MPT Agency’s Web3 Diaries: How to Build a Music NFT Community
By Yvonne Martin
Some claim that music NFTs are the music industry's future, while others claim that they are just a passing trend. Talking about music NFTs will help you understand what they are, how to buy and trade them, and what the hype is all about. After all, by promoting your brand, you are scaling towards your very own music NFT community.
Today's Music NFT Community:
NFTs in the music industry have the potential to drastically alter an artist's career course. You don't trust me? Just ask Daniel Allan, Latashá, Black Dave, or any of the other dozens of producers, DJs, and artists who have discovered that preserving their musical works on the blockchain makes it feasible for them to support themselves.
Artists are creating new paths to success with the help of music NFTs that are independent of record deals, allow for year-round touring, and are a vector for industry endorsements. The final truth is that both artists and fans are benefiting from this and are creating a unique type of community.
But first, let's dispel some myths about music NFTs and the blockchain music industry. We've created a guide to provide a simple and basic introduction to Web3 music and everything music NFTs in order to assist in introducing even the most inexperienced NFT aficionados to Web3 music.
Have you heard about these Labels already ahead of the game?
Building a Music NFT Community in Web3 is a Multi-Platform Journey
Have a Reputable Website:
Your crypto project should have a professional website before it is launched. The first site that potential investors visit to learn more about your project is your website. To leave visitors with a favorable impression, the website needs to have an attractive design and a polished appearance.
Make sure the site is easy to access, responsive to mobile devices and offers informative content about your cryptocurrency business. If you give visitors the right information, they might discover a lot about what you're giving. Additionally, you may submit your investor deck, project team, LinkedIn profiles, whitepaper, and lite paper for lead creation and include a section for frequently asked questions (FAQ).
Networking with the music NFT community:
You can interact with the appropriate industry professional by using networking tactics. You can learn about bitcoin marketing trends and the advertising strategies employed by other pros by networking. A great technique to a network is by relating a narrative and outlining the advantages of your project.
With NFT in the music industry, there are key platforms you should focus on, namely Twitter, LinkedIn, discord, telegram, and of course the marketplaces themselves that will allow you to connect with projects too.
To illustrate the advantages of your project, tell a Story:
It's highly suggested in all forms of pr and marketing to use a story to illustrate the advantages of your cryptocurrency project in order to attract potential investors. The motivation behind your project, the technology you developed, and the issue you hope to answer can all be significant themes in your narrative. All of these components can be captured in a succinct, clear video or timely photograph. Position yourself as an industry thought leader while sharing your experience.
Show yourself to be a thought leader in your field:
As NFT becomes more popular, more people and businesses will want experts in the field. It's crucial that you produce educational articles and compelling opinion content that establish you as a thought leader as a project owner in this industry. Additionally, becoming a part of blockchain communities and discussions across all major platforms.
Focusing on your own niche of topics is important, but to have a community you need to favor a wide range of ideas as well so that your reputation does not become one-sided. Avoid using mystical jargon and keep your message clear and uncomplicated while developing educational content and establishing yourself as a thought leader. People are coming to you for sound information or well-defined opinions, not pseudo-scientific marketing lines.
Hosting Virtual and Public Events with your music NFT community:
The web3 and metaverse landscape is filled with people that cross over their users from music to crypto. You can introduce your concept there and how it can help possible investors at these events. You can use these occasions to spread the word about your brand through PR.
The Advantages of NFT for Music Fans:
The majority of the time, music NFTs provide collectors ownership of a portion of a song or of royalties that are derived from that song through streaming, record sales, and other revenue streams. This is the situation with NFTs from the Royal curated platform. Holders of Royal NFTs get a portion of the royalties from streaming services.
NFTs can be valued in parallel with an artist's or song's success through this type of shared ownership, which encourages fans to contribute to sponsoring upcoming musicians on their own initiative or in the expectation that eventually the value would be repaid in the form of a royalty kickback.
So where do these connections between fans and artists begin? Well, with decentralized organizations and platforms like Zora, SongCamp, and Friends With Benefits. The ground floor of each NFT sector is, of course, where NFTs are bought and sold: NFT markets. However, even beyond these centers of Web3 music, there are hundreds of options that allow you to aggregate the right kinds of people.
Streaming service and an NFT marketplace are combined in Catalog. Artists can add a song to Catalog's open music library, where fans can then buy it for a set price, take part in an auction, or make an offer.
The platform is a 1/1 marketplace only, so there is a lot of competition. This is a fantastic location to gather one-of-a-kind, special music NFTs from your favorite musicians.
With Sound.XYZ, streaming and minting are combined. With a series of open or limited edition NFTs, musicians can start a listening party for new song releases on Sound.
Additionally, this platform doesn't only house single tracks; it also hosts entire projects and has even hosted mixes like Soulection+'s, which had 18 different artists collaborating.
Async Music is the division of the well-known NFT platform Async Art that focuses on music. Each track (guitar, piano, vocals, and percussion) is uploaded separately and in a variety of variations on Async Music.
This enables musicians to create music in a dynamic style that enables fans to piece together particular layers into a single master track.
Since Mint Songs is one of the few dedicated music NFT platforms that is open to all users and is not invite-only or locked, a larger range of artists are able to sell their music there.
Mint Songs is a terrific location to find creative musicians to support, with a primary goal of assisting artists in developing a sustainable and livable income from making music. The platform is also powered by Polygon.
Where else are NFTs being used?
The NFT's use case outside of entertainment and music markets is a whole other bite to swallow. The tech has gone passed the point of simple experimentation. Indeed, in a recent address, John Glen, the Economic Secretary to the Treasury of the UK, declared that "The UK is open for crypto firms." Even now, the Royal Mint is creating its own NFTs.
It's important studying, these patterns. MPT clients get the privilege of our war room info and can decide with a clear view of what's going on. But at the end of the day, the artist needs to understand monitoring the development of music NFTs, whether or not you choose to produce, acquire, or sell music NFTs. Your understanding of the music business will allow scaling your creativity with a fresh perspective on the NFT music community.
How MPT Agency can help with your music NFT community
If fans invest in NFTs as if they were a fan contribution, like purchasing a T-shirt without expecting a financial return, then the best of both worlds would exist for the blockchain community. Depending on the investor, and their financial/social profile, NFTs might provide community and identity in addition to a chance to make money. This organic characteristic of the technology, bringing people together, is what NFTs are all about. Trust in the network, trust in the blockchain
“Normally when we think about investing, we think about the exchange of money,” says McCulloch. “I think this is really beyond investing. This has a lot more to do with mapping our real and digital identities to the things that we care about. So I think it goes beyond money, frankly.”
McCulloch claims that supporting topics that are important to him, particularly diversity, equity, and inclusion in web3, is one of the main reasons he invests in NFTs.
The fate of music NFTs is still unknown, even our MPT Agency crystal ball can't say for certain that the creators of today will be the Goliaths of tomorrow. One thing is for sure though, MPT Agency bets on technology. As a medium for distribution the NFT has created a unique product that combines all of the market tool kits into one digital portal and we offer this capacity to our artists, should their community fit the profile of being apt in entering this market.
To find out what other services can enhance your musical career, make sure you check our blog regularly and follow us on Instagram for more music marketing-related updates.
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Posted on August 25, 2022
The First Chart-Eligible NFT Album in the World is Being Released by Muse
By Shawn Spence
Napster and Limewire weren't the first, as it turned out. In the last 20 years, the music business has experienced enormous change, yet it still exists today as a mostly digital one. Since Warner Records U.K. and the music NFT marketplace, Serenade have joined, it is possible that this trend will spread.
They have together introduced a brand-new music format called Digital Pressing.
This will be the first of its kind – chart-eligible music NFT specifically targeted the most devoted of fans.
The goal of the new chart-eligible music format known as "Digital Pressing" is to provide typical digital download convenience with all the benefits of a physical release to music enthusiasts worldwide.
And it follows Billboard's process for building music rankings that faithfully reflect the mood, which included incorporating digital downloads and streaming.
A new format for music
According to a press statement by Serenade founder Max Shand, this new music style may have an influence that “Digital Pressings will be a game changer on the global stage,” expressing that this new format allows artists to “offer their international audiences something truly unique and engaging,” Shand said.
1/ Today we announced Serenade’s newest offering, the Digital Pressing. I thought I’d share what a Digital Pressing is, and our vision for its future 🧵
In a Twitter thread, Shand elaborated on his goals for the Digital Pressing format and described it as a way to further decentralize the idea of the album release cycle for musicians all across the world.
Digital Pressings are promoted as giving musicians the chance to package their work in a way that is comparable to how they would do it through a traditional vinyl release but without any of the drawbacks.
In addition to boasting a two-week lead time rather than the six to nine months needed for a vinyl release, Digital Pressings may also be far more ecologically friendly. “one average 12[-inch] vinyl has the equivalent carbon footprint of 197,100 Digital Pressings.”
The English rock band Muse is leading the way in the introduction of this format and is slated to do so on August 26 with the release of their ninth studio album, Will of the People.
For lifelong Muse fans, this decision may draw an interesting comparison to Radiohead, a fellow English rock band that famously defied tradition by releasing the eagerly anticipated 2007 album In Rainbows as a "pay what you want" digital download.
For the purposes of the charts, each digital pressing of Will of the People and any following albums issued in this format will be equivalent to one physical album sale. Sales information for this trial launch will appear on music charts in the Australian and United Kingdom music marketplaces.
Make sure you check our blog regularly and follow us on Instagram for more NFT and music marketing-related updates.
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Posted on August 23, 2022
5 NFT Record Labels That Are Redefining The Music Industry
By Yvonne Martin
A web3 music business that is healthier and more artist-friendly is emerging as more artists use NFT technology to reconquer. Emerging and mid-tier musicians are supporting themselves, creating communities, and escaping a traditional music industry that benefits a few through music NFTs and NFT record labels.
Additionally, NFTs are repeatedly demonstrated as the best option for unsigned artists to generate money.
What is an NFT record label?
It's critical to define record labels in order to comprehend what an NFT record label is. A record label is a business that discovers new artists, nurtures them, and organizes the recording, manufacturing, marketing, and distribution of records.
In the past, record companies were the exclusive source of music releases and career development for artists.
Even while record companies still have a lot of power in the music business, many musicians are choosing to go independent. Record companies may have the right to permanently own an artist's music, depending on the terms of the deal.
High-profile incidents have further illuminated how certain established companies might take advantage of emerging artists, such as the Taylor Swift masters controversy.
An NFT record label, on the other hand, ensures that the artist has complete ownership of their song. An NFT record label makes sure that their connection with the artist is mutually beneficial by giving them a certificate of ownership.
NFTs, which are kept on the blockchain, are the primary music format for NFT record labels. NFT record labels also assist musicians in creating fan bases and promoting music using web3 tools like NFT markets.
How do NFT record labels operate?
The NFT record label business is continually developing. Therefore, the specifics of an NFT record label rely greatly on the people who are creating them. NFTs are a format for music that is available alongside more conventional forms like vinyl, CDs, MP3s, and so on.
Music enthusiasts may anticipate various digital assets, such as digital goods and artwork to accompany the launches, as well as metaverse events and music videos, in addition to music NFTs.
NFT record labels can act as DAOs or collectives where the fan community is prioritized and the artist-fan interaction is more highly appreciated. This might imply that album songs and single artwork are chosen by fans through voting.
However, the establishment of NFT record labels is not free. Founders must take into account operational expenses, the price of developing and promoting NFTs, and gas expenditures.
Additionally, it is necessary to factor in the expenses associated with registering transactions on the blockchain.
Now let’s get to it.
What are the top 5 NFT record labels changing the future of music?
Death Row Records
Earlier this year, Snoop Dogg acquired the storied Death Row Records. He declared that Death Row Records will be an NFT label after the purchase. Death Row will be an NFT label, he revealed during a discussion on Clubhouse:
“Death Row will be an NFT label. We will be putting our artists through the metaverse and through a whole other chain of music. Just like how we broke the industry when we was the first independent [label] to be major.”
The fact that a musician like Snoop Dogg oversees and supports an NFT music label only serves to emphasize the sector's expanding significance.
MoonwalkerFM
One of the early NFT record labels was Moonwalker FM. On streaming services, a lo-fi song is matched with each NFT minted. As a result, NFT owners are eligible to receive different prizes equal to about 30% of the streaming revenues.
Additionally, MoonwalkerFM developed an industry-first DApp that allows NFT holders to see the songs that are associated with their NFTs. Events, special contests, products, space docking, early access to drops, and other things are also planned.
Hume
Hume is a group of hybrid virtual-physical performers on the NFT record label. The creation of metastars with a background is the core objective, around which the digital label and entertainment studio are built. The NFT record label debuted Angelbaby as its first metastar in November 2021. They released their debut single, "NFT," and gave a performance at FLUF House at Art Basel Miami.
World Has You Records
Web3 is a tool that World Has You Records utilizes to bring people together via their shared love of music. World Has You Records, founded by AlmaD and Kristen, intends to release “high-quality exclusive music and art for the community” and “create memorable experiences” while “discovering and developing new talents.”
Space Yacht
In Los Angeles, a group of underground partygoers founded the NFT record label Space Yacht. Henry Lu and Rami Perlman, the company's co-founders, have organized over 100 events in several nations and are currently attempting to break into the web3 market. Space Yacht distributes music NFTs as a label in stages that build upon one another. Iconography Volume 1, 2, and 3 from their NFT collections provide music listeners a preview of what to anticipate from Space Yacht as it expands.
How NFTs are shaking up the music industry
We can safely claim that web3 and NFTs are upending the music business as we know it. In the second wave of the internet, musicians relied on labels, streaming platforms, and touring to make money. They also had to deal with several intermediaries that take a sizable chunk of the royalties that musicians receive.
Artists may generate money with NFTs by selling their music directly to fans without the aid of middlemen like streaming services, labels, and distributors. Furthermore, anybody may release music and earn money as an unsigned musician because of the web3 music industry's low entrance barrier.
Since most NFTs cost more than one Spotify stream, which costs between $0.003 and $0.005, artists may make a respectable living without having millions of streams. Because it all depends on having a tiny group that supports what they do, they don't need to sell or commercialize their music.
It's also crucial to note that the smart contracts underlying music NFTs prevent artists from being defrauded of their earnings. Smart contracts provide musicians the ability to keep track of who is holding their music NFTs, keep tabs on secondary market transactions, and be paid a portion of the royalties each time the holder resells the NFT.
Final Thoughts
Without a doubt, NFTs are laying the foundation for a music business that is more democratic and equitable. NFT record labels are among the key figures driving this transformation. Traditional labels will probably not go out of business, but they will need to adapt by embracing web3 ideals and finally placing artists in the spotlight.
Make sure you check our blog regularly and follow us on Instagram for more NFT and music marketing-related updates.
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Posted on August 16, 2022
Top NFT Music Moments in 2022 So Far
By Barbara Drews
The COVID-19 pandemic virtually eliminated all artists' major sources of income in 2020. Live performances came to an end, sales of items drew to a halt, and the money stopped flowing.
Months passed by without much improvement.
But as a new kind of music art emerged, it was inevitable that the music business will use non-fungible tokens (NFTs) in 2021.
And so it was in 2021 that both established and upcoming musicians began to use a brand-new kind of music known as NFTs.
NFTs are a novel class of digital assets. They provide new channels for content producers to promote and monetize their works, broadening the potential audiences for literature, music, and other forms of media.
The term "music NFT" means precisely what it says. Musical composition is included in this NFT. A single song, a whole album, or even a music video might qualify.
Musicians discovered that they could offer exclusive, tokenized copies of their artwork to their audience directly using this technology, which would ultimately result in much bigger earnings.
January 2022:
Royal and Nas’ first-ever NFT sells in minutes
In January 2022, the hip-hop legend Nas received eternal life on the blockchain. Nas and 3LAU collaborated to present his first-ever NFT collection on the aforementioned platform, Royal, of the legendary DJ in a two-part drop.
1,870 NFTs were included in the collection, which was the first live sale of NFTs on Royal.io.
Both drops sold out quite quickly. And the whole revenue was more than $560,000.
Without further ado.. we're honored to announce Hip Hop legend, innovator and entrepreneur @Nas will be the first artist to drop his music on royal on January 11th! https://t.co/TkyWvOJOvYpic.twitter.com/hQGGXVuPhz
Coachella’s NFT collection offers lifetime festival passes
In an effort to embrace NFTs, Coachella, one of the biggest and most well-known events in the world, released a variety of digital collectibles. They made a big splash with their NFT offering in February 2022.
Why? Coachella announced plans for a multi-part NFT drop that month in collaboration with the massive cryptocurrency exchange FTX, part of which included lifelong festival passes.
Coachella Collectibles provides fans the chance to buy lifelong festival passes, unlock special on-site experiences, physical items, and more. It has a total of 11,010 NFTs spread over three collections.
Introducing Coachella Collectibles NFTs 🎡 Lifetime festival passes, digital collectibles redeemable for physical items & more available Friday at 10am PT at https://t.co/D8v4cD04wc
Dillon Francis signs residency deal for Bored Ape NFT
Electronic artist Dillon Francis has received several honors. The platinum-selling DJ and producer garnered Latin Grammy and Latin American Music Award nominations for "Sexo" in 2018; in March 2022, he added a historic deal to his resume.
In return for an NFT from the Bored Ape Yacht Club collection, Francis agreed to a sole residency with Big Night.
Snoop Dogg releases first Death Row NFT mixtape
Snoop Dogg released an NFT mixtape on OpenSea little than a month after acquiring ownership of the storied Death Row Records, the company that saw his rise to fame.
The compilation, "Dogg on it: Death Row Mixtape Vol. 1," was released on the Polygon blockchain and includes entire songs, acapella, and rhythms that Snoop made in conjunction with musicians from all around the world.
"Dogg on it" was a fresh competitor in the expanding music NFT sector at the time. The collection was an alluring drop for the Hip-Hop audience within the NFT ecosystem since NFTs granted complete ownership rights to their owners.
Snoop would release "Death Row Mixtape Vol. 2" in April, containing an even larger lineup of Web3 musicians and artists.
April 2022:
NFTs take over the Grammys
The Grammy Awards, the most esteemed ceremony in the music business, included a representation of NFTs in April 2022. As part of a three-year effort to include NFTs into the entire Grammy experience, the Grammys unveiled an official NFT collection in partnership with Tezos-based NFT platform OneOf.
The critically regarded fine artist ThankYouX, the Emmy-winning Emonee LaRussa, and the 3D animator and contributor Andre Oshea were the highlights of the debut collection.
Coachella x ODESZA NFT breaks Solana 1/1 sales record
An exclusive NFT with a 360-degree immersive experience of the Antarctic Dome at Coachella sold for $145,000 on April 18, 2022, exceeding the previous record for a single NFT transaction on the Solana blockchain.
The NFT, which clocks in at little under six minutes yet provides an almost flawless visual representation of Coachella's REGEN's unique projection dome experience, contains work from nine prominent digital artists and a musical composition by ODESZA.
May 2022:
Pussy Riot and Salem Ilese Drop ‘Crypto Boy’ in support of reproductive rights
After their song "Crypto Boy" acquired popularity on social media in the spring of 2022, American singer-songwriter Salem Ilese became viral. Ilese decided to work with Nadya Tolokonnikova of Pussy Riot on an NFT release with a charitable goal in line with the tone of the song.
Ilese and Tolokonnikova recruited popular TikTokers Sad Alex, 30, and July for a music NFT collection, as opposed to women's reproductive rights, which grew quickly in the U.S.
They had the intention of donating 100% of the proceeds from the collection's primary sale to the Center for Reproductive Rights. The initiative, appropriately dubbed "Crypto Boy," served as another example of how NFTs may be utilized for good.
June 2022:
SongCamp launches Camp Chaos NFT collection
SongCamp, a collective Web3 lab exploring the frontiers of blockchain and music technology, embarked on one of the largest projects the music NFT industry has ever seen in March 2022. Chaos was founded as a 77-person "headless band" with the goal of writing 45 songs for publication as an NFT compilation costing over 20,000 unique tokens.
Chaos was the third project ever for SongCamp and its most daring undertaking to date. It was created by musicians, visual artists, engineers, and more. With Chaos, the SongCamp community developed a ground-breaking use-case for Web3 music collaborations and proposed fresh, original ideas for dividing money.
Pharrell Williams joins Doodles as Chief Brand Officer
One of the most significant statements Doodles made at NFT.NYC 2022 was that Pharrell Williams will be joining the team of the adored PFP project as Chief Brand Officer. Just over a month and a half had passed since Julian Holguin, a former president of Billboard, was appointed CEO of Doodles.
It was also announced at the same time that Doodles would be breaking into the music industry through Doodles Records, with a Volume 1 compilation to be released, featuring original music with executive production from Pharrell. However, it is still unknown exactly what the long-term plan is for Pharrell x Doodles.
LimeWire returns from the dead as a music NFT platform
LimeWire, a historical client for peer-to-peer file sharing, saw a chance to reinvent itself as an NFT and Web3-focused brand, much like other abandoned products and services. LimeWire debuted its marketplace in July with featured collections from Travis Barker, Soulja Boy, Dillon Francis, A$AP TyY, and other artists after concluding a $10.4 million private token sale in April.
Bored Ape-masked DJ takes over the main stage at Tomorrowland
At the next edition of the famed Belgian electronic dance music festival Tomorrowland in 2022, Ape Rave Club, a DJ, and production initiative reported to be supported by "some of the most exciting producers and creatives in dance music and NFTs," took the stage.
A single DJ made the Ape Rave Club live premiere, performing an hour-long set to a crowd of thousands while sporting BAYC merch and a complete wraparound Bored Ape-styled helmet.
NFTs have had a significant impact that is being felt throughout the digital, financial, and creative industries. But the most instructive litmus test for how blockchain technology can make it easier for people to co-create and co-own intellectual property seems to be the music industry alone!
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Posted on August 8, 2022
Ape Rave Club Performed At Tomorrowland Music Fest: What Does This Mean For Web3?
By Yvonne Martin
Tomorrowland; one of the biggest EDM festivals on the planet, welcomed the first-ever NFT artist to perform at this festival. Ape Rave Club captured the attention of the global dance-music community, which was seen by over half a million fans.
The exciting and groundbreaking performance was the first of its kind, and a one-of-a-kind visual spectacle as Ape Rave Club bridges the physical world with the metaverse.
Steve Aoki also made a presence! He wore a jacket with the image of a bored ape on the back.
nft now posted a picture on Instagram saying: “@aperaveclub made its debut today on the main stage of Belgium’s @tomorrowland, one of the biggest dance music festivals in the world. 🙌 Which festival will NFTs take over next?”
According to reports, the concert was headed by an "NFT Artist."
Ape Rave Club released photos of the performance on their Twitter account, showing an artist wearing a BAYC NFT mask performing music with the caption “A @BoredApeYC on the @tomorrowland main stage. We are just getting started! 🍌🔊”
Tomorrowland, a well-known music event, has been being held for the last 17 years. However, Tomorrowland is now entering the NFT arena with its Medallion of Memoria collection, which will grant unique admission to its events, according to a recent blog on its website.
So what does this mean for Web3?
Tomorrowland and Ape Rave Club collaborating might be seen as a minor step toward Web 3.0. It remains to be seen if this will signal a dramatic change in entertainment toward a "decentralized internet."
For the time being, the wider cryptocurrency and NFT industry are in a highly restrained phase, with asset values falling drastically.
Only time will tell if Ape Rave Club's NFT artist status will have a long-term impact.
About Ape Rave Club
Ape Rave Club is one of the world's first blockchain artists. The idea of Bored Ape Yacht Club, one of the most popular NFT communities in the world, with members including Steph Curry, Mark Cuban, Justin Beiber, and Paris Hilton. They join Wuki's Wobblebug as one of the world's first decentralized artists, with intentions to distribute original music via NFT platforms.
Ape Rave Club is here to introduce a new generation of musicians to the world of electronic music. They are delighted to define the future of music on web3 with the support of some of the most interesting producers and creatives in dance music and NFTs.
Tomorrowland's website indicates that Ape Rave Club is tied to the iconic BAYC (Bored Ape Yacht Club) NFT project, which is established on the Ethereum blockchain. According to Tomorrowland's blog, BAYC #9184 is also behind the Ape Rave Club. Ape Rave Club has made headlines following a recent performance on Tomorrowland's stage.
In other news…
Ape Rave Club also released a new single "Dance Alone"
Ape Rave Club showcases a clean-cut modern production approach with distorted vocals that create a mesmerizing trance while a rhythmic kick keeps a solid tech-house beat, as one would expect from a rising generation artist.
While the first intriguing build collapses into jackin' electronic bursts with strong basslines, Ape Rave Club surprises with vibrant keys that pay homage to early dance music traditions.
Ape Rave Club is an artist to keep an eye on, with the possibility of NFT drops with real-world utilities, extraordinary experiences, and an entirely new method to combine the music business with blockchain technology.
With Ape Rave Club’s appearance on Tomorrowland’s stage, he just made history, and many more will follow in the artist's footsteps as he raises the bar. Make sure you check our blog regularly and follow us on Instagram for more NFT and music marketing-related updates.
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Posted on August 1, 2022
CryptoCrash: What Does It Mean For Music?
By Yvonne Martin
Since the beginning of May, cryptocurrency values have decreased dramatically, including Ethereum's ETH, which is home to some of the most prominent NFT projects and platforms. The value of ETH has more than halved in comparison to other “fiat” currencies like the US dollar or the Euro.
While macroeconomic factors are vital, there has long been a sense that the market was overheated and needed to be corrected. The bull cycle ended abruptly with the bankruptcy of Terra-Luna, evaporating an estimated $42 billion.
Enter the “bear market.”
Three stages of a bear market
People who entered crypto (and its latest appellation “web3”) in the last 1-2 years are apt to think of bear markets as instances when enthusiasm simply dies down, but it goes far deeper than that and is incomparable to the hype in cultural realms. A Twitter thread by crypto veteran Jason Yanowitz gives a combative explanation.
Stage 1: The Unwind The excitement (and greed) from the bull market still exists. Mini-narratives pop up for weeks at a time. Assets still have floors. Valuations are cut but companies don't make the tough decisions (kill products, layoffs). Things seem alright.
Stage 1 doesn't *feel* like a bear market. It feels like prices have pulled back to "realistic" valuations. Investors continue allocating, builders keep building... In general, life is good. Only the weak hands sell.
We've reached stage 2 since the Terra-Luna collapse:
Stage 2: Forced Capitulation This is where it gets ugly. Narratives die. Prices fall 90%... then another 90%. Layoffs across the board. Mainstream media and cynics rise up in Stage 2. They laugh and shout "I told you!"
That idea is terrifying if you are developing in web3. Very frightening. Not because you don't believe in what you're doing, but because you don't know how it will pay the bills. Even if you have a sound revenue model or have acquired funding, it may be difficult to attract talent or general interest since people may have moved on to the next bright thing like the metaverse.
The unfortunate fact is that music follows the money. Artists must make difficult decisions regarding how they will pay their bills in order to focus on their work full-time. With gigs gone at the beginning of the pandemic, others moved to live streaming and creative economic system models like Patreon, which eventually gave way to 'web3' with artists learning how to market their art as NFTs. They introduced a new market for their art that settles above 'feels like free' streaming pricing, paid downloads from websites like Bandcamp, and closer to what one could get compensated for a gig, but in this particular circumstance, all the value is transferred by a single person or community of people rather than an entire audience. However, the NFT economy is stalling. According to the NFT market tracker NFTGo, trade volumes among so-called "blue chip NFTs" have decreased. Blue chips are among the industry's most popular and well-known NFT collections, and so give an excellent snapshot of the overall market mood. In USD terms, the volume has been cut in half.
A project like Songcamp Chaos, with full backing from the space and an incredibly creative approach, would have simply sold out only months ago, but it has only sold roughly half of its 5,000-pack collection so far. Yet, just 188 genesis membership passes have been sold by Venice Music, with sales centering around the debut day. Not long ago, this would have looked different as well.
In summary, it's difficult to sell NFTs right now, and the amount of money NFT sales may make in dollars has plummeted. As a result, musicians and other artists may spend less time creating since they will need to find other methods to make a living.
What it doesn’t mean for music
Web3 is not 'dead.' All that was there remains. Web3 refers to the infrastructure, technology, and methods, not the buzz. Projects with weak theses will fail, as will their supporters (think: cash grabs). Their DAOs will fade away.
In the instance of the COLORSxCOMMUNITY, with the beginning of the concept of how COLORS may long-term weave its audience into itself (and vice versa). That community occurred before the incorporation of web3 technology. The motivation for incorporating web3-tooling is equity: not necessarily monetary assets, but equity as a basic principle. It was wanted for the community to be equal for its members, and while web3 has a lot of challenges, it is still the simplest approach for communities to achieve completely equitable outcomes.
Organizations and individuals who work along these lines will always look for reasons to explore, build, and so on.
Consider this: take away all earnings from an artist. Will they cease creating music? No.
Will they take a month off to tour and do a slew of free engagements that they were previously compensated for? Unlikely.
Build market
The 'bear market,' as some call it, is also known as the build market. As the market heated up and the music industry embraced web3, people began to see a slew of issues develop. These vary from technological challenges in transitioning to web3, to environmental concerns, to the formation of communities with massive economic moats (pay-to-play), to speculators pump-and-dump on legitimate enterprises. All of these problems, and many more, now have domains for builders to come in and offer specialized solutions.
Many web3 organizations have squandered a lot of time and money in the last year or two. If your community has a liquid token, users may pay out their membership whenever they choose. This motivates organizations, particularly their elected leadership, to pursue initiatives that maintain high token prices. Unfortunately, these token values are influenced more by buzz, speculations, and emotions than by genuinely meaningful contributions like public goods. However, in a bad market, speculation ceases. There is less motive to create excitement, and because expenditures are much smaller, there is far more need to produce with concentration.
Ideas alone are no longer sufficient. It's time to execute with determination, without hesitation, and with a dedication to making difficult decisions quickly.
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Posted on July 15, 2022
Travis Barker To Drop NFTs On Limewire Marketplace
By Barbara Drews
LimeWire's much-anticipated NFT marketplace has finally started its waiting list. LimeWire unveiled the celebrity collaborators of the NFT marketplace last week. Travis Barker, Brandy, Gramatik, 7 Aurelius, Elijah Blake, Aitch, Maino, Nicky Jam, Dillon Francis, and others are on the list. Let's take a deeper look at how you can get on the LimeWire NFT marketplace waitlist.
About LimeWire NFT marketplace waitlist
LimeWire has established a waitlist with at least 10,000 spaces ahead of the debut of its NFT marketplace. Signing up for the waitlist is a simple procedure. You only need to go to the website and input your email address. In addition, you must pass the normal "I'm not a robot" test.
In addition, participants in a unique contest will have a chance to win one of the NFTs from LimeWire's initial drop. LimeWire Originals is a collection of 10,000 avatars made up of over 500 qualities and attributes. Furthermore, LimeWire Originals holders will have access to unique LMWR token airdrops as well as limited-edition apparel lines.
About LimeWire NFT marketplace
LimeWire made waves in March 2022 when it announced its return as an NFT music store. The firm is well-known for enabling millions of music fans to freely share music online. LimeWire was formerly one of the world's largest music platforms, however, it was finally shut down.
LimeWire's newest incarnation now hopes to alter the NFT music space. In essence, their objective is to “offer a curated marketplace for high-quality digital collectibles, directly offered by your favorite artists.”
Limewire x Travis Barker
Travis Barker, the drummer for Blink-182 and a serial entrepreneur, is one of the celebs posting NFTs on LimeWire. His debut NFT compilation will include a unique video of him working in his studio. Furthermore, purchasing one of Travis Barker's NFTs unlocks a previously unreleased song.
Furthermore, Barker will release a one-of-one NFT, which is a 3D model of his drum set. Furthermore, the lucky winner will get the opportunity to purchase Travis Barker's very own drum equipment.
According to Travis Barker: “I have always been interested in Web3 and NFTs so I am pretty stoked to release my first NFT collection and to do it on LimeWire. I hope that my NFT collection will inspire aspiring artists and fans who want to learn about my creative journey and how I make music.” Barker believes that LimeWire has created a platform that makes exciting content accessible to his fans, even those who are not familiar with web3.
LimeWire owners, Paul and Julian Zehetmayr, commented: “We see a huge demand in the entertainment space for platforms that recognize and appreciate artists for their talent and put them in the driver’s seat.” According to the brothers, LimeWire presents a new commercial opportunity for all artists. Furthermore, they claim that LimeWire will enable them to “gain more exposure” and “retain more of their earnings.”
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Posted on July 13, 2022
Top Musician NFT Portfolios in 2022
By Yvonne Martin
NFTs have risen by leaps and bounds since early 2021, with a variety of businesses adopting these digital assets. Celebrity endorsements are a big cause for NFTs' broad popularity. While some celebrities have issued their own NFTs, others have been eagerly accumulating some of the market's hottest NFTs. Hundreds of millions of dollars have been invested in NFT portfolios by celebrities ranging from musicians to comedians to athletes. So, how do today's top celebrity musicians' NFT portfolios look?
Snoop Dogg
Snoop Dogg, the American musician, earns the top place in the celebrity NFT portfolio list thanks to CryptoPunk #8472. CryptoPunk #8472, his most expensive NFT, was just sold for roughly $1.71 million. The rapper also owns CryptoPunks, Bored Apes, Meebits, Moonbirds, and other cryptocurrencies, totaling a $4.63 million NFT portfolio. Furthermore, his most recent sale exceeded $1.2 million.
Steve Aoki
The second most valuable celebrity is American DJ Steve Aoki, who has an NFT portfolio valued at roughly $903,000 and the latest sale of $484,000. Aoki is an enthusiastic NFT collector who is noted for his "Aoki curse." He has many Bored Apes, some of which are valued at more than $200,000. He also has multiple Moonbirds, Mutant Apes, Azuki, CloneX, and others.
Madonna
Madonna, the singer, songwriter, and actress, just sold $324,000, putting her in third place. Her most costly NFT, with an estimated portfolio worth of $215,490, is Bored Ape #4988. She made waves recently for her performance at the World Of Women NFT.NYC party.
Justin Bieber
Justin Bieber, a Canadian artist, made waves earlier this year for purchasing a Bored Ape for a whooping 500 ETH ($1.3 million at the time). Needless to say, this Bored Ape #3001 is the most costly NFT in his portfolio right now. He also has a Mutant Ape and several CloneX, Doodles, CyberKongz, and World of Women figures.
Post Malone
American musician Post Malone is another celebrity having a Bored Ape as the most expensive NFT in their inventory, with the last sale at $154,000. In reality, the famed artist has two Bored Apes, which he purchased for more than $700,000 late last year. His portfolio also includes Crypto Tards, Chromie Squiggle, Divine Anarchy, and others.
While celebrity buzz might cause FOMO and encourage you to buy in NFTs, always do your own research before taking the plunge.
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Posted on July 8, 2022
NFTs on Facebook: It’s Finally Here!
By Barbara Drews
After months of waiting in the web3 community, NFTs are finally accessible on Facebook.
The news broke only a week after Meta CEO Mark Zuckerberg stated that the firm would soon begin testing for NFT support on Facebook. Navdeep Singh, a product manager at Meta, released screenshots of what users might expect to see on the platform in a tweet.
To begin, Zuckerberg announced that Instagram's NFT experiments will be expanded, allowing more creators to exhibit their crypto art on the platform. Following that, he announced that Facebook will begin its own NFT experiments with a select number of US-based producers. Once sufficient testing is finished, Zuckerberg noted that NFTs would be freed from consumers' feeds and will be able to spread across platforms. NFTs, in particular, will be able to be shared in Instagram Stories owing to SparkAR.
Zuckerberg also mentioned that cross-posting functionality will be greatly improved.
“We’re opening up the Reels Play Bonus program to more creators on Facebook soon and letting creators cross-post their Instagram Reels to Facebook and monetize them there too.”
And he clarified that individuals will also be able to cross-post their NFTs on Instagram and Facebook.
The adoption of Facebook NFT is tremendous!
The news that Facebook is now allowing NFTs on its platform is huge for the NFT space. The firm is the biggest social networking platform and dominates the industry. With over 2.9 billion monthly active users, it will introduce newcomers to the NFT marketplace. To put that figure in context, about 35% of the world's population uses Facebook on a daily basis.
In the tweet by Navdeep Singh, he states, “We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world.” However, it is essential to note that this is not a full rollout of NFT technology. The new ‘digital collectibles’ tab is only available in North America and for a small number of content creators.
Four screenshots of the Facebook app depict NFTs. These screenshots demonstrate the ability to upload NFTs to your timeline with additional display choices. Furthermore, clicking on the image will provide information about the larger art collection as well as the artist of each NFT.
When Meta first launched NFTs to Instagram, it was just for Ethereum (ETH) and Polygon (MATIC) NFTs. They did, however, indicate that they want to employ Solana and Flow in the future. It's uncertain whether Facebook will take a similar strategy, but this looks to be the most likely scenario.
Meta expects that eventually, NFT creators will be able to cross-post to all Meta platforms, including Facebook and Instagram.
There are no costs for NFTs on Facebook
Facebook has also stated that there would be no costs for NFT creators on their platform. Notably, it will not accept NFTs in any advertising. This is an essential decision because ads and commerce are increasingly prominent on the network.
In fact, the firm has learnt from the mistakes of previous social media companies that have used NFTs.
When Twitter initially launched its NFT profile photo system, participation cost $2.99. After much protest from the NFT community, they eventually made it completely free.
The larger picture is the metaverse
NFT adoption on Facebook and Instagram is part of Meta's grand metaverse goal. The firm is entirely devoted to the concept of the "metaverse" and aspires to be at the forefront of the web3 revolution.
Furthermore, Meta announced last week that they are investigating how producers might generate money on Facebook and Instagram. To do this, they are extending their existing monetization capabilities to a larger network of creators.
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Posted on June 30, 2022
Snoop Dogg and Eminem Release A New Single At Apefest
By Barbara Drews
Snoop Dogg and Eminem have recently dropped a new track titled "From The D 2 The LBC." They performed this latest single live for Bored Ape Yacht Club holders at ApeFest. The NFT.NYC side event was exclusive for NFT holders, and the new song even made cryptophobic folks experience FOMO.
New Track From Eminem x Snoop Dogg
Eminem and Snoop Dogg's new song is a tremendous banger. These two rap giants collaborated on the dark track, which touched on cannabis, internet likes, and many other topics.
The star of the show, though, is unquestionably the incredible music video that accompanied it. Just look at how they make the most of their Bored Ape NFT IP rights! Snoop Dogg and Eminem's animated bored apes appear throughout the music video, along with some colorful sparks and weed-related cartoons.
What does the new song have to do with BAYC members?
In addition to the song and music video, Snoop Dogg and Eminem released BAYC merch. This merch was exclusively accessible to MAYC and BAYC holders and could only be redeemed using ApeCoin. Holders had only 48 hours to claim the drop, and each holder could only claim one item.
What does this mean for BAYC IP?
This is unlikely to be the first major music video to include NFT IP. This is creating a precedent for numerous web3 celebs. Eminem even tweeted, "Took too long to reconnect with Snoop Dogg," demonstrating how musicians like the community features of Web3.
Snoop Dogg NFTs are clearly as popular as his previous ventures!
If you want to dive into this more web2 project, you can see the whole music video here or buy your own copy of the Eminem x Snoop Dogg single here.
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Posted on June 20, 2022
Madonna To Perform At The World Of Women NFT NYC Party
By Barbara Drews
World of Women NFT has a great surprise in store for its holders! The WoW NFT initiative has announced that famous artist Madonna will perform at their NYC Pride Month Party on June 23.
What is WoW?
Through its collection and community, WoW hopes to create an inclusive web3. Female artists accounted for only 5% of total NFT art sales in the past 21 months, according to a study published in November 2021. WoW is on a mission to alter this; they aim to offer chances for people all around the world to be owners, producers, and contributors in the web's new era.
From the beginning, they have believed in giving back. They are working with the WoW community to improve diversity in the NFT field, educate and onboard the next generation of creators and builders, and offer equitable opportunities for all.
Back To The Exciting News…
Its next New York City party will be a celebration of all the NFT initiative stands for. Furthermore, the approaching celebration was made even more exciting by the announcement that the Queen of Pop will be performing.
WoW stated on Twitter, “The moment we’ve all been waiting for… On June 23rd, joining us on the dance floor will be none other than @Madonna herself! Get ready to get into the groove, express yourself, and vogue the night away!”
The moment we’ve all been waiting for… On June 23rd, joining us on the dance floor will be none other than @Madonna herself! Get ready to get into the groove, express yourself and vogue the night away! 💃🪩 pic.twitter.com/g2iyynH48c
Finally, World of Women NFT stated that the party is free for WoW and WoWG holders.
Madonna And NFTs
Madonna also published a World of Women NFT on Twitter an hour before the announcement, with the statement "It takes a lot to wow me." This is not, however, her first engagement in an NFT initiative.
Billboard and World of Women introduced Madonna NFTs in March to honor successful women in the music business. Madonna is shown in the digital asset with her distinctive blonde locks and cap, all done in WoW artist Yam Karkai's unique style.
The NFT cover is, in fact, part of the Billboard Women in Music 2022 broadcast. This special edition aims to recognize those women who are making a difference in the music business this year. Billboard, like World of Women, honors key attributes in female musicians all throughout the world, from leadership to talent and bravery.
Madonna also used MoonPay to acquire a rare Bored Ape NFT. The attribute combination is undeniably beneficial. Madonna, of course, was delighted with her NFT purchase. In a tweet, she broke the news to her followers: “I finally entered the MetaVerse,” she wrote. “My very own Ape! [email protected]. We all need protection from Evil Eye.”
I finally entered the MetaVerse…,……….. My very own Ape! 🦧 Thanks @moonpay 🪄 We all need protection from Evil Eye. 🧿 pic.twitter.com/We5p9iy4hS
Last month, she also collaborated with Beeple and SuperRare and released her Mother of Creation NFT triptych. By examining the concept of birth in our present culture through darkness and light, both artists hope to connect the idea of creation and motherhood as conveyed through a series of three video NFTs.
Nonetheless, Madonna has used her platform and creative reach as a mother of six to raise awareness and influence change on vital problems impacting women and children. Furthermore, one of her aims is to provide individuals who have historically been marginalized a voice.
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