THE kingdom’s first-ever English-language radio station is pioneering the industry by releasing its first limited edition Non-Fungible Token (NFT).
Radio Bahrain 96.5 is among the first stations globally to launch its own NFT and did so with the help of Bahraini artist Leena Al Ayoobi.
The launch event was recently held at the NFT MENA EXHIBIT 2022, an exhibition that converged digital and physical art, with more than 450 visitors picking up the complimentary Radio Bahrain NFT provided at the exhibition.
“We’re proud that Radio Bahrain is a regional pioneer and one of the very first globally in the radio industry to take the initiative to create our own NFT,” said Radio Bahrain Company chief executive Omar Shaheen.
“This is part of Radio Bahrain’s digital strategy to bolster the station’s presence in the future and in the digital world.”
In a statement, Mr Shaheen discussed the possibilities that NFT opens up to give musicians, performers, entertainers and artistic talents more control and accessibility over their artistic rights and royalties.
“We aspire that the day will come when Radio Bahrain is the go-to music and entertainment supplier on various metaverse platforms,” Mr Shaheen added.
“We look forward to continuing this digital path as there is so much more to do – it’s an infinite ocean of thoughts and ideas.”
The NFT, utilising the same blockchain technology as cryptocurrency, allows its owner to legitimately claim complete ownership of the original copy of a digital file in the same way as one might own the original copy of a piece of physical art.
NFTs can be considered modern-day collectibles. They’re bought and sold online, and represent a digital proof of ownership of any given item. The technology can also make it difficult to alter or counterfeit NFTs.
Alongside artwork the sweet sounds of NFT success are likely to be heard over Radio Bahrain’s airwaves as well.
Time will tell whether music NFTs are a mere byproduct of a bullish crypto market or a transformative force destined to upend the music industry too, according to some observers.
While optimists talk of a new ‘creator economy’ and artistic autonomy, skeptics voice concerns about utility, and whether the current model of music NFTs will scale beyond a handful of artists who are heavily involved in the crypto community.
However, Time magazine reported that some artists are raking in unprecedented money from these deep-pocketed fans: the Chicago rapper Ibn Inglor, for example, raised $92,000 by selling various opportunities for fans – including shares of his upcoming album’s royalties – as NFTs.
“This is the start of a new world in the art industry,” added Ms Al Ayoobi, a Bahraini artist, designer, and founder and owner of Dar Alfann Gallery. “It was a pleasure collaborating with Radio Bahrain on this project.”
The event was attended by Moroccan singer Abd El Fattah Grini who is one of the first Arab artists to have embraced NFTs.
“I am a huge fan of the Radio Bahrain NFT because I can personally relate to the look and feel of it as an artist,” Mr Grini added.
The NFT MENA EXHIBIT 2022 consisted of an NFT art gallery where 30 international and 85 regional and local artists showcased their NFT art.
In addition, NFT art, marketplace and investment specialists shared their expertise in various workshops, panel discussions and Q&A sessions for people to learn more about the world of NFTs.
“We are delighted with the successful outcome of the exhibition that exceeded our expectations manifold,” NFT MENA EXHIBIT 2022 co-founder and director Abdulrahman Almokla said.
“We extend our heartfelt appreciation and ‘thank you’ to Radio Bahrain and other partners and sponsors for their steadfast support.”
Radio Bahrain 96.5 began broadcasting in 1977 and has over the years become one of the most recognised English language radio station in Bahrain and the Eastern Province of Saudi Arabia, reaching an audience of 6.5 million listeners in the region.
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