International DJ Steve Aoki was a keynote panelist during a panel discussion at the NFT | LA Conference in Los Angeles, California, on Wednesday, March 30, 2022. During the panel, Aoki had expressed his appreciation for how music embraced NFTs and Web3 and how this intersection could be a sign of good things to come.
The NFT | LA Conference is an integrated conference experience combined with immersive Metaverse integrations.
Personal Thoughts on Digital Assets and Music
Aoki sat down with Bloomberg and discussed his thoughts on digital assets like NFTs helping musicians connect with their fans, building better relationships with the latter. He also said that he envisions the Web3 ecosystem handing artists more control over their work.
The acclaimed DJ also intimated that he has made more money selling NFTs than he did in his ten years in the music industry. He said it’s one of the reasons he is developing A0K1VERSE, his own NFT platform, along with other artists like Snoop Dogg.
Talking about his A0K1VERSE, the DJ known for his popular remixes of songs said he “brought in a full-scale team” composed of men and women to build his NFT platform. Some in the team handle the platform’s Discord channel, while some handle the rewards and development parts of the platform. Aoki describes his NFT platform as “much larger than a fan club. Definitely a social community, for sure.”
The Music Industry and NFTs
When asked why he thinks artists should be keenly interested in this connection between music and NFTs, the Grammy-nominated DJ compared it to social media, saying it’s an excellent way to expand artists’ reach with people. According to Aoki, it’s challenging to stop NFT engagement as it’s like a relationship akin to a two-way street.
“I think one of the other major differences between the way artists communicate with fans through their music, which is how we do it, versus how artists communicate with their fans through Web3 and through music, is that you’re listening to [your fans] a lot more. You’re engaged with them a lot more. It’s more of a relationship than a one-way conversation. That’s the major difference,” Aoki said.
Aoki said one of the biggest hangups his peers in the music industry has about NFTs is not allowing themselves to understand what crypto assets are. He implied that while there are crypto-savvy artists in the industry, there are more who are not. He said it’s a hurdle that some of his fellow artists must overcome first.
The DJ was candid enough to say that he doesn’t think an NFT-based platform could replace music streaming services like Spotify, but Spotify will have to be “forward-thinking.”
“But you can’t stop web3. You can’t stop what the NFT engagement will be with music. It’s going to be the next frontier of where music is going. It just gives more options,” he said.
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