Cryptocurrency startup Vault is using NFTs to bring back the concept of “cassette culture” and support indie artists.
- Vault’s “Cassette Culture 3.0” initiative offers live concert recordings from underground bands as NFTs.
- 10 live recordings from New York venues are currently available, with more artists confirmed.
- Owners can listen to the albums via a dedicated mobile app.
- Artists receive 70% of the proceeds from each sale, and Vault covers minting and storage costs.
- The program will expand to Nashville and is in talks with venues in London and Amsterdam.
Vault CEO Nigel Eccles believes the initiative can support indie artists who often struggle to make a living from streaming royalties.
- Eccles emphasizes that while streaming works for superstars, it’s not enough for lesser-known artists.
- Vault’s goal is to complement streaming by offering fans unique pieces and helping artists make a living.
- Cassette Culture 3.0 draws inspiration from the DIY music scene of the late 1970s to early 1990s.
- Vault hopes to expand the project to include more genres and help artists break out and sustain themselves.