Hype Records, a Singapore-based concert organizer, is rolling out an NFT project to add Web3 features to its upcoming electronic dance music festival, Hypeworld, through a collaboration with Web3 venture studio Spartan Labs.
Photo credit: Hype Records
The Hypeworld Cosmos Access NFT collection will be made up of 600 NFTs on the Ethereum blockchain. Spartan Labs head Shaun Heng, a former CoinMarketCap executive, said the collection will provide holders with event-specific perks and unique experiences, including VIP access and the chance to win merchandise from performers, among other things.
The organizers add that the tech will help prevent issues of fake tickets and scams at physical events, as ownership of an NFT cannot be faked.
The NFTs are being sold at 0.2 ether (around US$266.78) – currently just slightly higher than the standard admission tickets for the two-day festival, which retail at S$278 (US$194.65).
Web3 and music have been drawing more investor interest recently, like with Vietnam-based music NFT firm Cadenverse which raised US$4 million in seed money and John Legend’s NFT music firm, Our Happy Company, which raked in US$7.5 million in a round led by Animoca Brands.
See also: Music NFTs could be the next breakthrough application in crypto
Currency converted from Singaporean dollar to US dollar: US$1 = SG$1.43
Editing by Miguel Cordon and Arpit Nayak
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