Gala Music, a sister concern of Web3 company, Gala Games has just unveiled a never-before-released version of David Bowie’s classic 1983 track, “Let’s Dance,” through a limited series of Non-Fungible Tokens (NFTs).
As NFT use cases continue to surge, music industry-based digital artworks have carved out their own niche over the recent few years. These NFTs can range from art and sound recordings to tickets and enabling artists to earn income from their music. Scores of artists have started exploring the use of NFTs as a new way of distributing and monetizing music, as they have found a way into the world of cryptocurrencies and found it profitable.
Popular musicians like, Eminem, Snoop Dog, Linkin Park, Ringo Starr, Ozzy Osbourne, and Steve Aoki among many others have already jumped on the NFT bandwagon. In a statement, Vikram R Singh, Founder, and CEO at Antier explained NFTs are quickly becoming synonymous with the music industry as most artists continue to launch NFT and blockchain endeavors to amplify their fanbase.
NFT Ode To A Music Legend
In the latest development, American iconic music star, David Bowie’s unreleased version of “Let’s Dance,” will be rolled out which will comprise of 3003 NFTs, each featuring a piece of Bowie-inspired artwork. On April 7, Gala Music took to Twitter to announce it has teamed up with music producer Larry Dvoskin and publisher Warner-Chappell Music to launch the classic 1983 track in order to commemorate the 40th anniversary of the original song.
Put on your red shoes and dance the blues!
To celebrate the 40th anniversary of 'Let's Dance' we're releasing a never before heard version of #DavidBowie's iconic track with proceeds donated to @MusiCares.
Let's Dance! https://t.co/bzbfHiHBZV#BowieForever #ABetterWayToPlay pic.twitter.com/rTLPEHr6v8
— Gala Music (@GoGalaMusic) April 6, 2023
As per Gala, the exclusive NFTs will give owners access to the previously unheard rendition of the song, produced by Dvoskin and Bowie in 2002. The NFTs will be offered using a “pay-what-you-wish” model, making them available to fans with varying budgets. All initial earnings from the NFT sale will go to MusiCares, a charitable organization that offers health and human services to music community members.
Music Industry’s Tryst With NFTs
This is not the first time Bowie’s estate has dabbled with NFTs after his death in 2016. Last year, Bowie’s estate introduced a series of NFTs in collaboration with marketplace OpenSea, called “Bowie on the Blockchain.” The NFT project featured works from nine different artists paying homage to the late music artist.
The move comes amid a resurgence of NFTs. In February NFT sales topped more than $2 billion in total trading volume with the trading volumes up for the last three consecutive months. Singh further explained.
“The rise in trading volumes of NFTs can be attributed to the increased demand for digital assets, such as art, music, and videos. This has been in response to the digital transformation that has taken place in the entertainment industry, as well as the increasing popularity of blockchain technology.”
