For a while now, the music industry (and many fans) have collectively decided that cash-grab, value-less NFTs can get in the bin. That’s a positive thing.
But it’s important not to let the seamier fan-fleecing side of web3 put us off exploring how NFTs can be used thoughtfully and creatively by artists.
Puerto Rican artist Xcelencia’s latest project is a good example. ‘El Niño Estrella‘ is both an album but also “an evolving, dynamic collectible” that launches tomorrow (21 July).
Part of that evolution is driven by Spotify: the NFT’s image changes whenever Xcelencia gets more than 100k streams on that service in a calendar month.
But he’s also promising some utility for buyers of the NFT: access to his Telegram group; behind-the-scenes looks at the album’s creation; rewards tied to the monthly updates; airdrops and more.
“The great part about dynamic nfts? The ability to continually update media, attributes and traits over time. Imagine community-sourced rulesets, tiers, onchain member engagement, and other off chain events updating your collectible,” tweeted Xcelencia.
“This is your chance to engage with me, co-create with my brand, and my upcoming projects.”
The NFT will be sold for 0.05 ETH (just under $96).