A story about: How Independent musicians finding success in web3
Many legacy problems of the music industry result in musicians getting the smallest share of revenue and not fully owning the rights of their work.
Now, Web3 presents many new ways of experimenting digital ownership and economic incentives to benefit artists, fans and collectors. Its flourishing ecosystem is especially favorable to independent artists for finding success!
One of the success stories is from the indie musician Daniel Allan.
In this article, I’ll break down the social and economic model for his journey so far. Let’s jump in!
How he got into crypto
Daniel Allan grew up in Louisville, Kentucky and started his music journey at the age of 14. Currently based in Los Angeles, the artist first got introduced to NFT by Coopahtroopa, aka: Cooper Turley, investor and advisor of many leading web3 projects.
Support from the Community
Without saying, most important reason for his success is his musical talent. But let’s see how the community furthered his career in the space.
Social support from the community:
being one of the most influential leaders in Web3, first introduces NFT and crypto to Daniel. Leveraging his social capital to support the musician. Quickly, others who look up to him followed suit.
Brett is an investor and collector who supports many DAOs and other crypto projects. He was one of Daniel’s first collector.
Partner at Variant Venture. She is a thought leader actively advocates for the web3 creator economy. She has broadcast many times the Web3 music phenomena like the success of Daniel Allan on different podcasts,
- Mint music NFT on: Catalog
- Releases music on: Sound.xyz
- Release Overstimulated Music Video on: Glass.xyz
- Fundraising tool: Mirror
- Token Launch: Coinvise.co
Utilizing these tools to create different streams of income for the artist.
Crypto-Creative Way of Releasing Music
Daniel releases different song/music NFT on different platforms, and every release uses slightly different incentive strategy for his collector.
Mints on Catalog
First collected by Coopahtroopa, then followed by web3brett/blockchainbrett.
- 04/23/2021 Benjamin Button (feat. Carter Reeves) sold for 0.69 WETH to Coopahtroopa
- 04/28/2021 Not Alone/Wrightwood sold for 1 WETH to blockchainbrett
Releases on sound.xyz
Too Close released on sound.xyz
Total of 25 NFT for this song, price per NFT listed at 0.1ETH. Anyone who purchases genesis NFT on the primary market receives 5 $OVERSTIM token.
Overstimulated EP on sound.xyz
Total of 100 NFT for Overstimulated EP on sound.xyz. Price per NFT was listed at 0.1 ETH. All primary market purchases received 5 $OVERSTIM token each NFT.
Overstimulated DAO & $OVERSTIM
Daniel released Overstimulated as a community-owned project, which contains 6 tracks.
The crowdfund on Mirror raised a total of 49.3ETH with 87 backers. Backers purchased NFT to receive $OVERSTIM tokens which govern the OverstimulatedDAO. The DAO controls 50% share of the album Overstimulated’s master royalties.
3 Editions of NFT
backers purchase NFT in exchange for $OVERSTM token. 0.1 ETH = 100 $OVERSTM.
- Platinum(10/10; 1ETH = 1,000 $OVERSTIM)
- Gold(25/25; 0.25ETH = 250 $OVERSTIM)
- Silver (100/100; 0.1 ETH = 100 $OVERSTIM)
Total supply of $OVERSTIM token is 100,000. 50% of all $OVERSTIM token were retained by Daniel Allan.
“Each quarter, the Overstimulated team will be responsible for converting royalty payments from DSPs like Spotify and Apple Music and converting them to USDC.
We will take a snapshot of $OVERSTIM balances once per quarter, and use a splits contract to assign pro-rata ownership of all tokenholders based on their share of the supply.”
The DAO holds Daniel’s Music NFTs, Music Videos, and its proceeds. Token holders are the community and are owners in the DAO.
OverstimulatedDAO is the first musician DAO to experiment social token for owning and governing artist works and royalties.
Release music through minting on different platforms with different strategy. Daniel truly experiments music economy the crypto-native way; use a web3 mindset to create an economy that supports the artist, collectors and the community.
Check out these resources to dive deeper: