Now what for music NFTs?
The crypto market’s gone crazy. We won’t get too deep into the reasons why this is happening, but we’ve seen it in the numbers.
We know, that same argument could be made about everything in the world right now.
For the purpose of this post, however, we’ll explore how low volumes affect music NFTs, and propose some questions to generate value for music NFTs.
Music NFTs in a bear market
The numbers aren’t looking so good.
Don’t despair. Not all is lost.
Music has gone through loads of crazy times. Remember the pandemic and how so many musicians’ careers were put on hold? It seemed like most couldn’t do much. However, many saw opportunity where others couldn’t and started performing online, building communities, spending time at the studio…
That example says it all. Now it’s the time to build.
Low Volume
We’ve all heard it: it’s very early for music NFTs.
These low numbers are dominating the market. Users are taking money away from crypto, and NFTs are not known for their liquidity so it’s understandable that more people want to keep their money safe.
On the other hand, many musicians are joining the space now as those NFT collectors that are here for the long term are really engaging with new artists, supporting their creations, and being key members of the artists communities.
Generating value
“How can musicians generate value for NFT holders?”
That’s the one-million-dollar question that we’re all trying to figure out. And it clearly doesn’t have an easy answer. It’d also be unfair to try to find a formula that fits all releases.
But one thing is clear, value must be generated for holders. It’s great for musicians to raise funds for their projects and we champion those who support these musicians by donating, buying merch, listening to music, and of course, buying their NFTs.
At the same time, it’s paramount for everyone in the music industry to understand that NFTs are a buyers market and that means compromise and unlearning things that have been embedded in the music industry for very long time.
Generate value for others, and the value will come back to you.
Where can you get the best of us?
Twitter: For regular updates
https://twitter.com/soundpickr
Reddit: In-depth discussions, music conversations
https://www.reddit.com/user/soundpickr
Blog: General music industry analysis & music NFT insights
https://blog.soundpickr.com/blog/
Medium: Regular & detailed updates about Soundpickr
https://soundpickr.medium.com/
Discord: For community and support queries
https://discord.gg/4ByPgFeEYw
