Wave, a music metaverse company, said it is launching is first non-fungible token (NFT) collection with the artist Teflon Sega.
Wave has enabled musicians to hold virtual concerts online for musicians such as Justin Bieber and The Weeknd. Those interactive experiences took off during the pandemic when artists couldn’t appear in person, but now they’re becoming part of a regular way for musicians to reach audiences, said Adam Arrigo, CEO of Wave.
And NFTs are a new way for artists to experiment with their fans and open new revenue streams, he said. To mint the NFTs, Wave worked OneOf, the Quincy Jones’-backed, NFT platform built specifically for the music community. OneOf has worked with the Grammy Awards, Doja Cat, The Game, The Breakfast Club, and more.
“This is our first drop that we’re doing with an artist that we’ve actually been working with to do multiple shows, andwe thought it was a really fitting way to begin in this space,” said Arrigo. “Teflon Sega is actually an avatar-based artist. And he makes a lot of his living actually just from selling NFTs like virtual goods. We really see Teflon Sega is kind of like the future of artists and how they might monetize in a new way.”
Wave and OneOf are working together to launch a fan-edition NFT for metaverse-born artist and producer Teflon Sega. The drop coincides with Teflon Sega’s follow-up performance, Dimensions Vol. 2. The live musical experience will take place on Wave. You can watch it on May 12 at 6 p.m. Pacific time. Arrigo said OneOf’s technology is proven.
While game developers and hardcore gamers in the West have voiced opposition to NFTs, musicians have been more willing to experiment.
“Musicians are very open to experiment with new technologies and find new ways to make money because the musicians who embrace new technologies and figure out how to use them are the ones that often get rewarded,” Arrigo said. “This frees you to be able to express yourself through your virtual identity. And I think it’s interesting that web three defaults to, anonymity.”
Wave first teamed up with Teflon on March 16, 2022, to create his first ever live performance in the metaverse in a performance dubbed Dimensions Vol. 1, which offered a new and immersive experience where fans were also able to interact with Teflon and influence parts of the show in real time.
The Teflon Sega NFT commemorates this event, providing a one-of-a-kind fan-edition concert poster to gift all first show attendees.
“Teflon couldn’t be a more perfect partner just because like he does, in some ways represent the future of how artists are going to monetize in the web 3 space,” Arrigo said.
Teflon’s second Wave show, Dimension Vol. 2 will have more opportunities for audiences to engage with Teflon and will also include plenty of fan surprises.
Wave’s mission is to bring people together through virtual entertainment. Wave combines live music, gaming, and broadcast technology to transform the virtual live music experience – giving fans a futuristic look into what will be possible with the metaverse.
Through real time motion capture and gaming graphics, artists are transformed into a digital avatar and perform a fully live show set in their own virtual universe. Wave’s technology also enables fans to interact live with their favorite artists and shape what happens in the concert.
Waves are live streamed globally on wave.watch and across popular social and gaming platforms including YouTube, Twitter, Twitch, TikTok, Facebook and Roblox. To date, Waves have been attended by millions of fans worldwide and the company has hosted more than 50 Waves for a number of popstars, DJs and artists including Justin Bieber, The Weeknd, John Legend, Dillon Francis, Pentakill, Alison Wonderland, Tinashe, Imogen Heap, REZZ, Galantis, Jean-Michel Jarre and Lindsey Stirling.
“Wave has a proven platform for people to engage around these 3D metaverse entertainment experiences, and so we’re looking for ways to not only generate revenue within the platform but help artists themselves make money by going on tour virtually,” Arrigo said. “We think that virtual merchandise is obviously one powerful way to do it.”
While game developers and hardcore gamers in the West have voiced opposition to NFTs, musicians have been more willing to experiment.
“Musicians are very open to experiment with new technologies and find new ways to make money because the musicians who embrace new technologies and figure out how to use them are the ones that often get rewarded,” Arrigo said. “This frees you to be able to express yourself through your virtual identity. And I think it’s interesting that web three defaults to, anonymity.”
Wave has more than 70 full-time people now.
Musicians can also create experiences that go beyond just music.
“When you go to a concert in the metaverse, so much of the experience is the visuals and the digital art that you’re experiencing,” Arrigo said. “When you look at these immersive virtual installations, it’s like VJs creating digital art on the fly. It’s kind of like being at Burning Man.”
As for NFTs, Arrigo said, “I really think it’s going to affect the business model for for concerts because it changes the format of concerts. People are going to want to own a piece of the metaverse and it changes how content is experienced and it changes the content itself.”