Nonfungible tokens (NFTs) made a big splash in 2019, but the subsequent crypto market downturn left the industry in shambles. Instead of dismissing failed projects as scams, it’s worth examining the necessary features for success. On Episode 35 of The Agenda podcast, hosts Ray Salmond and Jonathan DeYoung spoke with Miles, the creative mind behind FanSociety, a Web3 developer. FanSociety is a funding mechanism for musicians that combines ideas from traditional fan clubs with modern crowdfunding and blockchain technology.
Miles envisions FanSociety as a tool for creators to connect with their audience, reward loyalty, and grow organically. Unlike typical NFT collections, FanSociety allows musicians to raise funds from fans while also giving them digital artifacts as part of their expanding discography. One recurring issue with NFT collections is the fixed sizes, requiring creators to issue new contracts to “extend” the collection.
FanSociety also aims to address the problem of revenue sharing. Miles highlighted that popular streaming platforms and record labels only give creators a small portion of the revenue generated by their music, with platforms absorbing most of the tips from fans. For artists using FanSociety to expand their catalog and engage with fans, NFTs serve as a more meaningful show of appreciation compared to gimmicky offerings like sticker packs.
To learn more about Miles’ conversation on The Agenda, including his future plans for FanSociety, listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. Don’t forget to explore Cointelegraph’s full lineup of other shows.
Disclaimer: This article is for informational purposes only and should not be considered legal or investment advice. The views expressed here belong solely to the author and do not necessarily reflect the views of Cointelegraph.