Nonfungible tokens (NFTs) burst onto the scene in 2019, capturing widespread attention. However, as the crypto market contracted and the industry endured a bear market, NFTs lost much of their initial allure. While some may dismiss failed NFT projects as scams, a more insightful approach would be to examine the key features necessary for project success.
On Episode 35 of The Agenda podcast, Ray Salmond and Jonathan DeYoung interviewed Miles, a Web3 developer and the creative mind behind FanSociety. FanSociety is a funding mechanism for musicians that combines elements from traditional fan clubs of the 1950s with modern crowdfunding ideas and blockchain-based immutable storage.
Miles envisions FanSociety as a tool that allows creators to connect with their audience, foster loyalty, and organically grow their fanbase. Unlike typical NFT collections, FanSociety aims to offer a more meaningful experience by rewarding fans with digital artifacts that become part of their expanding discography.
One recurring issue with NFT collections, according to Miles, is that projects often have fixed sizes, requiring creators to create a new contract to “extend” the collection. FanSociety addresses this problem by providing adaptability and room for growth.
Another challenge FanSociety tackles is revenue sharing. Miles expressed dissatisfaction with popular streaming platforms and record labels, which only provide creators with a small portion of the revenue generated by their music. Additionally, platforms tend to absorb the majority of tips received from fans. FanSociety aims to ensure that fan engagement holds genuine value for both creators and fans.
For artists using the platform to expand their catalog and connect with fans, NFTs offer a more significant display of appreciation than mere “sticker packs” or gimmicky items that lack value, according to Miles.
To learn more about Miles’ conversation with The Agenda, including his future plans for FanSociety, listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. Don’t forget to explore Cointelegraph’s complete lineup of other shows!
Please note that this article is for informational purposes only and should not be construed as legal or investment advice. The opinions expressed are solely those of the author and do not necessarily reflect the views of Cointelegraph.