By now, you’ve seen the pictures: factories stalled or altogether shuttered. Ships, often by the dozen, anchored offshore with nowhere to offload. Yards full of trucks with empty cabs where a driver used to sit. The supply chain shortage is here, it’s real, and it may (sigh) linger for a while.
Few, if any, industries are immune to the effects of the shortages, and the manufacturing sector of the music business is already feeling the brunt of it.
Specific to Vinyl, this is horrific news for an industry that was enjoying another year of tremendous growth: vinyl sales were up 108% from 2020 in the first half of 2021. More broadly, of course, the effects will reach far beyond just records - supply shortages and shipping delays could affect nearly every aspect of merchandising for some time to come.
Here’s the rub: supply chain issues don’t stall creativity, nor your fans appetite for your art. We’re not economists, so instead of dissecting and forecasting where this all goes, it seems that this may be as good a time as ever to remind you that your “products” don’t have to be physical.
Let’s dive into those three magical letters that are sweeping through the music industry: NFT — and more specifically, how they can help you turn supply chain issues into non-issues entirely.
Let’s say it together: Web3 couldn't have come at a more perfect time
Finally, technology is to the point where we as a society can own scarce digital assets. And just as Single Music created the solution that brought merch bundles to independent artists, we're going to follow that same playbook with web3 and allow artists to sell limited digital pressings from their own d2c store.
The future of NFTs is one of the most exciting frontiers in the music industry, and sometimes the best education comes as a result of circumstance. Starting in January, the first Single NFT offerings will be exclusive & numbered album artwork that can be sold alongside “standard” digital versions. We want to bring the idea of signed vinyl or unique colorways into the digital age and really get the fan experience right.
Additionally, we believe the entire point of web3 is to create direct connections with fans, meaning NFTs should inherently be sold directly from an owned channel (your webstore), using currencies like USD, at prices that are accessible to all.
Imagine something like these concept mocks that show how limited digital pressings can be presented to fans within your storefront:
We’re just getting started with the possibilities of web3, NFTs and how they fit into the D2C commerce space — and it’s getting more exciting by the day. Ready to make NFTs work for you in 2022? Sign up for our waitlist here.
(And if you’re not ready to tackle this quite yet, stay tuned next week for some other creative merch ideas that may help you!)