Category: Marketing
Over the last month, several contributors in the Water & Music community collaborated to analyze music NFT market dynamics, based on data from our members-only music NFT database. This report is the result — an in-depth analysis of 2021 music NFT sales by artist genre, platform/protocol, and label affiliation, covering over $86M worth of revenue, as well as a qualitative discussion of popular and emerging forms of utility that have emerged around the format in the last year.
Despite headlines about big sales and big possibilities for artists’ futures in Web3, a close examination of fan onboarding tactics suggest there will be numerous hurdles before this possibility becomes a reality.
In this article, we aim to encapsulate the various strategies that music NFT platforms use to attract, onboard and retain their fans, collectors and artists in an increasingly competitive marketplace.
More than 30 online music and creator communities now self-identify as decentralized autonomous organizations (DAOs). Over the last two months, we interviewed more than 15 leaders from a wide range of music DAOs to gain perspective on possibilities for their respective organizations in this emerging framework, using Web3 tools and strategies unavailable to the traditional music industry. Ultimately, we found the leaders we spoke with viewed the concept of a DAO not as technical infrastructure, but rather as an abstract social signal to mobilize online communities. Their approach and perspective differed — sometimes vastly — from the token-focused or on-chain-dependent ethos common to many protocol-centric DAOs that came before them.
This breakdown is part of an ongoing, members-only interview series focused on artist and label DAOs, as part of Season 1.5 of our ongoing collaborative research on music and Web3.
Despite headlines about big sales and big possibilities for artists’ futures in Web3, a close examination of fan onboarding tactics suggest there will be numerous hurdles before this possibility becomes a reality.
