Hindi rock band Euphoria releases latest album as NFT, embraces blockchain
The group will auction their latest album SALE for three days.
Blockchain technology may be part of hi-tech jargon that is largely used in business circles, but the concept has caught the fancy of rock musicians as well.
They are rolling out the technology for their fans to lap up lilting tunes and also in a bid to further enhance the interactive musical engagement.
Euphoria, the Hindi rock band that was set up in 1988 by Palash Sen, then a medical student in Delhi, has just released its latest album, SALE, in the form of a non-fungible token (NFT).
Euphoria is auctioning its music album for three days, which ends on Sunday (September 12), and the album will be released on Tuesday (September 14).
Priyank Mahajan, co-founder, Token Runway, India's first NFT by invitation, which enables creators to connect with their fans, told Khaleej Times that the concept would strike a big chord with consumers from Dubai and the UAE, where the public is more aware about digital tokens and cryptocurrencies than back home.
However, millions of Indians are also jumping on to the bandwagon and the data speaks for itself.
There is an exponential 100 per cent spike every three months and the figure is likely to further soar in the near future.
Mahajan weighed in on the business model.
There is an implicit trust among buyers and sellers, which allows creators to focus on their craft, he said.
"We're excited to be able to work with Euphoria on our first NFT, as the band has a legendary following. It has notched up several firsts through the years. It'll keep striving to bring exclusive NFTs to our community," he added.
Euphoria's frontman Sen said that in the ever-changing landscape of the music industry, accessibility held the key.
"The new technology will widen the outreach of our work to the global blockchain community, and we're looking forward to it," he said.
"We feel it's essential for us to be a part of this movement. We come from a time when it was impossible to release an album without a label or a rich dad. NFTs offer a whole new distribution mechanism without affecting the artist's other revenue streams," he added.
NFT, or non-fungible tokens, is a piece of creative work stored on a digital ledger. Artists and musicians can create NFTs to auction digital media to their fans.
The concept also heralds a new era when artists can deal directly with their fans, selling NFTs, just as self-produced compact disc (CDs) of a not-so bygone era.
The NFTs operate on a blockchain, which is publicly accessible and transparent.
"In the long run, fans will have access to exclusive work from musicians and will bring back the concept of ownership of music like in the case of CDs, cassettes and records," Sen said.
"For musicians it will provide new reasons and challenges to better their craft," he added.
NFTs have gone mainstream, as many musicians around the world sought additional revenues during the Covid-19 pandemic through digital audio distribution.
Mahajan cited NFTs would include painters, artistes, musicians and even top actors and sports personalities over the coming months.
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