Troy Carter’s Venice Music is officially preparing to launch a “collective” of non-fungible tokens (NFTs), including members-only access to recording studios, distribution services, and more.
Nearly 18-month-old Venice Music recently unveiled its collective NFT plans, which are coming into the media spotlight as all manner of non-fungible token companies seek to establish a presence in the music industry. Granted, plenty of NFT-related announcements hit DMN’s inbox every morning, and the first three weeks of May alone brought rounds of NFT funding, giveaways, streaming platform support, and giveaways. massive mints, to name a few.
Certainly, however, these developments – along with the new NFT marketplaces, ultra-expensive tokens, record label kingpins, and all-encompassing partnership deals that arrived earlier in 2022 – do not revolve around a “collective” like the one that Venice Music is in the works.
According to the Culver City, Calif.-based music and tech company, its indie-focused namesake collective is “a token-based membership (NFT) that will serve as an access pass to the Venice ecosystem – distribution [which first became available in January of 2021]recording studios, creative workspaces, synchronization, analytics, financial services, equipment rentals, community events and much more.
Starting with the “token gated” NFT, which is expected to roll out in about eight and a half days, members are focusing on a “Genesis Pass”. Interested artists have until next Friday, May 27 to apply for the pass, by filling out a questionnaire asking for their reasons for wanting to join the collective, their Discord account details, their Ethereum wallet addresses, the names of those who referred them to the collective, their social network identifiers and links to their music.
The Genesis Pass will remain valid from June 1, 2022 through May 31, 2023, with higher tiers being disclosed, and its price, currently listed as “TBD,” is expected to “be announced after applications close.”
Upon membership expiration, “Venice will work with Genesis Pass members to evaluate the best membership renewal options. These may include monthly or annual renewals (via credit card or ETH),” reads -on in the description of the collective.
And in terms of the fine print that could impact the resale value of the tokens, if one purchases the Genesis Pass NFT in a secondary market, he or she “still needs to be accepted through the Venice Music Collective’s application process. “.
(Sweetening the pot for Venice – which will presumably receive free marketing – “10% of all Venice Music Collective NFT primary and secondary sales will go back into the community treasury where members can vote on how to allocate the funds to through artist projects and community initiatives.”)
Digging into the nuances of the Genesis Pass and the collective – i.e. the incentive for individuals to apply and pay for the service – the offer should “launch additional benefits over time”.
But for now, the benefits mentioned above will cover “content from inspiring industry professionals, live events, writing camps, product discounts, and more.” on the side of the community.
Meanwhile, a facility called Venice House will offer “recording studios, writers’ rooms, [a] podcast studio, editing bays and [a] soothing outdoor workspace” when it opened this summer, relayed the company.
Finally, an equipment-sharing program “allows local members to borrow and rent state-of-the-art production equipment” – non-locals must pay shipping costs, according to an announcement message. emailed to DMN – and “select community members” will receive sync benefits with a 10% placement fee along with other “premium” career services, the website says.
Highlight, a community-focused NFT platform, recently raised $11 million, and going forward, it will be worth monitoring the prevalence of platforms that tie tokens to exclusive groups and perks. Of course, these groups and perks predate (and therefore can work without) NFT.
For example, Tool Army, including “access to exclusive content, ticket presales, VIP packages, and community,” has been available for a while for an annual fee of $49.99. And some NFTs, like those backed by lifetime Coachella passes, would likely fetch substantial sums at auction even if their underlying perks weren’t being sold as tokens.