NFT is a current hype in the music business scene. Music Press Asia interviews Scot McCracken to find out possibilities we can all think about and seriously consider: from branding of a musician’s product, selling tickets, creating value and more.
Q1: Hi Scot, thank you for joining us here at Music Press Asia. Which part of the world are we catching up with you today?
Thank you for taking the time to speak with me today. Currently, I am in Las Vegas working on several projects for our new Music Publishing Administration business.
Q2: Let’s get straight to the point. We’ve been hearing so much about NFT not only within the music industry. Why this outburst all of a sudden? (Is this caused by the radical change of technology merging merchandise? Or rather obliquely the pandemic?)
I believe we are seeing such incredible interest in NFT’s because of several factors.
I am old enough to remember the early days of the dot com boom when people were paying outrageous prices for URLs. The deployment of new technology always brings a “gold rush” mentality to the acquisition of any related items which exist within the framework of that tech.
“I think we all agree that NFT’s are here to stay but as they become more commonplace in all areas of commerce the irrational exuberance that we see today will ultimately be tempered by more reasonable decision making.”
Your question about whether the pandemic has played a role in elevating the price or adoption of NFTs is very interesting. I do feel that the pandemic has required many people to embrace the role of tech in their lives as we have become more reliant on new means of connecting but whether that has helped fuel the explosion of NFTs is something I can only ponder for the moment.
Q3: What should artists and creatives’ immediate responses be on getting into the NFT game?
The most important question any creator should ask themselves when considering NFT’s is, “Why am I making an NFT?” and what are my goals with this transaction?
Just because you have decided to mint an NFT for a new song or piece of art doesn’t mean it is going to sell. In fact, a lot of NFTs sit dormant on NFT platforms, so you need to ask yourself how you plan on marketing your NFT, And what are your expectations for the sale of that NFT? Is it to raise money or to create promotional awareness? If you have a clear understanding of your goals you will have a much better sense of how to market and promote your NFT.
Do not make an NFT for the sake of making an NFT or you will likely find your prospective buyers confused by the value proposition your NFT purports to provide.
I’d also recommend artists check out what their peers are doing in the NFT space to understand the “art of the possible”, selecting the ideas they feel are right for them.
Q4: Why is getting involved in NFT so important today?
Any artist/creator trying to open up new opportunities should consider NFTs today. But it’s not as simple as “build it and they will come.” You have to consider if the NFT you’re proposing to produce is of interest to your audience, whether you’re offering them something unique and interesting, and whether the price you’re seeking is reasonable for what you’re providing.
The perception that everyone is selling a $1 million dollar NFT in 30 seconds is a myth. But if you can figure out how to deliver something that’s interesting, unique, and therefore inherently valuable to an audience, then you might do okay with it, so give it a try.
Q5: What can UREEQA do to help artists and creatives?
UREEQA’s mission is to help creators manage, protect and monetize their creations.
At the most basic level, UREEQA enables creators and artists to easily stake a claim for their creative works on our blockchain-based platform. And it’s free!
“For more important (valuable) works, we offer a robust validation process and Package of ProofTM that conveys the details around authorship, ownership and originality. This material can be used by the creator to facilitate a sale of their creation (by addressing buyer concerns, particularly if the piece is highly-priced), while also supporting the creator should a copyright dispute arise.”
For songwriters/composers, in particular, UREEQA offers music publishing administration services – whereby we collect and distribute royalties on behalf of clients. These same clients can take advantage of our IP protection services.
NFTs are the rage right now; UREEQA can provide NFT guidance and advice based on our experiences, helping songwriters/composers develop compelling NFTs and placing them on our marketplace.
UREEQA may also opt to invest in a specific songwriter/composer creation – they don’t have to “sell the farm”, but they can benefit to the degree they feel is appropriate (which speaks to their ability to control their content/career).
Q6: Thank you for your time. Is there anything else you’d like to add?
NFTs can basically serve as a container or platform that ultimately allow creators to bundle numerous several utilities or benefits into a single creative work. That could be a video call with the artist, unique merchandise, or perhaps an exclusive experience. As a result, for musicians, NFTs can represent an intriguing way to connect with fans and deliver new, personalized experiences. It’s definitely an interesting medium to consider – but I’d encourage artists to do their homework and enter into the space once they have a solid feel for it.
About Scot McCracken
Scot McCracken oversees UREEQA’s music publishing admin business. A veteran leader of the music industry, the longtime manager has worked with dozens of legendary musicians such as Black Eyed Peas, 98 Degrees, and Fugees. He has also served for several years as the senior VP of marketing for London-Sire Records. Combined with a legal background, a sharp eye for technological evolution, and an eagerness to empower grassroots artists, Scot is well placed to show how UREEQA is changing the future of the music industry for the better.