“NFTs will transform the music industry” – according to Sam Kovacs from Loud Crypto Records

“NFTs will transform the music industry” – according to Sam Kovacs from Loud Crypto Records

Naysayers will discard NFTs as expensive Jpegs, others say NFTs are a building block in the early days of Web 3.0, one thing is for sure: NFTs have caught mainstream attention. But while everyone is focusing on digital art, one entrepreneur sees NFTs as an opportunity to redefine business models, and shake up entire industries.

Sam Kovacs, who goes by dollardollarsam online, is the founder of Loud Crypto Records, an NFT project which pays homage to Hip Hop’s greats and will finance the first decentralized rap label.

NFTs harness the power of community.

You’ve certainly seen NFTs from now famous collections such as CryptoPunks or the Bored Ape Yacht Club, but Sam Kovacs believes that digital artwork is just the tip of the iceberg when it comes to NFTs.

“Most people who don’t get NFTs think people are just buying Jpegs. What they don’t realize is the power of bringing together a community and directing them towards a common goal. Utility and community are what can make NFTs more than just Jpegs”.

NFT projects bring together large numbers of people who share similar interests. The founders of successful projects can raise millions of dollars to finance their decentralized ventures.

According to Sam, “decentralizing the production, promotion and distribution of music is possible by aligning artists with their fans directly, leveraging the multiple use cases of NFTs”. He strongly believes that NFTs can challenge accepted economic models, provided that pioneers lead the way.

NFTs to transform the music industry.

He believes that NFTs are the solution to transform the music industry. He founded Loud Crypto Records, which will operate as a foundation which is managed by a decentralized autonomous organization (DAO).

The foundation will release a collection of 4,500 to 5,000 NFTs in homage to the best ever Hip-Hop artists. It includes portraits of top rappers such as Eminem, Snoop Dogg, Dr Dre, Andre 3K, Tupac and Notorious BIG.

The funds will serve to launch the first decentralized rap label. The foundation’s goal is to be able to offer talented rap artists the best of both worlds: large production and promotion budgets AND a large chunk of royalties, with the balance being split between the foundation behind the label and NFT holders.

“When you buy a Loud Crypto Records NFT, you don’t only get awesome digital artwork. Your NFT serves as you member card to run the label. NFT holders get to choose which rap artists will be signed and produced, receive exclusive albums/singles  in NFT format, and ultimately receive a share of music royalties from the artists we sign.”

Endless opportunities for the music industry.

In the early days of a new medium, it can be difficult to fully understand all the use cases.

The NFT early adopters have fully embraced purchasing profile pic (PFP) NFTs. With Twitter rolling out NFT usage as profile pictures, one can only imagine all the different ways individuals will interact with NFTs on social media.

Sam notes that NFTs offer countless opportunities for the music industry beyond collectibles.

“We can redefine how music is financed, empower artists to become financially independent, and produce music that the community actually wants. The opportunities for the industry are countless: from DAOs, to concert tickets, exclusive albums, merch, mixtapes and more. We’re entering a new era at the ground floor and have the opportunity to build everything the way we see fit”.

To follow Low Crypto Record’s endeavor to transform the industry, you can join the discussion on Discord, follow them on Twitter, or visit their website loudcrypto.io