#217 - NFT's... Fad or Future?

Business Side of Music

On the show today is John Kohl, who is the Co-Founder and CEO of TuneGO. We discuss the explosion of NFT’s and how they’re affecting the music industry. This part of the industry has yet to fully embrace technology. It’s so fragmented that the information is all over the place and not properly collected or organized. Every single year there are billions of dollars of royalties that are collected but not distributed to the creative community. Until TuneGO and their Vault, there was no unified system that goes from the origin of the creation of the art all the way through to commercialization.

TuneGO is a Web3 tech company for the music industry. Their patented technology—the TuneGO Vault—creates the world’s most advanced end-to-end solution for securing content and creative rights, distributing music and video to digital platforms, and creating NFTs. The foundation of the music industry, especially music royalties, is extremely antiquated compared to other industries.

TuneGONFT, is their new marketplace which secures creative rights in the TuneGO Vault and on the Flow (by Dapper Labs) blockchain. This forward-thinking technology certifies the “DNA” of a song, video, or digital artwork prior to the minting of the NFT, maximizing the value in the eyes of collectors. In addition to securing all rights, this first-of-its-kind solution enables artists to, mint NFTs, distribute their music to streaming platforms, monetize their music on social media, and license their content for TV, films, and video games—all on one unified platform.

Using TuneGONFT, NFT buyers and collectors can gain secure, private access to the patented TuneGO Vault after buying an NFT, where they can view the original creative rights, as well as access, view, and download all of the digital files included on the NFT.

In 2021 NFT sales reached $25 billion growing from a mere $95 million in 2020. That’s an over 26,000% increase, and we see them growing and evolving especially within the gaming and music industries.

While there is still a bit of a learning curve with NFTs and a consumer education process, NFTs create a stronger relationship between creators and their fans. We currently live in a technology world built for consumers, but Web3 and NFTs are creating a world built for creators plus collectors and enthusiasts. We are seeing more experiential NFTs where artists provide viewing of recording sessions, virtual meetings, Q&A sessions, concert tickets, etc. We also can’t forget about the monetary aspect of NFTs, we are seeing a lot of money being made on the secondary market by fans and collectors.

John Kohl is Co-Founder and CEO of TuneGO, where he provides the strategic vision for the Company. That vision focuses on both disrupting and improving the music industry for the creative community, by building a platform that helps creators protect their intellectual property, safely collaborate, distribute their music and pursue new opportunities

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