I take a lot of responsibility for the overhype of "Music NFTs" as they were originally known. The reality is I'm extremely passionate about music and wanted to see a world where songs were being valued the same as pfps and other forms of art onchain that frankly felt less thought out and half baked.
I've been collecting music onchain for the better half of 4+ years at this point - and am still collecting music pretty much everyday.
My POV stemmed from the fact that there are not new people coming into the space excited about the idea of minting their music or people collecting it organically because they love it.
For a space to work - it needs to be able to support recurring, organic behavior that is not dependent on any expectations of profits or utility. I believe we are the closer to that now than we ever have been.
And this is why I think "Music NFTs" as a meme are dead. To me - "Music NFTs" represented the 2021 logic of selling a very small number of limited editions for a very high price. The current meta of unlimited open editions feels like a much healthier place to grow from. There seems to be a misconception that because the editions are cheap (typically 0.000777 ETH but I think even this is high) that the music is undervalued or worthless.
We've noticed this model is actually more profitable in the long-term as it creates opportunities for anyone to come in whenever they want - without having to worry about there being no copies left or being priced out due to it being out of someone's budget. Data here - dune.com/coop_records/coop-recs
We've managed to onboard 100 artists in 2024 - leading with the narrative of low stakes, low pressure and low expectations. We actively push back on the use of the word "NFT" as its polarizing and intimidating to anyone who didn't make a bag in 2021. It's a much healthier starting point and exposes artists to the space by getting them paid without having to cater to a brand new group of supposed "superfans" who are largely just people trying to flip for profit at the end of the day.
Had no clue my post would ruffle so many feathers - I thought we were all on the same page based on onchain data in 2024 across the board and saw it as an opportunity to start a new narrative about healthier beginnings using the learnings of the past two years in a bear market.
John Henry is a banger. Proud to be a collector of what you consider to be your best Music NFT.
I've been collecting music onchain for the better half of 4+ years at this point - and am still collecting music pretty much everyday.
My POV stemmed from the fact that there are not new people coming into the space excited about the idea of minting their music or people collecting it organically because they love it.
For a space to work - it needs to be able to support recurring, organic behavior that is not dependent on any expectations of profits or utility. I believe we are the closer to that now than we ever have been.
And this is why I think "Music NFTs" as a meme are dead. To me - "Music NFTs" represented the 2021 logic of selling a very small number of limited editions for a very high price. The current meta of unlimited open editions feels like a much healthier place to grow from. There seems to be a misconception that because the editions are cheap (typically 0.000777 ETH but I think even this is high) that the music is undervalued or worthless.
We've noticed this model is actually more profitable in the long-term as it creates opportunities for anyone to come in whenever they want - without having to worry about there being no copies left or being priced out due to it being out of someone's budget. Data here - dune.com/coop_records/coop-recs
We've managed to onboard 100 artists in 2024 - leading with the narrative of low stakes, low pressure and low expectations. We actively push back on the use of the word "NFT" as its polarizing and intimidating to anyone who didn't make a bag in 2021. It's a much healthier starting point and exposes artists to the space by getting them paid without having to cater to a brand new group of supposed "superfans" who are largely just people trying to flip for profit at the end of the day.
Had no clue my post would ruffle so many feathers - I thought we were all on the same page based on onchain data in 2024 across the board and saw it as an opportunity to start a new narrative about healthier beginnings using the learnings of the past two years in a bear market.
John Henry is a banger. Proud to be a collector of what you consider to be your best Music NFT.