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BECOMINGAre NFTs Worth It: We Found The Definitive Answer
Author: Vince Martellacci with Forge Collective “Remember Beanie Babies? Yeah, there are still people who will cry if you take the tag off in front of them. Those tags cost less than a penny to make, yet the world got together and agreed that those tags conferred value. NFTs act in exactly the same way. It’s a value we collectively ascribe. So to decide whether NFTs are a scam, ask yourself if Beanie Babies were a scam. I promise we’d all come up with different answers. Are NFTS a good invest...
BECOMINGRestoring our Earth with Mushroom Magic
This is an article I wrote in collaboration with Valley DAO, you can find the official publication here Mycoremediation, a largely unexplored realm within the broader field of bioremediation, presents an intriguing solution for reversing the impacts of pollution. However, it raises the question – if this solution truly is a viable one, why hasn’t it achieved commercial success and mainstream uptake? As we’re on a mission to solve climate challenges using biology, we’ve written this article to...
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BECOMINGAre NFTs Worth It: We Found The Definitive Answer
Author: Vince Martellacci with Forge Collective “Remember Beanie Babies? Yeah, there are still people who will cry if you take the tag off in front of them. Those tags cost less than a penny to make, yet the world got together and agreed that those tags conferred value. NFTs act in exactly the same way. It’s a value we collectively ascribe. So to decide whether NFTs are a scam, ask yourself if Beanie Babies were a scam. I promise we’d all come up with different answers. Are NFTS a good invest...
BECOMINGRestoring our Earth with Mushroom Magic
This is an article I wrote in collaboration with Valley DAO, you can find the official publication here Mycoremediation, a largely unexplored realm within the broader field of bioremediation, presents an intriguing solution for reversing the impacts of pollution. However, it raises the question – if this solution truly is a viable one, why hasn’t it achieved commercial success and mainstream uptake? As we’re on a mission to solve climate challenges using biology, we’ve written this article to...
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10 music collectors of 2024 were interviewed to better understand the incentives and problems within the music nft space
Play the WHAT TYPE OF COLLECTOR ARE YOU game. This game was specifically made based on the interviews and collectors that contributed to this research!
Collaborators: Chatgpt, Karma GAP, Frankie, Martin, Steph Guerrero, Max Pretends, Ben, Carlos, Eric, Anon1, Bricks, hamburglar
Pick your player….
The Emotional Connector: Collects based on emotional connection and personal relationships with the artist.
The Value-Seeker: Focuses on the future financial potential and rarity of music NFTs.
The Pragmatic Supporter: Collects to support artists they believe in without expecting financial gain.
The Community-Engaged Collector: Engages heavily with the Web3 and music NFT communities, participating in events and group activities.
The Long-Term Patron: Invests in the artist’s long-term journey, holding onto NFTs as a form of sustained support.
The Skeptical Investor: Has become more selective, pulling back from heavy investment in the space due to uncertainty or dissatisfaction.
A few months ago I reached out to various collectors within the Web3 Music space to answer one simple question “why the f**k do you collect?”
You can check out the questions I asked them Here.
For the most part, I wasn’t surprised by the responses, but It was validating to get real feedback from people who have been collecting for the last couple of years.
I interviewed 10 collectors who spend between $40.00-$2000.00/month on blockchain collectibles. Although they may be collecting regularly, some are spending as little as 0$ on music NFTs…here are some things they said to help give us an idea as to why:
"Although the early days were all part of the NFT hype, the music scene prioritized rarity and connection between the artist and collector. Nowadays with prices so low and infinite supply, it feels a lot less special honestly." - @musicben_eth
"The space is just stale right now. There’s a huge lack of long-term growth. I haven’t found an artist I’m willing to invest in over the last few months." - @maxpretends
"After months and years of collecting music NFTs—and no real way to understand the value of each one—I kind of lost the reason to collect." - @imthatcarlos
"One of the aspects that weren’t as enjoyable was being in artist community chats with collectors who were just looking for a return on investment. It can feel discouraging." - anon
"For me, the lack of activity in the secondary market is a key issue with music NFTs at present. To make music NFTs successful, more people need to recognize their value." - @hamburglar
So what’s the deal??
This data is based on current sentiment. There is much speculation around another bull market in our near future so it’ll be interesting to see what shifts happen when we are in the midst of the change. For now, the blue represents what sentiments seem to be returning.
Many collectors, including Max, Ben, Martin, Frankie, and Steph, emphasized the emotional connection they feel with certain music NFTs, especially those tied to personal narratives. Steph mentioned the pride of collecting NFTs with sentimental value, like her "Golden Egg" on Sound. Martin’s attachment to Lyrah’s NFT, dedicated to her brother’s cancer battle, and Frankie’s connection to NFTs that tell deeply personal stories, illustrate how an artist's journey can foster strong, long-term relationships with collectors.
Max and Ben both stressed the importance of artists demonstrating growth over time. Max wants to see genuine artistic progress rather than artists simply creating for collectors. Ben reflected on the early days of music NFTs when collectors felt they were directly supporting an artist’s career trajectory. Eric, who is deeply involved in music and tech, also noted that many artists aren’t fully using the potential of NFTs, which is a missed opportunity for innovation and growth.
Several collectors, including Max, Ben, and Carlos, expressed disappointment with the current state of music NFTs. Max described the space as feeling "stale," while Ben lamented the oversupply, which has diluted the sense of scarcity that once made collecting exciting. Carlos, who was once heavily invested in music NFTs, has reduced his involvement due to the lack of clear value and direction in the space.
Collectors such as Ben, Martin, Frankie, and Hamburglar emphasized the community aspect of Web3 music. Being part of artist-led chats, participating in drops, or engaging in events creates a sense of shared experience. Anon1, who values community-driven projects, shared how his first NFT purchase from Maeko not only connected him to the music but also led to a personal friendship. Bricks also enjoys being one of the first supporters of a new release, reinforcing the bond between collector and artist.
Artist engagement plays a crucial role in maintaining collector loyalty. Martin and Frankie both noted that when artists fail to engage with their collectors after a purchase, it detracts from the overall experience. Hamburglar also highlighted the importance of personalized engagement, mentioning that receiving gifts like signed vinyls and T-shirts added value to his collection. Anon1 emphasized that artists who engage with their supporters in meaningful ways strengthen long-term bonds and community loyalty.
Collectors such as Hamburglar and Ben shared positive surprises from their experiences. Hamburglar was thrilled to receive personalized merchandise from the artists he supported, while Ben found that collecting NFTs led to unexpected professional collaborations with artists like BUZZ. These unexpected rewards further incentivize collectors to remain engaged in the Web3 music space.
The spending habits of collectors vary widely. Max has shifted his focus away from music NFTs toward illustration NFTs, reducing his overall spending. Ben, who once collected heavily, has also scaled back due to the current oversupply in the market. Carlos and Hamburglar, who were early and active collectors, have cut back significantly as well. In contrast, Anon1 and Eric remain more selective in their spending, choosing to support artists with whom they feel a long-term connection. Bricks continues to value being one of the first collectors but is more mindful about where and how he invests his money.
To conclude this write up I want to talk a bit more about a very simple concept that came to me during my recent experience at the Bali Art Residency.
Being surrounded by very successful and talented visual artists who (even though have fluctuating sales) were for the most part, doing really well and making a decent pay check off their art. As the only audio artist there, It made me curious as to how? I created right next to them and saw no difference in the amount of value and energy I put into my craft, and I know there are so many other music artists in the NFT space putting the same amount of love into their craft. There were many excuses that could be made for it but I didn’t want an excuse, I wanted a solution…
Music is Fine Art…?
In all the hustle and bustle we forgot why blockchain gave us musicians such an advantage in the first place, it’s because it was the first time EVER IN HISTORY that music (a non physical format) became a collectible item. Think about that…
The visual format of NFTs may be doing better now because that’s what we are used to, from the birth of patronage, it was all about collecting/supporting visual pieces/artists.
But…
Do we as musicians see the future where, from the collector's position, music holds the same perceived value? Or are we giving this low value high quantity model another go around?
*thoughts for consideration are encouraged in the comments below <3 🐉 A YARDS video by BlackDave talking about a Music as Fine Art.
10 music collectors of 2024 were interviewed to better understand the incentives and problems within the music nft space
Play the WHAT TYPE OF COLLECTOR ARE YOU game. This game was specifically made based on the interviews and collectors that contributed to this research!
Collaborators: Chatgpt, Karma GAP, Frankie, Martin, Steph Guerrero, Max Pretends, Ben, Carlos, Eric, Anon1, Bricks, hamburglar
Pick your player….
The Emotional Connector: Collects based on emotional connection and personal relationships with the artist.
The Value-Seeker: Focuses on the future financial potential and rarity of music NFTs.
The Pragmatic Supporter: Collects to support artists they believe in without expecting financial gain.
The Community-Engaged Collector: Engages heavily with the Web3 and music NFT communities, participating in events and group activities.
The Long-Term Patron: Invests in the artist’s long-term journey, holding onto NFTs as a form of sustained support.
The Skeptical Investor: Has become more selective, pulling back from heavy investment in the space due to uncertainty or dissatisfaction.
A few months ago I reached out to various collectors within the Web3 Music space to answer one simple question “why the f**k do you collect?”
You can check out the questions I asked them Here.
For the most part, I wasn’t surprised by the responses, but It was validating to get real feedback from people who have been collecting for the last couple of years.
I interviewed 10 collectors who spend between $40.00-$2000.00/month on blockchain collectibles. Although they may be collecting regularly, some are spending as little as 0$ on music NFTs…here are some things they said to help give us an idea as to why:
"Although the early days were all part of the NFT hype, the music scene prioritized rarity and connection between the artist and collector. Nowadays with prices so low and infinite supply, it feels a lot less special honestly." - @musicben_eth
"The space is just stale right now. There’s a huge lack of long-term growth. I haven’t found an artist I’m willing to invest in over the last few months." - @maxpretends
"After months and years of collecting music NFTs—and no real way to understand the value of each one—I kind of lost the reason to collect." - @imthatcarlos
"One of the aspects that weren’t as enjoyable was being in artist community chats with collectors who were just looking for a return on investment. It can feel discouraging." - anon
"For me, the lack of activity in the secondary market is a key issue with music NFTs at present. To make music NFTs successful, more people need to recognize their value." - @hamburglar
So what’s the deal??
This data is based on current sentiment. There is much speculation around another bull market in our near future so it’ll be interesting to see what shifts happen when we are in the midst of the change. For now, the blue represents what sentiments seem to be returning.
Many collectors, including Max, Ben, Martin, Frankie, and Steph, emphasized the emotional connection they feel with certain music NFTs, especially those tied to personal narratives. Steph mentioned the pride of collecting NFTs with sentimental value, like her "Golden Egg" on Sound. Martin’s attachment to Lyrah’s NFT, dedicated to her brother’s cancer battle, and Frankie’s connection to NFTs that tell deeply personal stories, illustrate how an artist's journey can foster strong, long-term relationships with collectors.
Max and Ben both stressed the importance of artists demonstrating growth over time. Max wants to see genuine artistic progress rather than artists simply creating for collectors. Ben reflected on the early days of music NFTs when collectors felt they were directly supporting an artist’s career trajectory. Eric, who is deeply involved in music and tech, also noted that many artists aren’t fully using the potential of NFTs, which is a missed opportunity for innovation and growth.
Several collectors, including Max, Ben, and Carlos, expressed disappointment with the current state of music NFTs. Max described the space as feeling "stale," while Ben lamented the oversupply, which has diluted the sense of scarcity that once made collecting exciting. Carlos, who was once heavily invested in music NFTs, has reduced his involvement due to the lack of clear value and direction in the space.
Collectors such as Ben, Martin, Frankie, and Hamburglar emphasized the community aspect of Web3 music. Being part of artist-led chats, participating in drops, or engaging in events creates a sense of shared experience. Anon1, who values community-driven projects, shared how his first NFT purchase from Maeko not only connected him to the music but also led to a personal friendship. Bricks also enjoys being one of the first supporters of a new release, reinforcing the bond between collector and artist.
Artist engagement plays a crucial role in maintaining collector loyalty. Martin and Frankie both noted that when artists fail to engage with their collectors after a purchase, it detracts from the overall experience. Hamburglar also highlighted the importance of personalized engagement, mentioning that receiving gifts like signed vinyls and T-shirts added value to his collection. Anon1 emphasized that artists who engage with their supporters in meaningful ways strengthen long-term bonds and community loyalty.
Collectors such as Hamburglar and Ben shared positive surprises from their experiences. Hamburglar was thrilled to receive personalized merchandise from the artists he supported, while Ben found that collecting NFTs led to unexpected professional collaborations with artists like BUZZ. These unexpected rewards further incentivize collectors to remain engaged in the Web3 music space.
The spending habits of collectors vary widely. Max has shifted his focus away from music NFTs toward illustration NFTs, reducing his overall spending. Ben, who once collected heavily, has also scaled back due to the current oversupply in the market. Carlos and Hamburglar, who were early and active collectors, have cut back significantly as well. In contrast, Anon1 and Eric remain more selective in their spending, choosing to support artists with whom they feel a long-term connection. Bricks continues to value being one of the first collectors but is more mindful about where and how he invests his money.
To conclude this write up I want to talk a bit more about a very simple concept that came to me during my recent experience at the Bali Art Residency.
Being surrounded by very successful and talented visual artists who (even though have fluctuating sales) were for the most part, doing really well and making a decent pay check off their art. As the only audio artist there, It made me curious as to how? I created right next to them and saw no difference in the amount of value and energy I put into my craft, and I know there are so many other music artists in the NFT space putting the same amount of love into their craft. There were many excuses that could be made for it but I didn’t want an excuse, I wanted a solution…
Music is Fine Art…?
In all the hustle and bustle we forgot why blockchain gave us musicians such an advantage in the first place, it’s because it was the first time EVER IN HISTORY that music (a non physical format) became a collectible item. Think about that…
The visual format of NFTs may be doing better now because that’s what we are used to, from the birth of patronage, it was all about collecting/supporting visual pieces/artists.
But…
Do we as musicians see the future where, from the collector's position, music holds the same perceived value? Or are we giving this low value high quantity model another go around?
*thoughts for consideration are encouraged in the comments below <3 🐉 A YARDS video by BlackDave talking about a Music as Fine Art.
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