Through a partnership with Web3 venture studio Spartan Labs, Hype Records, a Singapore-based event promoter, is launching an NFT project to add Web3 elements to its next electronic dance music festival, Hypeworld.
On the Ethereum blockchain, 600 NFTs will make up the Hypeworld Cosmos Access NFT collection. Former CoinMarketCap CEO Shaun Heng, head of Spartan Labs, said the collection will provide owners special benefits and experiences related to events, such as VIP access and the opportunity to win stuff from performances, among other things.
As ownership of an NFT cannot be falsified, the organizers claim that the technology will help eliminate problems with bogus tickets and fraud at physical events.
The ordinary admission tickets for the two-day event now cost S$278 (US $194.65); the NFTs are being offered for 0.2 ether (about US $266.78); this is just a little more expensive than the standard admission tickets.
Recently, investors have become more interested in web3 and music. Examples include the Vietnam-based music NFT company Cadenverse, which raised US $4 million in seed funding, and John Legend’s NFT music company, Our Happy Company, which raised US $7.5 million in a round that was led by Animoca Brands.
