The concept of the metaverse and speculation about its impact on the future of the music industry have been buzzworthy topics throughout 2021, and those conversations are only just beginning.
According to EMERGEN Research, the current $47 billion metaverse sector is expected to continue growing at a compounded annual growth rate of 43.3% through 2028. And with a long runway of upside ahead, VRJAM is wasting no time in an effort to become an early frontrunner in the emerging metaverse concert space.
In partnership with Enjin.io, VRJAM is taking a multi-faceted, artist-first approach in delivering turnkey-style NFT solutions and providing a platform for virtual concerts that are easily monetized by performers.
VRJAM seeks to bring artists closer to their fans by providing them the means to mint NFTs with meaningful incentives. In addition, the remote, flexible nature of the immersive metaverse environments themselves will allow for frictionless artist-to-fan engagement, paving the way for a new medium of social interaction.
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At the institutional level, VRJAM indicates the platform will offer venues solutions to exist in the metaverse landscape, effectively helping them to secure their footprint in the next technological frontier.
Consistent with the broader movement towards developing decentralized enterprises, VRJAM's ownership is shared in-part by a consortium of artists and labels, helping to ensure that collectively, artists' incentives are made a priority in this new world.