Supporting NFT commerce at scale
SPIN’s iconic covers have been a collector’s item since the magazine’s first issue in 1985. In today’s digital world, fans are looking to collect these pieces of culture in a new way–via NFTs.
SPIN partnered with DEPT® to create a carbon-neutral NFT marketplace to sell, auction, and re-sell their covers and other art assets. In doing so, SPIN became the first major music media brand to make its full content archive available with NFTs.
New opportunities for engaging with music fans
SPIN owns 36 years of iconic photography, covers, videos, and other rare media.
These assets have been appreciated and valued by magazine subscribers for decades. But like many publishers experimenting with NFTs, SPIN realised that they could extend the value of their storied intellectual property to even more fans through digital collectibles.
Working with DEPT®, SPIN set out to make its limited-edition covers and other memorabilia available for digital ownership, giving fans the opportunity to own a piece of art symbolising their favourite musicians.
The company hoped to continually release fresh NFTs on a regular basis to fuel regular engagement with images, collector packs and unreleased content.
Removing the barrier to entry for newcomers
SPIN’s NFT marketplace is to make its full content archive available with NFTs.
SPIN’s NFT marketplace was built with Algomart, an open-source platform on the Algorand blockchain created by DEPT®. Because blockchain technologies are still very new, the complexities and required expertise make starting from scratch with NFTs extremely difficult and costly.
Algomart gives SPIN an out-of-the-box solution that makes it easier for them to enter the market, and have the control to make a bespoke offering with a tech stack that can scale as their marketplace grows.
And, using Algomart, end-users can purchase or bid on SPIN NFTs without converting USD to crypto. In this way, it feels a bit like a typical eCommerce store. The marketplace automatically creates a wallet on behalf of its users and a custodial wallet. This makes it easier for users since they don’t have to manage additional accounts or download a new application. Instead, they have a pin number that grants them access to their NFT.
Perhaps most importantly, it was very important to the team at SPIN to be able to accelerate the sustainable advancement of the NFT space. Working with Algorand gives SPIN an ESG friendly and energy-efficient technology to launch their NFT marketplace.
This will both unlock the enormous value of these assets and do so in a more environmentally sustainable way.
Being able to launch an NFT storefront quickly and easily allowed SPIN to experiment with NFTs without devoting too many resources to its creation. Having tested the market, they can now continue to release NFTs to their devoted fanbase.
It’s an easy entry point for fans to begin to collect scarce digital photography and memorabilia while providing artists a way into the space.
Jimmy Hutcheson, CEO of SPIN
Launched at SXSW 2022
SPIN unveiled its NFT marketplace at SXSW 2022, with an inaugural auction featuring a Machine Gun Kelly cover. Additional covers, as well as art pieces, will be placed up for auction over the course of 2022.
Down the line, SPIN hopes to provide unique value-added experiences for NFT owners like physical art galleries, events, and experiential installations. Over time, the NFT marketplace will expand to feature a selection of artists and personalities curated by SPIN.
“We’re excited to introduce these famous pieces as NFTs. It’s an easy entry point for fans to begin to collect scarce and coveted digital photography and memorabilia while providing artists a way into the space,” said Jimmy Hutcheson, CEO of SPIN.
Global SVP, Engineering & Technology
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