Evolution of music and art comes with NFT project for singles across genres

In 2021, the world saw non-fungible tokens (NFTs) as a possible short-term investment opportunity and a way to make money.

Along with a burgeoning bull market and an investor group interested in the technology sector, the blockchain and its derivative assets, such as NFTs, became an investment hotspot attracting billions of dollars. Fortunes were made and lost in the NFT frenzy; CryptoPunk #9998, an NFT that sold for 124,457,0675 Ether (ETH) – worth over $533 million in October 2021, exemplifies the incredible valuation spikes of NFT projects at the time.

Despite the lavish sums, critics questioned the true value of these digital collectibles. Yes, of course the technology has exciting implications for verifiable ownership of digital objects on the blockchain, but can one really justify a half-billion dollar valuation on a piece of digital art?

As a result, the conversation around NFTs is now fixated on the technology’s usefulness. What is in store for the future value of NFTs and how will entrepreneurs, investors and customers use them in their personal and professional circles?

The development of the NFT tool

The NFT tool has come a long way since 2021.

During the last crypto bull, the main benefit of digital collectibles was their ability to link digital content to an owner through publicly verifiable blockchain data – magnified by the ability to flex the notoriety of the collection via social media as a profile picture. However, critics scorned the supposed utility of NFTs, since anyone could technically gain access to the aggregated content due to the public nature of the smart contracts that manage ownership rights.

With the emergence of new trends in blockchain technology, especially metaverse and Web3, the utility of NFTs has experienced an evolution. For example, the classic use case of NFTs in the metaverse is proof of ownership over one’s goods and the ability to access membership-only communities. Top-tier retail brands such as Nike and Adidas have already begun experimenting with NFT releases and access to different metaverses.

Moreover, NFT technology has advanced real-world values ​​by democratizing investment opportunities and making them available to a wider range of investors. For example, NFTs have been used to fractionalize ownership in high-end real estate and physical artworks. By purchasing NFTs linked to fractional physical commodities, retail investors have the opportunity to become part owners of luxury assets that have previously been out of reach.

Similarly, artists in music and entertainment have linked NFTs with rights that give their owners exclusive access to valuable redemption items. In this area, purchasing NFTs can give collectors the ability to claim free tickets to metaverse or personal concerts and events, gain access to exclusive content such as a new song or video, and even attend meetings with these famous artists.

A Hard Working Man NFT collection

The Avila Brothers, Billy Ray Cyrus and Snoop Dogg claim to be part of the development of NFTs in music entertainment.

In collaboration with metaverse experts Animal Concerts and crypto media powerhouse Cointelegraph, the world-renowned music artists bring their latest hit song “A Hard Working Man” to Web3 via an exclusive NFT compilation depicting the artists in a wide range of hard-working professions.

The “A Hard Working Man” NFT Collection will be another step forward for the NFT utility, as these digital collectibles pair artistic renderings of Cyrus and Snoop Dogg with exclusive, real-world rewards and redeemables. The collection will consist of over 12,000 digital collectibles in three different tiers for all the hardworking people who continue to paint every day.

The trio hope to inspire what will be the future of music entertainment – ​​uniting music, art and technology – so for more information check out the official A Hard Working Man website for all the latest information.