According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of Metalink, an NFT-focused social platform, bear markets are a time to come up with new products. During this week’s episode of NFT Steeza bi-weekly Twitter feed hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future is bright for cryptocurrencies and especially music NFTs.
During the interview, Darlington and Udell explained the importance of investigating projects with “sustainable teams” that continue to work despite current market conditions and encouraged investors to learn from the possibilities created at the height of the bull market.
According to Darlington, music NFTs have yet to become a “trend”, but he expects them to consolidate their space in the next bull cycle. Comparatively, profile picture NFTs (PFPs) are a “completely different monster,” but musical NFTs can be as successful as photo or art NFTs.
Creators and communities will benefit from music NFTs
For creators who want to experiment with musical NFTs, Darlington suggested that it’s important to discover and understand “why you want to interact and engage” in the first place.
Darlington said that some creators have come to “recognize how broken the music industry is for artists” and that music NFTs present a possibility that can provide more sustainability for artists and musicians.
Although it is not known to what extent the new landscape will be sustainable for artists, the only common “truth” is that creators are not “happy with the current model”, there is a willingness to be open to changing the status quo, but this depends on the “format and how musical NFTs arrive,” Darlington explains.
Are musical NFTs a genre of their own?
Metalink founder Jake Udell alluded to how engagement levels differ between free and paid platforms. Creators and users who feel invested in the product are more likely to “play with the product and do something with it,” says Udell.
Interestingly, this dichotomy of users being invested in and in turn empowered to experiment opens up a more dynamic relationship between listener and artist rather than listening to music as a “passive” pastime. Whether users care about ownership or actually own it matters less relative to the culture and community built towards the higher value entities now place on digital assets.
According to Udell, the amount of attention the NFT space received in the last year alone gave rise to a “cult phenomenon.” Groups come together over the common thread of Web 3.0, and while Udell doesn’t believe “Web 3.0 is necessarily a genre,” it is another avenue artists can take to successfully grow their audience.
Interested in learning more about how musical NFTs could take over 2023? Don’t miss the full conversation on Twitter Spaces! Tune in to NFT Steez on Twitter every other Friday at 12:00 PM ET. Make sure to turn on notifications and set your alarm!
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