In response to growing demand and market activity, we’ve updated our music NFT contract builder to include off-chain, IRL benefits around merchandise and access, which comprise some of the fastest-growing forms of utility around music NFTs.
What if we treat the financial rails around music with the same level of creativity as the music itself?
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.