Experts explain how music NFTs will enhance the connection between creators and fans

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According to Mike Darlington, CEO of Monstercat, an electronic music platform, and Jake Odell, founder of the NFT social platform Metallink, bear markets are a time to think and build new products. During this week’s episode of NFT Steez, the biweekly Twitter space hosted by Cointelegraph analysts, Darlington and Udell agreed that the future will be bright for cryptocurrencies and especially for music NFTs.

During the interview, Darlington and Yodel explained the importance of researching projects with “sustainable teams” that continue to build despite current market conditions and encouraged investors to learn from the possibilities created at the height of a bull market.

According to Darlington, musical NFTs haven’t necessarily made it a “trend” just yet, but he hopes they’ll solidify their space in the next upswing cycle. Comparatively, profile picture (PFP) NFTs are a “beast of their own”, but NFTs can experience similar success as photography or art NFTs.

Music NFTs will benefit creators and communities
For content creators looking to experiment with music NFTs, Darlington suggested that it’s important to first discover and understand “why do you want to engage and why do you want to participate?”

Darlington said some creators have come to “realize how disruptive the music industry is for artists” and NFTs offer music a potential that can provide more sustainability for artists and musicians.

While it is uncertain how sustainable the new landscape for artists will be, the common “resounding truth” and commonality is that creators are not “satisfied with the current paradigm,” there is a willingness to open up to changing the status quo but that depends on the “format and form in which the music will arrive,” Darlington explains. NFTs”.

Are music NFTs in their own separate genre?
Metalink founder Jake Udell hinted at how the levels of participation differ between free and pay-per-use platforms as users choose to participate more in the platforms they have a stake in. “You’re more and more likely to be tampered with the product,” says Udell.

Interestingly, this dichotomy where users are invested and in turn empowered to conduct the experience opens up a more dynamic relationship between listener and artist rather than listening to music as a ‘passive’ pastime. Whether users care about ownership or not is less important in terms of the culture and society that has been created toward the increasingly valuable entities they now place on digital goods.

According to Udell, the amount of attention the NFT space has received in the past year alone has led to a “cult-like phenomenon.” The collections are held together by the common thread of Web3 and while Udell does not believe that “Web3 is necessarily a literary genre”, it is another way for artists to take advantage of it and successfully grow their audience.

Interested in learning more about how the 2023 music NFTs could rule? Don’t miss the full conversation on Twitter Spaces! Follow us on NFT Steez on Twitter every other Friday at 12:00 PM. ET. Make sure to set notifications and set an alarm!

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