NFT stands for “non-fungible token”. By attaching a unique digital token to items, NFTs allow users to prove their ownership and authority over digital assets, thereby providing exciting new ways of buying and selling of digital assets – for example art and music – online.
Troels Abrahamsen and Simon Formann from Derive oversaw this seminar at this year’s SPOT+. The pair both have a musical background, and today the run Derive; an online platform that aims to create an alternative model for the development, financing, and distribution of music.
The two musical entrepreneurs energetically talked about their new project that launched in 2021. The intent behind Derive is to create sustainable alternatives to the digital formats that dominate today’s music industry. The current market is dominated by a one size fits all approach and Derive wants to change that. The wish to create a platform for those passionate about music.
Big muscles behind Hypery
Later that day, Hypery took the stage. Hypery is a project carried by several recognizable figures. Amongst others, former general manager of Warner Music, Jacob Deichmann, and famed investor, Lars Seier Christensen, are involved.
Hypery is a new platform that makes it possible for artists to launch their music as an NFT. A recurring theme in Hypery’s presentation was the objective of increasing artists’ revenues. Today, artists receive next to nothing when their music is played on streaming platforms. That’s not the case at Hypery, however. Jacob Deichmann explained that by using Hypery, artists are able to decide decide their own prices, rather than it being forced upon them by external parties.
Many see great potential in Hypery. One of these is businessman and former owner of Saxo Bank, Lars Seier Christensen, who has also chosen to invest in the new music platform. Following Deichmann’s presentation, Christensen briefly addressed the audience, saying that despite NFT’s and blockchain technology being complicated and hard to understand, the opportunities that they provide are huge.