According to Mike Darlington, CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are time to invent and build new products. During this week’s episode of NFT Steeza two-week Twitter Space hosted by Cointelegraph analysts, and Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs.
During the interview, Darlington and Udell explained the importance of exploring projects with “sustainable equipment” that continue to build despite current market conditions and they encouraged investors to learn from the opportunities created at the height of the bull market.
According to Darlington, music NFTs have not yet necessarily made it a “trend,” but he hopes they will cement their space in the next bullfight. By comparison, profile pictures (PFP) NFTs are “monster proper,” but musical NFTs can see a similar success to that of photography or art NFTs.
Creators and communities will benefit from music NFTs
For creators looking to experiment with musical NFTs, Darlington suggested that it is first important to discover and understand “why do you want to interact and why do you want to participate?”
Darlington said some creators have “recognized how broken the music industry is for artists” and music NFTs present a possibility that can provide more sustainability for artists and musicians.
Although it is uncertain how sustainable the new landscape will be for artists, the one “resonant truth” and commonality is that creators are not “satisfied with the current model”, there is a willingness to be open to changing the status quo but that depends on the format and the form in which musical NFTs will arrive, ”explains Darlington.
Are musical NFTs in a particular genre of their own?
Metalink founder Jake Udell alluded to how the levels of engagement differ between free and affordable platforms with users choosing to engage more on platforms in which they have an interest. Creators and users who feel they have invested in the product are more likely to want to. “Play more with the product and be more likely to make something out of it,” Udell says.
Interestingly, this dichotomy, where users are invested and in turn authorized to experiment, opens up for a more dynamic relationship between the listener and the artist rather than listening to music as a “passive” hobby. Whether or not users care about ownership or really have it is less important in relation to the culture and community created to the more valuable entities now put on digital goods.
According to Udell, the amount of attention the NFT space has received only in the last year has led the way to a “sectarian phenomenon”. Bands are united by Web3’s common thread and although Udell doesn’t believe “Web3 is necessarily a genre,” it’s another way for artists to tap and successfully grow their audience.
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