The Star NFT
Artists & Athletes
There are many ways to add utility to an NFT or series of NFTs; it’s less about the technology itself, and more about the application of that technology. To take an example from the world of music, in March 2021, Kings of Leon became the first band to release an album, “When You See Yourself”, as a series of NFTs.
As well as being released as NFTs, the album was released in conventional formats, too, on platforms such as Spotify and iTunes. The album release featured different types of utility NFTs. One type of NFT included digital artwork and a digital download of the music, and could also be redeemed for a real-life physical limited edition vinyl copy of the album. Another type of NFT offered as part of the series could be redeemed for top seats at Kings of Leon shows.
Just days after releasing “When You See Yourself” in part as a series of NFT tokens, Kings of Leon had already made two million USD from NFT sales. Of that, over half a million dollars went to Crew Nation, a relief fund for music crews during the COVID-19 pandemic and beyond.
Just looking at the Kings of Leon example, it’s easy to conceive of other types of utility NFTs that could work just as well. If NFTs can grant front row seats at rock concerts, then why can’t they guarantee year-round tickets at football matches, effectively replacing season tickets?
The STAR NFT
Use Case: VIP NFT (Ticketing)
Probably an easy way to understand utility NFTs is with a business case from the entertainment industry.
If you are holding a concert with 2,000 VIP spaces available, you could issue VIP 2,000 paper tickets. Each paper ticket will be unique, or non-fungible, in the sense that it will have its own ticket number. But each unique paper ticket confers the same right, privilege, or utility. That utility is, in this case, entry to the VIP area of the concert.
Instead of issuing 2,000 VIP paper tickets, the concert organizer could issue 2,000 VIP NFTs. Each of the 2,000 VIP NFTs would of course be unique and non-fungible, but just like the tickets, each one would grant its owner the same privilege or utility: entrance to the concert plus EXTRA SERVICES included. It works for in-person, digital or in-game events and could be traded 24/7 – even seconds before the event – each trade will add extra royalties to the artist wallet and holds super rare exclusivities for the ticket owner.
ETHORITY has marketed some of the world’s most recognizable NFT, Dapps, Marketplaces and Campaigns for the world’s biggest brands, artists and athletes. Our combination of idea, talent and data-driven team management processes make us the perfect end-to-end full service NFT partner.
VIP NFT TICKETS
ARTIST MEET UP
PRE SHOW EVENT
2,000 VIP NFTs would of course be unique with UPGRADEs, but just like the tickets, each one would grant its owner the same privilege or utility: entrance to the concert and limited access to specific VIP events around. All NFTs could be traded over an NFT marketplace for an individual price or by auction principles via a smart contract inside that NFT, fully interoperable, even if the VIP NFT ticket owner changes.
Depending on the artists popularity the auction prices will mostly increase over time because of NFT trading professionals and demand by their fans, NFT ticket prices by auction or at a fixed amount.
– 10 VIP NFTs – PLATINUM ACCESS: 2,5ETH/NFT=25ETH
– 40 VIP NFTs – DIAMOND ACCESS: 1,5ETH/NFT=60ETH
– 1.500 VIP Pre Show NFTs – GOLD ACCESS: 1 ETH/NFT=1.500ETH
– 500 VIP After Show NFTs – SILVER ACCESS: 1,5 ETH/NFT=750ETH
– 12.000 NFT Transactions – NFT-Royalty-Fee (i.e. 10%)=1.800ETH
NFT Income: 4.135ETH
(Exchange rate 1ETH=1.300US-$)
TOTAL VIP NFT: 5,36million US-$