Although the Covid-19 pandemic played a pivotal role in bringing non-fungible tokens (NFTs) into the limelight, NFTs have since evolved on their own to become a force to reckon with. It has transcended its initial representation as a work of art to become access to perks and exclusive rights.
The pandemic, which brought a stop to many activities, including events, concerts, and entertainment, created a scene for NFTs to shine. NFTs are now being used by different creators, brands, and companies to connect with their fanbase worldwide.
Having established itself in the art and gaming ecosystem, all there is left to conquer is the entertainment space. It has the potential of changing the way content is created, distributed, and publicized, leading to a disruption of the industry.
Notable industries like Disney and Lionsgate have started making moves to create a space for their fandom in the metaverse. Due to the great losses accrued during the pandemic, creators have found an avenue to cut their losses in NFTs through publishing and selling their works as NFTs.
In February 2021, the music industry was reported to have made about $25 million through NFTs. The value will keep increasing as artists have been reported to stage concerts in metaverses and release their music as NFTs.
NAFSTARS: Incentivizing the Online Popularity of Artistes
While the global music industry is still recovering from the pandemic, the emergence of streaming has led to the growth of this billion-dollar industry. This has given room to the Latin America, Africa, and Southeast Asian markets to infiltrate the global scene.
Although this increased the online popularity of musicians, it didn’t directly convert to economic gains for them. This brought about the development of NAFSTARS which aims to become the leading NFT space in the entertainment industry.
NAFSTARS is a play-to-earn and NFT platform built on the Polygon blockchain. It aims to be the SoRare of music and entertainment. It consists of unique digital NFTs and branded card P2E games built around the music and entertainment industry (influence, cinema, and music).
NAFSTARS makes use of innovative technology to harvest artists’ data, including social media followers, metrics (like streams, views, etc), and career milestones (silver, gold, and platinum certifications) of the artists. This is converted into scores which are used to create cards that represent the performance of an artist in real life.
The project has enjoyed a streak of success, credit to the Non-fungible Conference (NFC) in Lisbon, Portugal. It recently announced a successful fundraising of $1.7 million in seed, token presale, and NFTS. NAFSTARS is making plans to integrate Polygon Studios and has reached agreements with various launchpads for its initial DEX offering (IDO).
In the music space, it has received support from bpifrance, Universal Music Group, French hits radio, NRJ, and Africa’s number one music TV network, TRACE, among others. It has also onboarded talents from different sectors (music, social media, cinema, etc) on a global scale.
Its talents directory includes 7 billion YouTube views, 20 million followers across social media from three continents. It also has close to 100 gold/platinum/diamond record certifications.
Users will be able to collect NFTs in the form of branded artists’ cards while the artists will get a fair share of the gains. Artists get 50% revenue share on card sales and 50% from marketplace commission.
All of these will be possible with the launch of its native currency- $NSTARS which will serve as both in-game and utility tokens. It is to be used in minting NFTs and sharing rewards. Users will earn $NSTARS when they participate in leaderboards.
Users also earn $NSTARS when they contribute to the project’s liquidity pool. $NSTARS is currently on pre-sale at $0.075 till the 10th of April, 2022. This will be followed by an IDO on notable launchpads.
NAFSTARS is leveraging blockchain technology to bridge the gap between gaming, NFT, and the music industry; while providing artists with a fair share of their online popularity.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.