According to Mike Darlington, CEO of Monstercat, an electronic music platform, and Jake Udell, founder of social platform NFT Metalink, bear markets are a time for imagining and creating new products. During this week’s episode of NFT Steeza bi-weekly Twitter space hosted by Cointelegraph analysts Darlington and Udell agreed that the future will be bright for crypto and especially music NFTs.
During the interview, Darlington and Udell explained the importance of seeking projects with “sustainable teams” that continue to grow despite current market conditions and they encouraged investors to learn from the opportunities created in the process. stronger from the bull market.
According to Darlington, musical NFTs have yet to become a “trend,” but he hopes they will cement their space in the next bull cycle. Comparatively, NFTs with profile pictures (PFPs) are a “monster unto themselves,” but musical NFTs can enjoy similar success to photography or NFT art.
Creators and communities will benefit from music NFTs
For creators considering experimenting with musical NFTs, Darlington suggested it’s first important to discover and understand “why do you want to interact and why do you want to get involved?”
Darlington said some creators have come to “recognize how broken the music industry is for artists” and that music NFTs provide a possibility that can provide more sustainability for artists and musicians.
While it’s unclear how sustainable the new landscape will be for artists, the only “resounding truth” and commonality is that creators are not “satisfied with the current model”, there is a desire to be open to changing the status quo, but that depends on the “format and form in which musical NFTs will arrive,” says Darlington.
Are musical NFTs a separate genre?
Metalink founder Jake Udell alluded to how engagement levels differ between free and paid platforms, with users choosing to engage more in the platforms in which they have an interest. Creators and users who feel invested in the product are more likely to “Play more with the product and be more likely to do something with it,” Udell says.
Interestingly, this dichotomy where users are invested and in turn empowered to experiment paves the way for a more dynamic relationship between listener and artist instead of listening to music as a “passive” pastime. Whether or not users care about ownership or actually have it matters less when compared to the culture and community created for the increased value that entities now place on digital assets.
According to Udell, the amount of attention the NFT space has received in the past year alone has paved the way for a “cult-like phenomenon.” The bands are brought together by the common thread of Web3 and while Udell doesn’t believe “Web3 is necessarily a genre”, it is another avenue for artists to successfully tap into and grow their audiences.
Interested in learning more about how musical NFTs could rule 2023? Don’t miss the full conversation on Twitter spaces! Tune in to NFT Steez on Twitter every other Friday at 12:00 p.m. ET. Be sure to set your notifications and set your alarm!
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