Slowly but surely, the music world seems to be getting into NFTs. From artists like Madonna buying NFTs from top collections to Snoop Dogg releasing a song as an NFT, they seem to be finding their place in show business.
NFTs can be easily leveraged to offer a unique experience for buyers, the same way musicians try to do for fans through albums and tours. With that in mind, it comes as no surprise that artists are starting to release short and even full-length bodies of works as or with NFTs.
Now, these NFTs can be properly recognized by the industry as the Official Charts Company in the United Kingdom has announced that NFTs will now be counted towards albums’ chart sales.
With this announcement, the first album that will be eligible for chart inclusion with NFTs is the latest release by British band The Amazons.
The NFTs that will be included with a purchase of the album will be an animated photograph of the group taken at various points in their career. Three images in total will be released. Each will be after an individual drop that will lead up to the album’s September 2, 2022, release.
After this, the NFTs can be used to access more exclusive content and will not be tradeable in its initial stage.
One of the more interesting evolutions in the music industry over the last decade has been the inclusion of certain metrics that are not ‘traditional’ album or singles sales towards chart positions. These have included streams, tour and album bundles, and so on.
While the inclusion of these metrics and the specific formula used to decide what counts as an album or single sale has met mixed responses, it is indicative of the state of popular culture. NFTs are clearly an important tool in several industries, including music.
The fact that more artists are infusing their commercial efforts with NFTs shows that not only are fans willing to spend money on them but also that they can be used to deliver fan experiences in an innovative way.
“The UK’s Official Charts have always strived to evolve as music fans change how they buy and consume their favourite music, and this is another example of how we have always sought to reflect the pioneering spirit of the music industry and, in particular, the UK scene,” says Martin Talbot, the CEO of the Official Charts Company.
The Future of the Charts?
Now that releases with NFTs are recognized and eligible for the UK charts, we could see more acceptance for them around the world. Clearly, there is enough volume of sales and cultural impact for them to be considered and this could be indicative of the future of the industry.
The Amazons have already offered fans exclusive content with their NFTs but much more could be done. From the in-person access a la Coachella to the music itself, we are just scratching the surface of what NFTs can do for music.