The State of Music NFTs
Mike Darlington and Jake Udell believe that bear markets are the breeding grounds for innovative ideas and new products. In a recent installment of NFT Steez, a Twitter Space hosted by Cointelegraph analysts, the dynamic duo discussed the realms of crypto and music NFTs, hinting that brighter days are ahead.
Building Resilience in Uncertain Times
A common theme that emerged during their conversation was the significance of backing projects with sustainable teams. Darlington highlighted that ongoing development is essential, especially amidst the turbulence of current market conditions. Investors are encouraged to reflect on the expansive possibilities that once flourished during the bull markets in order to identify potential winners in this climate.
The Future of Music NFTs
According to Darlington, while music NFTs are still not trending, there’s optimism for their eventual emergence as a critical player in the crypto ecosystem. He likened the potential of music NFTs to that of photography and art NFTs, aspiring for them to carve out their own niche in the next bull cycle while acknowledging the dominating presence of profile picture (PFP) NFTs. After all, the sounds of music should get as much love as a pixelated cartoon cat!
Empowering Creators Through Change
For creators eager to dive into the world of music NFTs, the first step is a little soul-searching. Darlington stressed the necessity of understanding one’s motivation for engaging with this new medium. With many artists feeling the pinch of a disjointed music industry, music NFTs present an opportunity for sustainable profits and fresh revenue streams.
From Passive Listeners to Active Participants
In a fascinating twist, Udell noted the varying levels of engagement different platforms inspire. There’s a clear distinction between free and pay-to-use platforms, with users who have a financial stake tending to be more involved. This investment fosters a richer artist-listener relationship, transforming music consumption from a passive activity into an interactive experience. It seems that ownership, or the semblance thereof, allows fans to genuinely get in the game!
Web3: A Unique Avenue for Artistic Growth
Udell elucidated that the growing interest in NFTs has cultivated a “cult-like phenomenon,” uniting communities through their common interest in the world of Web3. This new landscape isn’t a genre but rather an avenue for artists to explore and engage with their audience innovatively. So, whether it’s about selling your hottest track as an NFT or trying to decode what ‘Web3’ actually means, there’s a flavor for everyone!
Get in the Groove!
Intrigued by how music NFTs might dominate 2023? You won’t want to miss out on the enlightening discussion available during NFT Steez on Twitter every other Friday at 12:00 p.m. EST. Remember to set those alarms and get ready to vibe with the future of music!
