The Country Music Association, the organization behind the Annual CMA Awards event, announced it partnered with non-fungible token (NFT) platform Solo Music to launch an NFT collection to celebrate the event’s 55th edition. The awards ceremony aired yesterday and the collection of digital assets will be dropped on November 12th.
There will be a limited quantity of 1000 NFTs available at a price tag of $25. The purpose is to establish some sense of exclusivity among the NFT owners that does not depend on their wallet size but rather on their eagerness to purchase the NFTs. It seems that Solo Music and the CMA are looking to form a community-like club based on the ownership of the assets, which will yield exclusive perks such as access to ticket opportunities for CMA events.
As the NFT sector matures, the audience extends beyond cryptocurrency enthusiasts to brands’ traditional consumers, often the younger demographics.
CMA might be looking to attract exactly the young and stereotypical audience that is already into NFTs. Over 16% of avid country music listeners are over the age of 65 and another 16% are between 44 and 64. In contrast, just 32% are aged 18 to 34.
“Our mission at CMA is to grow country music globally. By partnering with Solo Music on a CMA Awards NFT, we have the opportunity to reach new audiences, further engage with existing fans and create a whole new digital community,” said Sarah Trahern, CMA CEO.
Meanwhile, within the blockchain realm, there has been a lot of action in the music industry. Sony Music Entertainment participated in a round of investment in digital marketplace MakersPlace. South Korea’s CJ Group launched a blockchain app for music copyright. Spotify competitor, blockchain-based Audius raised $5 million from investors, including Katy Perry and Little Nas X.