The days of blockbuster NFT sales are over, so some artists are adopting a new Web3 strategy to connect with fans.
are using free NFTs to reward their fanbases. Far beyond speculation, platforms in the space have pivoted to focus on non-financial use cases such as integrating free NFTs into Spotify pre-save campaigns, incentivizing email capture, Web3 fan clubs, token-gated exclusive content, community building, rewards and commemorative tokens.and Drew Taggart were among the first to tap into the new trend.
What started out as free NFTs now change hands for an average of $55 each. The tokens have naturally increased in value as the duo has added new perks for their fans, such as a recent free “airdrop” of the lo-fi version of the album. Perhaps Web3’s killer use case, then, is not the hyper-financialization of music, but a “sincere, modern version of the fan club,” as Alpert puts it.
Durbin sees free NFTs as a new layer in the artist’s funnel allowing them to convert fans on social media into stickier “collectors.” Emails and phone numbers are difficult to collect, he says, but “free NFTs promise to tilt those odds.”Another platform called Showtime.xyz allows artists to give fans a free NFT in exchange for pre-saving their track on Spotify. Meanwhile, POAP is an app through which artists can give fans a free NFT as a reward for showing up to digital and IRL events.
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