Bitsong; Why Artistes/record labels should create their own fantokens
As a general concept, Fan tokens are, in a nutshell, a digital asset or cryptocurrency created with blockchain technology. By providing various access rights, privileges, and other perks, they are designed to enable fans to engage with their favorite sports teams, clubs, or celebrities.
What bitsong is offering is basically a full package. Not the ecosystem already has believers and is growing everyday not to talk of how well the $BTSG token is doing against the USDT.
Now although Bitsong has chosen to protect its Fantoken concept by ensuring each has an economy of its own and isn’t directly affected by the $BTSG, it’s been able to ensure artistes who have fantokens can market directly in the ecosystem and enjoy full benefits of BitSong’s marketing programs.
Now that’s basically taking most of the workload of promotion off these artites while still letting them enjoy full benefits of signing on to own a Fantoken for the fans.
In my earlier piece, I made mention of Fantoken use-cases. Each of these use cases go on to show how much artistes and labels stand to benefit. Imagine seeing tickets sales in-real time without having to worry about third-party fees and service charges to handle ticket sales as tickets could be acquired directly using Fantoken. This automatically brings the gains in while blocking outlets for expenses.
Now apply this concept to every other use-case earlier listed for the Fantoken.
Additionally, about intimacy, Fantoken holders are allowed certain consensus. For instance, avenues like tour dates, locations etc.
Fans being able to vote for these as their rights to holding fantokens creates a different kind of bond with the artistes and eliminates the concept of the regular inaccessibility fans usually get get from their favorite artistes.
Can fan tokens be sold?
Fan tokens have many of the typical characteristics of cryptocurrencies. And as with cryptocurrencies, they can be bought, sold, and traded.
Fantokens increase an artist’s freedom of expression. Fantokens enable close contact with fans, the opportunity to independently finance musical projects, acquiring the right notoriety based on the success of a brand and songs, and being fairly paid for hard work.
Does a Fantoken have economic value?
Yes, it works the same way as any other cryptocurrency. The economic value of a Fantoken is determined by the market. BTSG is more than a crypto, it’s the ultimate currency for music.
About Bitsong
BitSong is a multifunctional blockchain-based ecosystem built to empower the music industry. It unites artists, fans, distributors in an environment where music, merchandise, and fan loyalty are assets of value. BitSong’s decentralized ecosystem of services providers the global music community with a trustless marketplace for music streaming, Fan Tokens, and NFTs, powered by the BTSG token.
Contact BitSong Official;
Website | Sinfonia | FanToken | NFT | Github | Mainnet | $BTSG on Osmosis | Discord | Telegram |
