This Week in Music NFTs - Nov 6

Web3 Music Map. Royalty payouts. Secondary sale metrics. Bankless. Number go up for Music NFTs.

Nov 07, 2022

We’ve reached a point where collectors can pick up anywhere from 25-50 new tracks a week.

This week we saw a strong trend of free and low priced (0.01 or 0.02 ETH) mints - all bringing in new collectors an encouraging secondary market activity.

If I’ve learned one thing - it’s that people don’t like the financialization of music.

But honestly - I think it’s an extremely exciting era for that exact reason.

Giving fans and curators the capacity to make money off their taste has never really happened before.

Coopahtroopa 🔥_🔥 @Cooopahtroopa

The killer feature of Music NFTs is the ability for fans to make money off the music they collect.

It’s scary because it puts a price on music. But what makes it exciting is that there’s a way to engage with music beyond a social flex.

And while there’s a lot of nuance to it, I find it to be the genuinely most exciting relationship with music I’ve ever had.

The concept of minting a song that quickly sells out, watching other people buy it later and knowing that you hold something that feels *rare* and has the sales to back?

Unmatched.

And when you hear that song at a show or when it comes up on Spinamp? It hits different.

I spent the weekend at ETHSF - and noticed that music currently doesn’t have a deep footprint in the Ethereum developer community.

That will change.

I teamed up with Bankless to cover some of the leading artists in web3.

Their time will come.

There’s truly never been to a better time to dive in.

Here’s what to watch for this week.