NFT platforms and Metaverse portals could be the future of art and music in Vancouver.
Maybe this popular buzzword might sound a little out of reach, but NFTs are becoming more mainstream, and not just for “crypto nerds.”
The NFT community in Vancouver is on the rise, and the city is hosting its first convention-style NFT event in May.
But what is an NFT? An NFT, which is the acronym for “Non-Fungible Token”, is a “unique digital identifier that cannot be copied, replaced or subdivided, which is registered in a blockchain and which is used to certify the authenticity and ownership “, by its dictionary definition.
The Bored Ape Yacht Club is just one of many successful examples of how NFTs can bridge the digital and physical worlds.
NFT goes mainstream
Overall, the NFT market continues to grow globally. According to a market research report by QYResearch Group on Global NFT Market Size, Status and Forecast 2022-2028, the global NFT market size is “expected to reach US$7.63 billion by by 2028, compared to US$1.59 billion in 2021”. i.e. a multiplication by almost five in seven years. In 2021, art and collectibles accounted for more than half of the global NFT market at nearly 70%, proving its relevance to the art world.
The mainstream popularity of NFTs is also due in part to celebrities and brands.
Jhordan Stevenson is the co-founder of one of Vancouver’s few digital art galleries, Fomo NFT Gallery. “The reason NFTs have really exploded in popularity is that almost every major artist in the world, like Justin Bieber [who has] has their own NFT – all these mainstream celebrities are dating their own NFTs that do [them] usually just more popular,” he explains.
Luxury brands, like Gucci, are also doing NFT launches. “I think they sold 10 or 50 million dollars [of] virtual clothes for the metaverse, which are NFTs,” says Stevenson. “A whole bunch of notable brands and artists are joining us. They kind of increase the popularity of NFTs in general.”
But what about the music?
Jonathan Simkin, founder of Simkin Artist Management and president of 604 Records, manages both NFT musicians and artists, representing Coleman Hell, Mad Dog Jones, Marianas Trench and Carmilla Sumantry, to name a few. “A lot of people who buy NFT tracks, especially those who spend a lot of money, aren’t music fans, mostly. They’re tech nerds and crypto nerds,” he says. .
“Different people are in this space for different reasons,” he continues. “There are people who are really determined to [the] decentralized [financial aspect]there are people who are engaged in blockchain technology, there are people who come [want] to get a teaser. For me, it was really a matter of art,” he adds.
Simkin says selling NFTs in the music industry requires a very different approach: “How do you sell an NFT to a Carly Rae Jepsen fan or a Marianas Trench fan?”
Along with hosting the NFT BC event, Simkin’s other big project is 604 Infinite’s own NFT Marketplace – 604 Records with a series of educational videos aimed at music fans.
“I see a new way for fans to interact with their favorite artists and their favorite recordings, to discover new artists and to feel a sense of belonging in the art. And a way for us to breathe new life into the artwork and music. It also adds a new source of income for artists, many of whom are suffering due to the pandemic,” Simkin says in a press release for 604 Infinite.
The digital art platform aims to “make art affordable and accessible to fans,” with how-to guides and learning resources for fans who might be intimidated by NFTs and cryptocurrency, writes the Press release.
Stevenson is also starting a project to help elevate NFTs in art and to educate those interested in digital art and cryptocurrency.
The Fomo NFT Gallery primarily serves as a Metaverse portal and will help individuals and businesses enter the NFT world through NFT education, training, and creation. The gallery is second level, according to Stevenson.
“We plan to do a whole bunch of information sessions, and we really want to emphasize that we want to be a place where people can come and learn,” Stevenson said.
Although the gallery will display NFTs and digital art on screens, it will also create its own NFTs through 3D scanning and photo mapping technology, partnering with artists and also displaying its own NFTs in internal. “It’s really a studio where we create and then also promote other artists and NFTs in the space,” Stevenson explains.
The Metaverse Portal and Art Gallery focuses on all kinds of NFTs and digital products for the Metaverse. “We have one of the best 3D scanners at the highest resolution, so we are able to 3D scan any physical object and then create a digital asset through that and then create an NFT, or a digital asset that we can then sell in a digital world or the metaverse,” says Stevenson.
The gallery has already launched its first in-house collection, Fomo Skullz – a digitized vervet monkey skull that has been 3D scanned and turned into NFT art. The Vervet Monkey Skull is the first skull to be released, with a new skull added to the collection every month.
With the growing popularity of NFTs, platforms such as 604 Infinite and The Fomo NFT Gallery are just a few of the key players in integrating NFTs into the worlds of art and music.