# This Week in Music NFTs - August 15

**Published by:** [Invest in Music](https://paragraph.com/@investinmusic-2/)
**Published on:** 2022-08-15
**URL:** https://paragraph.com/@investinmusic-2/this-week-in-music-nfts-august-15

## Content

Music NFTs became the topic of conversation around how artists should monetize using web3 today. To summarize - a series of Tweets spurred dialog from prominent founder, trader, and investor Cobie around the viability of Music NFTs. Cobie @cobie okay so instead of selling to the record label we sell to our 135 fans but instead of selling the rights to the songs, we keep those and we just sell them a token 3,267 9:36 AM • Aug 14, 2022 This sparked a wider surge of opinions from the web3 community on Music NFTs. This week’s edition summarizes the best of them. First - some thoughts without the Twitter character limit. Most “Music NFTs” today are altcoins with sound. You mint a song with a fixed number of digital collectibles on a platform like Sound.xyz. People buy those collectibles, some with the intent of supporting the artist, but most with the intent of hopefully selling them for more at a later date. This is the same behavior we’ve seen in crypto for ages, whether it was ICOs, DeFi tokens or PFPs. If you’re a trader, the primary reason to buy any token is to trade the metagame. However, not all collectors are traders. 1/1 marketplaces like Catalog offer an alternative. Royalty-backed NFTs on Royal offer a fixed return. For what it’s worth - I agree with Cobie. The vast majority of Music NFT volume will likely come (and has come) from semi-fungible token speculation, aka limited collectible songs. There’s a misconception that Music NFTs are meant to replace streaming. This is incorrect. They are simply a net new revenue stream to provide an artist with additional income on top of the existing system. The more streams a song has, the more valuable the Music NFT should be. Now - why would anyone buy a token of a song that has no rights? For the same reason people buy CryptoPunks, Bored Apes, and to some degree - ETH. To flex that you have the song (status) and hope to make money along the way (speculation). Realistically - very very few people care about flexing songs. But, some really do (I am one of them). Prior to web3, my life was as a curator. I found emerging talent, wrote about them on blogs like ThisSongIsSick, and reposted them on SoundCloud. The same behavior still exists, except now I get to collect a token to prove that I actually discovered that song when it was released. In the best-case scenario, my NFTs have been the vehicle through which I formed a genuine relationship with my favorite artist(s). Coop 💿 @Cooopahtroopa In web2, you need millions of listeners. In web3, all you need is 100 collectors. Less is more. 317 12:21 PM • Aug 11, 2022 Now it’s up to us to do something about it instead of talking about how it *could* work. If you’re looking to show someone what the movement sounds like - I spun up a Music NFT Starter Pack playlist on Spinamp. Happy collecting!Upcoming DropsDaniel Allan - HedsTAPE 07DLG & Peter Saputo - Whole Lotta NothingBlack Dave - Sound.xyzDeffie - TestingLUCA LUSH - Crystal CavernsSaint Rein - How to Be UsCamden - Bad DaysFreshly MintedJagwar Twin - Happy FaceBloody White - ShowbizThomas Jack - No LandingAllan Kingdom - GENTRIFLYCATIONSound of Fractures - Your TouchTop TweetsCobie on the Music NFT Model Cobie @cobie okay so instead of selling to the record label we sell to our 135 fans but instead of selling the rights to the songs, we keep those and we just sell them a token 3,267 9:36 AM • Aug 14, 2022 Proof Deep Dive on Music NFTs WarDaddyCapital @wardaddycapital I recently wrote a deep dive on music NFTs and the web3 music eco for @proof_xyz Here are my main takeaways, go-to sources of information, and potential breakout projects. (: 1/10) 602 10:30 AM • Aug 13, 2022 GCR on Proof of Wealth for Music NFTsMusic NFTs Don’t Exist Udi Wertheimer @udiWertheimer i can’t believe cobie got all of ct to talk about music nfts literally they don’t even exist roflmao 244 11:49 AM • Aug 14, 2022 Spencer Noon on Artist Royalties Spencer Noon 🕛 @spencernoon Hot take Artist streaming royalties = rent seeking behavior It makes no sense for artists to make $ every time a song is played when streams are just radio advertisements for their personal brands The future is: Free content Maximize distribution Monetize via web3 149 1:21 PM • Aug 12, 2022 Music NFTs get Inversebrah’ed smolting (wassie, verse) @inversebrah 141 10:38 AM • Aug 14, 2022 Mando on Music NFTs Solving Problems that Don’t ExistBonus Reads Bond @joinbond There's a misconception streaming doesn't pay. It does — for those who hold the rights. 217 5:01 PM • Aug 11, 2022 The Block Podcasts @TheBlockPods "There's been a trend since 2005 in the MySpace era, and all of that has been a trend towards sovereignty of an artist." @RAC & @AudiusProject CEO @Roneilr join @fintechfrank to examine how web3 allows artists to redefine their relationship to their fans. theblock.co How data ownership redefines the relationship between artists and fans In this episode of The Scoop, Grammy award winning DJ and Audius Advisor RAC, and Audius Co-Founder and CEO Roneil Rumburg examine the limitations of centralized music streaming platforms and explain... 25 8:39 AM • Aug 12, 2022 RAC @RAC while the tweet is funny, it also makes some common assumptions that are pretty telling. - music rights are what gives something value - i don't value art, therefore nobody else should music nfts are just limited ed. collectibles, most people won't want them, but some fans do. Cobie @cobie okay so instead of selling to the record label we sell to our 135 fans but instead of selling the rights to the songs, we keep those and we just sell them a token 58 11:11 AM • Aug 14, 2022 levy.eth | Blueprint | Mint Podcast @levychain We need a web3 music debate. Calling @cobie @dgreenstein1 and @Cooopahtroopa to the stands to run an episode. 88 12:31 PM • Aug 14, 2022 Daniel Allan @imdanielallan I’m not sure what’s defined as “respectable $” but I’m a musician and in the past 12 months I’ve generated 321 ETH off of selling NFTs This comes from 1/1s, editions, generative projects, and things I’ve done on my own site I used to live in my car lol 81 2:07 PM • Aug 14, 2022 Reo Cragun @ReoCragun I partnered with a major label for my first album, and received a split of 16% in exchange for a small budget (pretty standard). It was a horrible deal. Maybe 2% of artists even have the opportunity to “sell to the record label” for that horrible deal. Cobie @cobie okay so instead of selling to the record label we sell to our 135 fans but instead of selling the rights to the songs, we keep those and we just sell them a token 31 3:49 PM • Aug 14, 2022 ᴅᴀʀʟɪɴɢᴛᴏɴ @Darlington So many musicians have stories of how friends and families tried to convince them to go down a different career path... Why is this form of artistry seen as such a risk? 37 3:37 PM • Aug 12, 2022 Aradtski @aradtski 834 9:35 AM • Aug 14, 2022 CryptoDickbutts @CryptoDickbutts music nfts 122 12:13 AM • Aug 14, 2022 musicben 🎧 @musicben_eth Question for music NFT people… What’s the best way to improve discovery and showcase artists in the space? Playlists, video, newsletters, podcasts, aggregators (web3 hypem)? I want to build something but curious what people would find useful? 34 2:51 PM • Aug 12, 2022 Spencer Noon 🕛 @spencernoon Here is the playbook for music NFTs that every artist in the world needs to understand 104 6:18 PM • Aug 14, 2022 This Week in Music NFTs is free to subscribe. To stay ahead of the drama, follow me on Twitter!

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