Dear Artist,
Our mission is to “phlote” the dopest artists into Web3 and help them lead a new generation into the future. Below are some updated thoughts on how to approach the opportunity.
In general, Web3 presents a new model for creatives who have vision AND work as a part of a larger collaborative team or community like Phlote.
Web3 offers new plug-and-play financial tools like NFTs and social tokens that, if used properly, allow you to become financially + creatively self-sovereign. There's no need to rely on a label or any other non-value-add intermediaries because you're able to monetize the value you create directly with your fans/collectors. You become the platform.
NFTs are restoring value to music. Raw audio is now selling for $68k/song. We foresee a time in the near future where MP3's are sold for $2 million or more.
Reintroducing rarity and scarcity to music allows value to return. As an example, imagine if Frank Ocean sold a 1/1 NFT song that could only be played 50 times before being destroyed forever. How valuable would each play be worth? What would someone pay to own that file as a status symbol? These types of experiments are interesting.
NFTs also enable a new type of royalty to be earned by creators. As secondary sales occur, royalty is generated for the creator after each successive sale. For example, if an artist sells a $1000 song and the buyer then flips it for $10k, the artist can get up to 20% on the resale. This royalty payout can be programmed into music NFTs and will automatically execute on every transaction forever
The benefits enabled by NFTs do not require artists to give away copyrights or ownership of masters. This allows your work to be monetized in a multitude of ways without oversight from others. The person who buys your NFT is purchasing something rare from you, like the digital version of a limited edition vinyl. The buyer has an understanding that they have no claim to publishing, masters or future royalties, unless specifically authorised by you the artist
We often get asked if releasing music on Web3 means they can't release it on Web 2. Not at all. Both can exist side by side. Web3 release strategies can be implemented alongside traditional releases.
When Social Tokens are added to the mix, a whole new world of opportunities opens-up to create experiences that enable early fans to participate in new ways.
Web3 is waiting for you to come and take your vision to a whole new level. Phlote is here to help.
Phlote IS NOT a label. WE DO NOT sign artists. Our sole mission is to onboard artists with star potential into Web3 and help them go UP, so that many others follow.
Hit us @teamphlote on Twitter or pull up in Discord.
☁️ Team Phlote ☁️