A month ago when I started researching on Music NFT market, I realised that sadly, music NFTs don’t have to do much with actual music, at least not yet. The illustration below is about NFT art, but it seems like it is as true for NFT music at the moment.
The main explanation for this adversity is that NFT market values the story behind the art, the commitment of the community, and the promises made in roadmaps. Whether it’s fair – I don’t know, but we can only trust the market (at least until another bubble bursts).
Social Media Impact in Music NFTs
Talking about the quality of music NFTs in the 2nd quarter of 2022, we can certainly observe the deteriorating quality of the music itself, driven by the spam capabilities of those who aim to gain. My initial plan with this project was to join the music NFT communities on Twitter and Discord, but it’s just a horrible waste of time to join the general communities – the only time-worthy activity is to engage the actual individual musicians in the space.
On a second thought, I’m realising that this project could gain much more from engaging the traditional community and introducing the NFT world to them, rather than trying to bring up the quality of the entire conversation in current NFT musicians crowd.
My new questions to the industry are: do music marketers work predominantly for a fixed fee, or are they equally open to % cuts in artists’ gains? Why? Do musicians prefer to give a stake or pay a fixed fee?
Excellent post. I certainly love this website. Continue the good work!