There are ~11M artists on Spotify.
On average, there are ~80,00 new songs released per week.
There are less than 1000 artists on Sound.
On average, there are ~25 new songs minted per week.
This is the race to put music on-chain.
Music is Forever
There is an infinite amount of music.
There is a finite amount of block space.
Minting music seals it in history.*
Take aside all the dialogue about making money.
About true fandom. About patronage. About access.
Minting the music is what matters most.
Ethereum will be around in 1000 years.
So should your music.
*putting an .mp3 on IPFS isn’t exactly permanent. But you get the point.
The On-Chain Race
Think about how much music is out there that fans would love to collect, but have never been able to.
Think about your favorite artists. Your favorite songs. The ones you listen to at your highest highs, and your lowest lows.
I bet a fraction (if any) of those songs are on-chain.
When people ask why I collect music - I tell them it hits different.
That hearing a song you’ve collected unlocks a deeper level of connection and intimacy with the art.
But how would they know?
If we want more fans to come into web3 - we need to give them a reason.
We need to make it easier for artists to mint, and for fans to collect.
What makes music different from other types of NFTs?
The emotional value.
When you truly experience a song, it strikes a different chord.
Whether it be a specific moment in time, a person, an idea, a feeling or a concert - there are countless memories associated with music.
It’s not about making money. It’s about collecting a feeling.
Our job is to create better pathways to immortalize those memories.
Web3 Music Delta
The single biggest opportunity in web3 music today is to put music on-chain.
I define music being “on-chain” as being able to listen to it on aggregators like Spinamp.
These are products pulling audio from NFTs minted on platforms like Sound, Catalog, Decent and Zora.
It feels like Spotify, but you can collect every song you hear. That’s the game changer.
Whether you’re an artist, a manager, a curator or a fan - you have the same opportunity as everyone else.
Be the bridge to get the music minted.
Keep in mind that music is owned by a ton of different parties.
Today - web3 music largely stems from independent artists and songs fully owned by the creators.
So start there.
Don’t worry about the money. About the fame. Or the clout.
Be the person that makes it easy for artists to feel comfortable minting their music.
This is your opportunity to shine.
Finding the Balance
The biggest opportunity for web3 is to break new artists.
Developing a superstar who has their first song minted is without a doubt the X-factor that takes the cake.
But there’s a lot more music out there.
Think about every song on Spotify. How do you collect those?
Maybe an artist isn’t ready to release new music. Maybe they don’t want their first NFT to be something new.
Work with them! Get them comfortable minting something. And then something else.
View the next 3-5 years as unsettled land.
This is your chance to build the first houses.
The Good Ol’ Days
The markets are slow these days.
Take peace in knowing that we are early.
That this space will get 100x crazier and more chaotic.
It’s like Andy said in the Office - I wish there was a way to know you were in the good ol’ days before you actually left them.
Well my friend - we’re in it.