From releasing his collaboration with Portugal. The Man as one million NFTs to leveraging the technology to sell VIP tickets to his recent performances at Red Rocks, each iteration has invited creators to reimagine what their digital future could look like.
In a new Pollstar story, deadmau5's manager, Dean Wilson, illuminates the potential with one practical example.
"I’ve been banging on for a long time about ticketing on the blockchain and secondary ticketing in general. The only people that don’t get a cut of secondary ticketing are the people that everyone’s coming to see," Wilson explained. "With artistic NFTs right now there is a secondary market for the creator. Now, the artist should be able to get a piece of the secondary ticketing if it’s an NFT on the blockchain as a ticket."
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Wilson also says that the team's approach to the technology was to experiment frequently through trial and error. Despite the potential risks, however, the numbers bear out that they have certainly paid dividends. Thus far, deadmau5 has reportedly logged $4 million in NFT sales, making him one of the top creators in the medium.
The application of blockchain technology also empowers creators to realize the lion's share of the fruits of their labor and with greater efficiency.
"The beauty about deadmau5 is he pretty much owns everything," Dina LaPolt, deadmau5's attorney told Pollstar. "So, he could do a deal with a graphic artist, a digital artist, and pretty much control the way the NFT is gonna go. But a lot of people aren’t as fortunate as he is, they’re signed to record companies that own their sound recordings, they’re signed to major music publishers, they co-publish and co-own their compositions. You have to set the tone and try not to make them hog all the rights."