batch of ten will be on sale next weekend but we won’t be surprised if Percept Live mints more given the positive response, which seems to corroborate the findings of their online survey in which 49% of the respondents “expressed their interest” in investing in NFTs.
Electronic pop artist Ritviz, who has played a few editions of Sunburn, was even quicker to get on the NFT bandwagon. Encouraged by the success of his first drop, which was sold in less than a minute upon its release in June, Ritviz is now teaming up with bass music producer Nucleya and lining up of a fresh round of digital art works that will be up for grabs as part of the promotional activities around their soon-to-release collaborative album. The NFTs, which will also be available on WazirX sometime this month, will come packaged with physical prints of the works. Some will be bundled with benefits such as limited-edition physical goods.