Mike Darlington, CEO of Monstercat, and Jake Udell, founder of Metalink, talk to NFT Steez about the future of Web3 and music NFTs.
Mike Darlington, CEO of the electronic music platform Monstercat, and Jake Udell, founder of the social NFT platform Metalink, both say that bear markets are a good time to come up with new ideas and make new products. During this week’s episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future is bright for crypto and especially for music NFTs.
During the interview, Darlington and Udell talked about how important it is to look into projects with “sustainable teams” that keep building no matter what the market is doing. They also told investors to learn from the opportunities that came up at the peak of the bull market.
Darlington says that music NFTs haven’t necessarily become a “trend” yet, but he hopes that they will in the next bull market. Profile picture (PFP) NFTs, on the other hand, are a “monster of their own,” but music NFTs can do as well as photography or art NFTs.
Music NFTs will help both artists and communities.
Darlington said that creators who want to try out music NFTs should first figure out and understand “why you want to interact and why you want to get involved.”
Darlington said that some creators have come to “recognize how broken the music industry is for artists” and that music NFTs could help artists and musicians make a living.
Even though it’s not clear how sustainable the new landscape will be for artists, one “resounding truth” is that creators are not “content with the current model.” There is a willingness to be open to change, but this depends on the “format and shape that music NFTs will arrive in,” says Darlington.
Do music NFTs belong to their own genre?
Jake Udell, the founder of Metalink, mentioned how engagement levels are different on free and pay-to-use platforms, with users choosing to be more engaged on platforms they have a stake in. Udell says that when creators and users feel like they have invested in a product, they are more likely to “play around with it more and be more likely to make something out of it.”
It’s interesting that this dichotomy, in which users are invested and, in turn, given the freedom to try new things, allows for a more “active” relationship between the listener and the artist. Whether or not users care about ownership or really have it doesn’t matter as much when it comes to the culture and community that has been built around digital goods and the higher value that entities are now giving them.
Udell says that the amount of attention the NFT space got in just the last year made it possible for a “cult-like phenomenon” to happen. Web3 is the thing that ties groups together. Udell doesn’t think that “Web3 is necessarily a genre,” but he does think that it’s another way for artists to reach more people and grow their audience.
Want to know more about how music NFTs could rule the world in 2023? Don’t miss the whole Twitter conversation! Every other Friday at 12:00 p.m. ET, check out NFT Steez on Twitter. Make sure to set your alarm and notifications!