This Week in Music NFTs - Oct 10

Sound Season 4. Frameworks, Glass House and Probably a Label all trend. Hume opens the Spot. Decent Protocol and StemsDAO round.

Oct 10, 2022

Hallmark Music NFT collections are starting to stand out.

Alongside a jam-packed week of sellouts - we saw Reo Cragun’s Frameworks and Daniel Allan’s Glass House see strong support on the secondary market.

This came alongside an impressive sellout from Probably a Label, adding to what feels like an energizing next chapter for Music NFTs.

Coopahtroopa 🔥_🔥 @Cooopahtroopa

Feels like we’re one push away from Music NFTs having their moment.

With the launch of Sound Season 4 - expect a big influx of new music entering web3 in the coming months.

But - before we dive in, let’s take a moment to reflect on where we’re at.

Music NFTs haven’t come anywhere close to having a CryptoPunk or Bored Ape moment.

If you squint, you're starting to see collectors make small margins minting Sound NFTs for ~0.05 ETH and reselling for ~0.2 ETH. While it’s a small gain, there’s starting to be a market for curation.

Granted - even a collection like Frameworks sitting at a ~0.4 ETH floor (or more than 10x from the 0.0333 ETH mint price) are doing so on the back of very minimal volume.

You see - with Music NFTs today the average ETH purchasing power goes exponentially further. 1 ETH of volume make a serious impact for these small collections.

This goes to say that if there was ever a sector to zoom in on in a bear market - it’s probably Music NFTs.

Obviously I’m biased but look around - just about every web3 consumer product is allocating resources to music, largely because it’s one of the few niches demonstrating consistent growth while the rest of the market tanks.

Be on the lookout for a more proper methodology for how we think about collecting Music NFTs at Coop Records.

I’m spending the week in Bogota, Colombia - joining Ethereum’s best builders at Devcon alongside a Music NFT Kickback with sets from Mija, Kasbeel and HeyBella!

If you’re in town - please stop by!

Here’s what to watch this week.

Upcoming Drops

*Indicates members of the Music NFT Launchpad

Freshly Minted

Listen to Freshly Minted tracks on Spinamp!

Top Stories

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