The Musician's Guide to NFTs
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- Опубликовано: 1 авг 2024
- Music NFTs have the potential to revolutionize the creative economy for music and change the current industry model. Today we take a deep dive into the new vertical and tell you everything you need to know so you can build loyal communities and release your music as NFTs.
Timestamps:
0:00 - Overview
0:26 - Problems that NFTs can solve
2:28 - Debunking misconceptions
3:25 - Two types of music NFTs
4:24 - Types of NFT utility
5:35 - Examples of music NFTs
9:46 - Examples of emerging artists
11:36 - Conclusion
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#musicnft #NFTs #web3
I think the extension of a fans life-time value is probably the most accurate part of this video. You are going to see fans reminded of their fandom by looking back through their wallet. We can sometimes become disconnected from music we previously loved. Not on purpose just as we age and grow. It doesn't mean we stopped liking that music just that we've listened to more and our taste has evolved. Collecting an NFT of your favourite artists is like a badge to remind you of the good times associated with that music.
Great point, more and more we'll see stories of people who were day one collectors and how its benefited them. Looking forward to that chapter.
The caricature of the "1000 True Fans" theory is completely missing the qualifier of "True Fan" which Kelly defines as someone willing to spend at least $100 per year on what you produce. The economics of this model are sound. The problem is most musicians don't produce something that is worth more than $2 to the average consumer. (Thus, they multiply the needed economic by 50x)
One of the things that musicians fail to realize is the difference between fans and financial backers. In the art work there is a clear distinction between those who take photos, those who buy prints and those who collect art work. The NFT helps us to create collectibles to augment our album sales. Really, we need to stop thinking about selling albums and start thinking about selling collectibles. That's where the money has always been! Sell a limited run vinyl (say 100200) autographed with a collectible frame on your next Indiegogo campaign Make these something like $150-250 then if you sell all of them you'll make somewhere between $15-50k to use on recording and promotion...)
NONE: That math is much LESS than 1000 True Fans. It's really all about selling things to collectors and giving things away to the general public. Nobody is talking about this, but it's actually how the music industry used to work before Thomas Edison built the recording music industry. What this shows is how few people actually do math when planning out their careers...
Thanks for a clear, concise explanation, not only on music NFTs, but on music industry in general ❤ It was an intellectual pleasure to listen to (if I'm allowed to say that) charts and diagrams are like icing on the cake 🙂
Great work. I will use this video link as a resource in the ongoing Web3 education process to my community. Keep it going!!
Nice one sam.
i just got involved with Music Nfts and must confess it's going to be the game changer for the music industry.
Mverse has really influenced my view as a creative and made it easy for me to monetize my craft and still be in control of it.
Really great video guys, you knocked this one out the park Sam!
Such a great video full of rich content. I remember back in 1998, reading about how mp3 technology and how it would change the way we consume music.
Thanks for this, I've learnt alot❤️
Solid video mate, taking notes
Awesome video 💯🙏🏽💯
Great breakdown 👏🏾
Great video.
Great video!
great work
A great video...
The heart project NFT is paving the way #MUSICNFT
THANK YOU SO MUCH
Awesome video, I’m surprised you didn’t mention NFT ticketing for music shows.
Something that I’m experimenting with at the moment would love to see their view on this topic too
I mean they did mention events and Aoki's drop but POAPP's are a whole video into themselves 😅
This is so cool
To have a say in the supply chain, musicians, whether mainstream or niche, need to embrace Web3. Additionally, platforms like M Verse allow artists to connect more closely with fans, such as through meet-and-greet events. There are so many opportunities in Web3!
interesting, but where do you suggest the artist should go to develop his/her own community? they should have a website, ? or use a centralized platform , like FB. I don't see how the NFT takes the power from the hands of the platform you use to build your fanbase?
The way I see it, use all the tools you have. You will refine it as you build
check @navshare on twitter
What I want to know is who is coming with a platform that I can add my music NFTS wherever they are housed and play them in one place. Truly decentralised music.
You never explained how to get things actually done and set up shop for a musician from scratch
I really would your help on how to set my n f t #MMBRecords
Well...apparently100,000 new songs are uploaded onto the internet...PER DAY!!
Per day! So imagine how many new songs have been uploaded in the past 365 days in the last year. With SO MUCH new music...of course the value will go down. And ALL music is free now. We musicians have to face the fact...it's just the nature of the times right now. Anyone can buy a software...click and drag some clips and make a song (I've heard a few...didn't know that's how they made it...was surprised). Music...as we know...is over.
NFT means Non-Fungible Token!!!!!
Mverse is a music metaverse that appears to have a fully developed product. I'm not certain, but I've heard that they may be planning an airdrop in the future. Currently, they're offering a $500 prize pool for users. It's definitely worth checking out their platform and keeping an eye out for updates on any potential airdrops. Have you heard of Mverse before?