NFTs have exploded in recent months. Brands from the NBA to Givenchy have either launched NFT projects of their own or, in the case of Adidas, are partnering with leading collections. In this year alone, enthusiasts of this latest incarnation of digital assets have spent at least $26.9 billion worth of cryptocurrency on Ethereum-based NFTs - the leading blockchain for NFT minting - according to an analysis by Chainalysis.
Whilst much of the coverage has revolved around their status as digital, collectable art, many innovators are pushing the boundaries of what's possible, not only with NFTs but other applications of decentralized technology.
Party Degenerates are one such project. After launching their record-breaking collection of NFTs, which raised $23.5 million in its first 24 hours, they are a cultural collective committed to proving that this much talked about trend can be more than tradable GIFs and expensive JPEGs. Their aim is to unite their token holder community into membership of like-minded creatives "united by a common passion for entertainment, art, music, with a vision to bridge the gap between the digital and physical worlds." But, of course, their NFTs look pretty cool, too.
During the recent Miami Art Basel, which was already overflowing with talk of NFTs and their future within the art world, Party Degenerates blasted the city with their branding - over billboards, taxis, boats, and even planes - to cement the point: NFTs were here to stay, and they wanted a say in its future. Over the coming week, their token holders (or "members") had free access to five of the best electronic music nights North America had to offer, as well as access to an exclusive private party where alongside other DJs, SEED PHRASE, a renowned NFT collector and co-founder of the project, played a set for all in attendance.
It's a club that invites envy, too. World-renowned DJs including Steve Aoki, 3LAU, Kygo, Gramatik, and Blondish are all token holders, and the events their members had free access to included performances by Diplo, Dillon Francis, Marco Carola, Damian Lazarus, Jauz, Âme b2b Dixon, and Guy Gerber.
However, it's more than just about being in with a cool crowd of visual artists and dance-music lovers; democracy and decentralization have a key part to play. This is where the blockchain comes in; because of their Community Wallet DAO, members have a deciding say in what happens next. Whether that's in curating nights around the globe, or meet-ups in the metaverse.
Their DAO - a community without hierarchy, where all members get a say, and where the rules are governed by code in smart contracts on the blockchain, and not governed by one person or entity - is funded by 15% of all secondary token sales. A move which, they say, should be the future of all online creative collectives.
The use-cases for decentralized technology in music is well documented. NFTs will undoubtedly innovate how royalties are shared, how music is sold, and how artists market to their fans. What Party Degenerates are asking is something different. Can you forge a certain clique of music and art lovers, united by common interests but dispersed throughout the world, with the power of blockchain? They think they can, and they're determined to prove it.
"At Party Degenerates, we aspire to build a multiverse that connects the visual art and music communities, while bridging the gap between the digital and physical worlds," says The Shady Shark, a familiar face within dance music circles, and an entrepreneur and former Ibiza resident of 10-years who is now one of the project's founders. "For us - and for our members - our tokens are about being part of something bigger. We see ourselves as a collective for like-minded, forward-thinking people who want to celebrate life and everything it has to offer."
