Music tech company Serenade has launched a new NFT marketplace, which it says is artist and fan-centric, eco-friendly and “aims to break down the barriers to entry surrounding Non-Fungible Tokens (NFTs).”
While NFTs have been lauded as a potentially game changing future money-maker for the music industry, much has been written about its effects on the environment.
In March, Digital artist Mike Winkelmann, AKA Beeple, sold an NFT artwork through Christie’s auction house for a staggering $69 million. However, as Winkelmann told The Verge, at the time it cost around $5,000 to offset the emissions from one of his collections.
Serenade claims its platform produces 1/44,000th of the carbon emitted by a standard NFT, or 1/10th of the energy used to send a tweet.
Serenade uses a ‘Proof of Stake’ authentication method, that it says is more efficient than a direct-to-Ethereum ‘Proof of Work’ approach, and eliminates ‘gas’ fees, a cost that can be a barrier to entry for anyone wanting to create affordable NFTs.
Purchases are made with a credit or debit card via Serenade’s check out facility. This functions similar to a standard e-commerce cart, where the creation of a digital wallet and the transfer of traditional payments into cryptocurrency is handled directly by the platform.
Through Serenade, fans can build a profile, showcase and chat about collectibles with other users and access digital collectibles.
Founded by Australian tech entrepreneur Max Shand, Serenade says its mission is to enable artists to build closer relationships with fans while creating new revenue streams.
This is done via music-related digital collectibles, including specially recorded tracks, limited edition artworks, live performances, rare or unreleased items, and documentary footage and material.
Digital collectibles are purchased by fans as NFTs and can be collected and resold, with artists receiving an ongoing share of the revenues every time they change hands.
Serenade is working collaboratively with record companies, music publishers, artist management companies and trade associations to ensure its platform respects rights and benefits all parties involved.
The platform launched with a range of artists who are offering exclusive and limited digital collectibles to fans.
These include ArrDee, Kaiser Chiefs, Alexis Taylor of Hot Chip, The Game, Young MA, Ride, Scouting For Girls, Ladyhawke, State Champs, Super Furry Animals, Ash, S1mba, Muki and more.
As part of the launch, the Mercury-nominated duo Jungle made available a series of exclusive NFTs on August 13th to accompany the band’s third album Loving in Stereo.
Unique micro-videos will accompany each of the album’s fourteen tracks. Jungle are also giving four fans the opportunity to bid to join them for a production masterclass.
The star prize of the auction is the Loving in Stereo season pass, which will give two people guest list access to an unlimited number of Jungle live shows on the Loving in Stereo Tour.
Teaming up with British-Namibian creative director, illustrator and music producer HAM the Illustrator and Soga World, the Strawberries & Creem festival, based in Cambridgeshire, UK have also created 8 limited edition NFT trading cards.
Limited to eight collectable cards at 200 editions each, with one special ‘Founders Card’ which in turn is limited to 20 editions, owners of these NFTs will have access to VIP perks and special privileges at the festival, including backstage access, VIP hospitality, exclusive content and special memorabilia.
“NFTs give us the opportunity to reach a new audience in a rapidly growing market.”
William Young, Strawberries and Creem Festival
William Young, Founder of Strawberries and Creem Festival, said: “We want to establish ourselves as one of the most progressive festivals in the world and NFTs give us the opportunity to reach a new audience in a rapidly growing market.
“Giving the option for customers to purchase experiences through NFTs, adds an exciting new dimension to the event itself.”
“Serenade has been built from within the music industry.”
Max Shand, Founder and CEO of Serenade, said: “Serenade has been built from within the music industry, for the music industry, and respecting rights & creativity is at the heart of what we do.
“Our ambition is to simplify and demystify the NFT process among rights holders, artists and music fans by creating an easy-to-use platform where those fans can buy amazing, affordable digital collectibles with their credit/debit cards, be confident they’re not harming the environment, exist in a community of their peers and interact, purchase, showcase, trade & promote the work of their favourite artists.
“We already have some incredible artists onboard and are passionate about building value for everyone involved.”
“Serenade’s approach offers a more inclusive fan experience.”
James Sandom, Red Light Management UK
James Sandom, Managing Director of Red Light Management UK, said: “We’re delighted to partner with Serenade on two
“Their NFT modelling empowers the fan and artist connection and suits any artist with a rich legacy and deep archive, creating highly collectible assets for dedicated fans.
“Serenade’s approach offers a more inclusive fan experience which was key to our thinking in working together.”
“We’re eager to explore so many opportunities with Serenade.”
Ted Cockle, Hipgnosis
Ted Cockle, President, Hipgnosis, added: “We’re eager to explore so many opportunities with Serenade.
“They are a progressive company that has arrived, really helping to demystify and simplify NFTs, with an excellent platform which delivers digital collectibles in an accessible and environmentally friendly way to true fans.”Music Business Worldwide