Mike Darlington (CEO of Monstercat), an electronic music platform and Jake Udell (founder of Metalink social NFT platform), both believe that bear markets are a great time to think up and create new products. NFT Steez is a bi-weekly Twitter Space hosted every other week by Cointelegraph analysts. Darlington, Udell and others agreed that crypto, and particularly music NFTs, are in brighter times.
Darlington and Udell discussed the importance of finding projects that have “sustainable teams” and continue to grow despite current market conditions. They also encouraged investors to take advantage of the opportunities created during the peak of the bull market.
Darlington says that music NFTs are not yet a “trend”, but that they will in the next bullcycle. Comparatively, NFT profile pictures (PFP), are a “monster” of their own. However, music NFTs may see similar success as photography or art NFTs.
Music NFTs will be a benefit to communities and creators
Darlington advised creators who are interested in experimenting with NFTs for music that they first need to understand why they want to interact.
Darlington stated that some music NFTs are able to provide greater sustainability for musicians and artists, and that some music creators “recognize the broken music industry for artists”.
It’s not clear how sustainable this new environment will be for artists. However, there is one truth and commonality: creators aren’t “content with the existing model.” Darlington explains that while it is uncertain how sustainable it will be, there is an openness to changing the status quo. But that depends on “the format and the shape music NFTs will arrive at.”
Are NFTs music in a different genre?
Jake Udell, founder of Metalink, mentioned how engagement levels differ between paid and free platforms. Users prefer to engage with platforms they own. Udell says that users and creators who feel they have invested in the product are more likely “to play around with it more and be more likely make something of it,”
This dichotomy of users being invested and empowered to experiment allows for a more dynamic relationship between listeners and artists, rather than listening to music as a passive pastime. It doesn’t matter if users are interested in ownership or have it, but it does not really matter what the community is doing to increase the value of digital goods.
Udell says that the NFT space has received a lot of attention in the past year. This led to a “cult-like phenomenon.” Udell believes Web3 is a way for artists to reach out to and grow their audiences.
Are you interested in finding out more about music NFTs and how they could rule 2023? You can’t miss the entire conversation on Twitter spaces! Every Friday at 12:00 pm, NFT Steez tweets. ET. Set your alarm and notifications!
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