Music NFTs. What’s the point.
They’re just a flex, right. Crypto bros buying status and memeing a market into existence.
Where is the Utility.
Investment is the Utility.
There’s potentially something special when Artists and Fans can share in success. But it also creates a complex relationship that we don’t fully understand yet. Positive-sum realignment Music’s finances is sorely needed, but it likely isn’t the full answer.
The Music is the Utility.
Yes, kinda, but music is more than just a stream of audio. It is the creative process, it is posting a track to a friend, it is building connections. The streaming meta has delivered a fantastic audio stream only product for Fans. Music is bigger than that though, it is shared experiences.
The Experience is the Utility.
Music is inherently social, but that’s been lost along the way. The Internet has become sterile and stale. We’ve regressed from the early days of Weird and Personal. But, we have an opportunity to do something. And NFTs can be part of the solution.
NFTs are keys. They are vehicles for digital rights. They are atomised personality.
NFTs are puzzle pieces that can create a contextual collage of colour.
So maybe the question is not, where is the utility.
But, what utility can we build.
About The Author
Dan Fowler has been involved with the development of Web3 and Music over the past 7 years. Previously mentoring startups from within the industry, and leading Strategy and Operations at JAAK.