Music NFTs: ‘It’s fandom, community, flexing, and sharing’

Fanaply was one of the first startups to explore the potential of digital collectibles based on music artists, more than a year before the acronym ‘NFT’ was on the music industry’s radar.

In 2019, the company teamed up with the Coachella music festival on a giveaway that saw more than 60,000 people take part. It has since worked with a range of partners, including Ticketmaster, Niall Horan and 5 Seconds of Summer.

In his appearance at the Music Ally China Digital Summit this week, CEO Grant Dexter explained how Fanaply had seen these projects as providing fans with a proof of fandom, or “proof of flex” as he put it.

“Was I one of the first thousand people in at this virtual show? Was I one of the first hundred people to listen to this new single?” he said.

“Those were incredible programs. I think we did something like 30,000 or 40,000 with Niall Horan. I think we went through 15,000 to 20,000 of them with 5 Seconds of Summer. And it was a real proof of concept rolling into 2021.”