It’s Feeling Like A Crypto Ice Age But Does That Effect Music NFTs?
The NFT market has been struggling recently 📉
However, I believe it won’t stay that way for long. While downturns & bear markets are difficult & unpleasant, they are necessary to drive innovation forward.
While the trend of trading “jpeg monkeys & dogs” may be over, the technology behind NFTs, such as blockchain & smart contracts, is here to stay & will change the way businesses operate in all industries.
This is already happening in the world of music 🎶
Every musician should consider starting their own NFT project for 3 key reasons ⬇️
Deepen Fan Connection: Musicians’ careers are often brief compared to other professions, often having to constantly tour & release new music to stay relevant in the sea of upcoming musicians. Consistently showing up online & providing value is a great way to keep fans invested in a musician specially while the are producing new music. By minting an NFT collection to offer to their existing fanbase, the value & utility provided with the collection is key. This could include behind-the-scenes content, exclusive access to a community, or special events. Providing fans with tangible value should be the top priority if a musician wants to build a deeper connection with their followers. For smaller musicians or those in niche genres, NFTs can also be a way to gain more attention and adoption.
Potential New Revenue Stream: NFTs can also be a source of revenue for musicians. Musicians can sell their collection based on the value & utility they offer to consumers with the NFT. For example, they could offer a monthly zoom session with NFT holders where they answer questions about their music, creative process, or daily routine. It takes some research to determine what fans find valuable, but the possibilities are endless for musicians who are creative. There are many fans who would be willing to pay for this type of access, regardless of the musician’s level of fame.
Learn More About Web3: The web3 space is still in its early stages, & there is still a lot of skepticism & speculation surrounding it. However, the technology behind web3 will not disappear. This is why musicians should take the time to learn more about it. While it may seem overwhelming, theres resources available to help people understand the basics of web3 & how to use it effectively.
💯 Musicians who educate themselves on this technology will be well-prepared for the future & have an advantage over those who don’t.
Let me know your thoughts on music integrating NFTs below!
Zein Zaioud — Reshaping music streaming
Founder @ Verse.audio
#music #web3 #nfts #marketing #crypto
