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….

1. The Emotional Connector: Collects based on emotional connection and personal relationships with the artist.

2. The Value-Seeker: Focuses on the future financial potential and rarity of music NFTs.

3. The Pragmatic Supporter: Collects to support artists they believe in without expecting financial gain.

4. The Community-Engaged Collector: Engages heavily with the Web3 and music NFT communities, participating in events and group activities.

5. The Long-Term Patron: Invests in the artist’s long-term journey, holding onto NFTs as a form of sustained support.

6. 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.

Variance of collector spend/month

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.

Overall Key Points and Trends Across Interviews:

🫶 Emotional Connection and Personal Stories:

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.

🌻 Growth and Artist Development:

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.

🤦🏽‍♀️ Disappointment with the Current State of Music NFTs:

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.

🪬 Community and Connection:

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:

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.

🎉 Surprises and Unexpected Rewards:

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.

📈 Spending Trends and Collecting Habits:

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.

Music is Fine Art?

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.

🐦 Original Tweet

This is an introduction article to an article I am writing about collector incentives in the music NFT space, please subscribe to stay updated!

Non-Data perspective:

It seems like most of the collector’s ideals and beliefs are aligned, which is interesting! I think this may point to how well we’ve created the “Web3 vibe” so to speak. There are definitely a lot of common threads throughout the collector and artist experience as a whole, as you’ll see in my next write-up. Still, I enjoy analyzing the differences because I think this is where the real gold is.

Feel free to add any additional thoughts below. I would love to hear if anyone is surprised by the information or if there was anything in particular you found interesting about the analyzation!

🎛️ Character Types Found In The Conversation: Which one are you?

• The Purist: Wants clear distinctions between physical and digital art, prioritizing the uniqueness of each.

https://opensea.io/assets/ethereum/0x0AD1cA530C2440808982E7085D19F503D03eD240/0

• The Transformer: Sees digitization as an opportunity for expanding and transforming physical art into new forms.

https://opensea.io/assets/ethereum/0x0AD1cA530C2440808982E7085D19F503D03eD240/1

• The Blended-Value Supporter: Values both physical and digital art equally and appreciates variety across mediums.

https://opensea.io/assets/ethereum/0x0AD1cA530C2440808982E7085D19F503D03eD240/2

• The Innovator: Embraces new technologies and is focused on blending digital tools with traditional art forms to create new experiences.

https://opensea.io/assets/ethereum/0x0AD1cA530C2440808982E7085D19F503D03eD240/3

• The Collector-First Thinker: Prioritizes transparency and trust between artists and collectors, focusing on maintaining the integrity of the market.

https://opensea.io/assets/ethereum/0x0AD1cA530C2440808982E7085D19F503D03eD240/4

• The Pragmatist: Sees NFTs as a practical evolution of traditional art markets and is comfortable with physical and digital coexisting in similar ways to traditional prints.

https://opensea.io/assets/ethereum/0x0AD1cA530C2440808982E7085D19F503D03eD240/5

detailed description of each character type found here

Main Themes:

1. Intentionality and Transparency:

   • Most contributors emphasize the importance of intentionality behind blending physical and digital works. If an artist sells both versions (physical and digital), the intent should be clear. Transparency in the process was repeatedly highlighted as crucial to maintaining trust between artists and collectors. Collectors like @Bastienjpg and @realjasonmatias noted that selling the same “unique” story in both formats can be questionable if not disclosed properly. This transparency impacts collector confidence in the uniqueness and value of both forms.

2. Unique Value of Physical vs. Digital:

   • There is a divide among collectors and artists regarding the value of physical art versus digital-native works. Some, like @ProfKeeting, prefer a clear distinction between the two, valuing them for their own unique merits. Others, like @Joffnft and @shashxg, find value in owning both the physical and digital versions of the same piece. @adhd143 expressed more excitement toward digitally native works, while @trevorjonesart and @mich_viljoen appreciate the ability to hold both mediums, often pairing physical pieces with their digital NFT counterparts.

3. Transformation and New Possibilities:

   • There is a sense of excitement around the potential for transformation when physical artworks are digitized. @CaptainMorie highlighted how bringing a physical piece into the digital world can reveal "missing elements," offering new possibilities that the physical piece alone cannot. This view sees digitization as an opportunity to expand the artwork's reach, rather than merely replicating the physical piece.

4. Blending and New Creative Practices:

   • Several comments touched on the concept of blending physical and digital art as part of evolving artistic practice. Artists like @Fractal_Visions and @trevorjonesart have worked in both mediums, embracing variety. @robevans_art noted how this shift allows artists to explore new forms, blending traditional techniques with digital processes. Artists also discussed how the Web3 space provides an opportunity for traditional artists to expand into digital work, helping to bring new audiences into digital art.

5. Digital as Certification and Utility:

   • Some collectors, like @shashxg, viewed NFTs tied to physical art as a digital certificate of ownership that enhances the collector's experience. @mich_viljoen described the pairing of physical art with NFTs as a way to extend the artwork’s utility and ensure its ownership is verifiable and accessible across different platforms. This view strengthens the relationship between physical artworks and their NFT counterparts.

Differences in Perspectives:

1. Purist vs. Hybrid Views:

   • Contributors like @ProfKeeting lean toward a more purist view, preferring clear separations between physical and digital art for the sake of uniqueness. Others, like @trevorjonesart and @shillypreston, see no issue with blending physical and digital mediums, likening it to traditional practices like producing prints or lithographs. For these contributors, variety in medium enriches the artistic experience.

2. Concerns About Redundancy and Duplicity:

   • There is some skepticism about artists selling both digital and physical versions of the same artwork without proper explanation. @vandaloruins and @Bastienjpg expressed concerns that simply scanning a physical work and minting it as an NFT could feel redundant or like a cash grab, unless there is a deeper connection or utility offered. They prefer when both mediums complement each other, rather than replicating the same artwork in two different forms.

Potential Innovations and Future Directions:

1. New Data-Driven Art Forms:

   • Contributors like @vandaloruins are excited by the possibility of using data from physical art (e.g., brush strokes, pigmentation) to create entirely new digital works that go beyond simple replication. This concept opens the door for artists to create "data sculptures" or other new forms that incorporate elements of the physical while offering something distinct in the digital space.

2. Dynamic Elements in Digital-Physical Blends:

   • Several contributors, like @Iknowthisquestion and @CaptainMorie, suggested incorporating dynamic elements in the digital versions of physical art. Adding animations or other elements unique to the digital form would allow for a more interactive, engaging experience, making the digital version more than just a reproduction of the physical.

Conclusion:

The conversation highlights the diversity of opinions surrounding physical and digital art in the NFT space. While transparency and intentionality remain crucial for blending physical and digital mediums, collectors appreciate when both forms retain their own unique value. The potential for digital transformation and dynamic additions presents exciting opportunities for artists to innovate, while the role of NFTs as certificates of ownership enhances the utility of physical-digital hybrids. Going forward, a balanced approach that respects both mediums while offering transparency will likely resonate most with collectors and artists alike.

Remember, I have another article coming out about collector incentives in the music web3 space, subscribed if you enjoyed this experience :)))) thank you for reading. And if you collected, know that it is an encouragement for me to continue write-ups like these<3

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 spotlight both the potential and challenges involved in bringing Mycoremediation to the mainstream.

Mycoremediation involves the application of fungal-based remediation techniques to detoxify the environment. Approximately four years ago, I embarked on a journey that would end up opening my eyes to this captivating world. And it all began with my fascination for cultivating psychedelic mushrooms. Crafting the medium and witnessing the growth of these unique organisms was an enlightening experience; and over the last four years, I came to realise that the world of fungi is far more complex and promising than I ever imagined.

My first eye-opener to this was the work of Evocative – who are using mycelium to create sustainable packaging materials. Yet it left me wondering why these innovative products weren’t widely adopted, considering they clearly present a more eco-friendly alternative to current standards.

My journey through the fascinating world of Mycoremediation through interviewing various scientist, entrepreneurs, and enthusiasts revealed a harsh reality. Cleaner, sustainable solutions often struggle to gain popularity because they’re simply not lucrative. The field of Mycoremediation stands as testament to the saying that “money talks”, in that these mushrooms can barely raise their voice to cry for help.

Having immersed myself in the field of Decentralised Science (DeSci) for nearly three years, I was thus intrigued when ValleyDAO expressed an interest in exploring Mycoremediation. Together, we concluded the first step should be to uncover just what was going on, and whether the same questions and concerns that I had were shared by others.

My first dive into the science of it brought me to the fascinating work being done around Neurospora crassa, a heat-activated fungus often found in the aftermath of forest fires. What makes fungi like Neurospora crassa so remarkable is their adaptability – and their potential to transform how we address environmental pollution. Some lab groups are currently exploring novel ways to create meat alternatives using N. crassa; which would be rich in both protein and fibre, as well as free from cholesterol. If pollutants were metabolised as part of the growth of N. crassa, this would therefore convert polluting waste products into nutritious food products.

Yet there are many issues hindering the widespread adoption of Mycoremediation. There is a common perception that environmental stewardship is solely a governmental responsibility; limiting private sector, or even individual, involvement. Not to mention there is an absence of a strong and clear return on investment.

Increasing adoption of Mycoremediation is not something that can be achieved then through undercutting current processes. Instead, it will likely have to start with awareness through connecting scientific research to marketable products. One idea that floated up during my investigations was to first identify key environmental issues – or at least, issues that resonate most with environmentally-conscious individuals. Having done so, it would then be a matter of identifying the right fungi and the right ways to modify them in order to address these problems. But only through collaborative effort across all stakeholders – farmers, researchers, investors and product development teams – would we be able to create such sustainable solutions.

Yet the journey of turning Mycoremediation into a global solution is still in its early stages. The potential is vast, and the road filled with challenges – but from what I’ve seen, the passion to bring about this eco-friendly solution remains undeterred.

That said, there were an even greater set of challenges that I uncovered, beyond the slow adoption rate. Mycoremediation often faces hurdles due to a lack of robust, peer-reviewed evidence, owing in part to a lack of institutional support. Still, it’s undeniable that Mycoremediation holds a real potential to play a vital role in environmental restoration; but such a journey will be marked by challenges that can only be surmounted through increasing awareness. We welcome all mushroom (and mushroom-adjacent!) enthusiasts to our community to help figure out how to solve these challenges, together.

“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 investment after all? There certainly are some Beanie Baby ballers. But to find out for certain, we talked to a blockchain-and-music entrepreneur and did a deep dive into crypto, OpenSea, and Web3. If none of that means anything to you, you need to read this article. 

So let’s talk about art, blockchain, and value. Maybe it’s not up to us. Maybe it’s up to the people who stand to benefit? Or is it up to the people who feel like they’ve wasted money on it? And does anyone who actually owns an NFT feel like they wasted money on it? Finally, should we be asking people who aren’t involved in that world and who don’t own or want one about its legitimacy? I’m thinking no, so I asked a musician who plans to release one: “why, though?” 

So are NFTs a good investment? Brenna Damatta is the right person to talk to. In 2020, she and her partner Cannon founded Uni Streaming, a blockchain-based music submission platform. Blockchain, which came into the collective vernacular around cryptocurrency (as the thing that allows it to operate), is also critical to NFTs. The blockchain connection between crypto and NFT’s is one reason that people are skeptical of NFT’s: like crypto, they’re new, unknown, operate on a blockchain system we don’t fully understand, and because of all this they strike people as unstable.

But Brenna has dove in and learned a lot. She stans not just NFTs, but the revolution they’re a part of, a revolution not many know too much about. Web3 refers to a version of the internet that’s entirely blockchain based. It would create a crypto world, where currency, banking, and even the internet is completely decentralized (taken out of government or institutional hands), as well a token-based economy (think bitcoin). Brenna sees it as a real revolution: “The future is independent, and that goes for all kinds of business structures. The people are demanding equality, freedom, and humane working conditions.” 

And Brenna’s Uni is going to be a big part of that. She is proud to share, “I think more than anything, NFT's give my music a new platform that isn't saturated yet, but that will change as the space grows. Long term, NFT's give independent musicians more tools to create long term and sustainable fans/supporters, [especially] if we can bring the tools all in one place, which is what we are working on with Uni.”

I came up with this article thinking I was sold on the idea that NFTs are scam-adjacent. But in writing it, I may be changing my tune. Salon undermined its own argument against Brenna. They found an “expert” to explain to you why NFT’s are a scam, but they may have gone too far by decrying crypto as a scam too. Crypto has been around a long time, has upended the entire stock market, and has been moving tech commerce and investment for years and years. I was hoping to find real proof NFTs were a scam, but I was persuaded in the other direction when I heard the “NFTs = Scam” side is trying to snag shares and retweets by “controversially” lumping it in with crypto. I was not persuaded that “everything’s a scam, tech’s a scam, your whole life is a scam” was a valid argument, save for convincing our flat-earther friends. 

But there’s a great debate still raging. Are NFTs worth it? One possible answer is, “if it works out.” 

Molly White, editor of Web3IsGoingGreat.com, takes a more measured stance, stating a simple fact: "regulatory agencies have not really cracked down," on all the scammers and hackers who treat blockchain like the wild west of the internet. Molly goes on, "The hype and noise undermine a lot of the trust most people need to get involved. The scams are hard to avoid."

For one thing, the largest NFT marketplace, OpenSea, is already a hacking victim and embroiled in much controversy. Over $2 million in NFTs have been stolen. In March, OpenSea tumbled 80% from where it was in February. That 80% number might be the death of them. It’s also the percent of, “items created with this tool [that] were plagiarized works, fake collections, and spam.” This number and admission illuminates that NFT scams are being perpetrated at scale and with efficiency and speed. 

So are NFTs a scam? Well, where there’s a scam there’s usually a scammer. But OpenSea didn’t create NFTs, NFTs created OpenSea (who became “the scammer” in question). So like any new industry, where people naturally know less, it can open you up to NFT scams. Scam victims are those who just don’t know enough to avoid the scam. NFT’s aren’t a scam, but they create a vibrant new world for scams to flourish. CBS News lists three types of blockchain and NFT scams to avoid here. 

Problems with OpenSea seem to know no end: “In September last year, OpenSea’s own head of product, Nate Chastain, resigned following allegations of exploiting information to make a profit. The senior staff member was reportedly caught using a secret Ethereum wallet to purchase front page NFT releases before they were published to the public, suggesting insider trader concerns.”

Aja Trier, a painter in San Antonio gave an interview with NBC News: “Her career had evolved in a way she never expected, courtesy of an NFT cash grab. After years spent carving out a reputation in the local art world, Trier was horrified to find tens of thousands of listings of her work up for sale on OpenSea, all procured without her permission.”

So NFTs have the potential to be legit. They have the potential to make a difference in the lives of those selling them. They are even inherently legit, because in the art world the purchaser assigns the value. But at the moment, the market is not legit. It is unregulated and throws smaller artists under the bus. It’s creating a world in which stolen art is okay and normal. It opens itself up to being victimized by the people working in it, who engage in unethical and illegal business practices, like Chastain’s practice of buying NFTs before they were up for sale. 

But if you’re selling your own art and doing it right, I’d refer you back to Brenna: “Before we knew about NFTs, Uni's mission was always for independence, and making the artist the business. NFTs are like the brick & mortar storefront for each musician. Leveraging ownership, collaboration, and creativity, Uni will provide the container for this great ecosystem.” So I ask one last time, and I’ll leave you to answer: “Are NFTs worth it?” 

Brenna and Uni are going all in on NFTs and Web3. But their take is a measured business decision with real plans and goals attached. She sees exactly how NFTs can benefit her as a product, but also a marketing tool: 

“With every IRL merch purchase from Uni, the buyer also gets a "POAP" receipt  as an NFT. We notify them and help them set up their Web3 wallet to receive their NFT! Another way I've onboarded a couple of people is through minting 411 music NFT's from my single "Sweet Rain" each person I onboard will receive one of those music NFT's for free. That's been a great way to get people interested. Typically if FREE stuff is involved, that's a good motivation to try something out. During SXSW 22' Uni hosted a panel, every attendee received a POAP as well.”

This is to say, Brenna and Uni represent the very best of us–and the very best of the blockchain and NFT world. They’re a small upstart, unlike OpenSea, who does not steal art. They simply use a new idea in an innovative way that makes their customers happy–and frames Uni as trustworthy. They’re the future of blockchain and Web3. To have a decentralized world, we need to decentralize away from the OpenSea’s of the world. We need to put power in the hands of the Uni’s–and we need to let them do their thing until doing our things the right way becomes the norm in this niche.

Final Tally: Are NFTs a scam? Or are NFTs a good investment?

Through Open Sea? Yes. Through Brenna, Uni, and similar small businesses? Hell no. Do it. 

In parting, Brenna sums it all up best: "Music Tech is Musician empowerment"“

A big thank you to Vince for capturing his perspective of NFT’s. Uni is always attempting to educate where we can as we grow and on board more members!

Thank you Brenna, Co-Founder of Uni, for sharing your unique perspective.