Should we stop using the term "music NFT"?

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First shared by @seaninsound in #web3

If you’ve ever mentioned NFTs in casual conversation, there’s a chance you’ve also met dismissive eye rolls. Indeed, our latest research report explored music-industry sentiment towards Web3 projects, revealing a landscape that’s increasingly subject to industry and fan backlash. Our research identified Web3’s PR problem as a potentially existential issue for music and Web3, concluding that “the future hangs as much on the marketing and public perception of the ecosystem as it does on the underlying technology itself.”

In #web3, we discussed a tactic shared in a tweet by Naithan Jones, Head of Growth at music NFT platform Royal. Jones stated that Royal’s website avoids using any Web3-related language in their copy to maintain focus on the utility of Royal’s NFTs. It’s worth noting, though, that Royal’s site is almost impossible to find without including “NFT” or another Web3-related term in the search string, so the likelihood of users stumbling across the site without having some Web3-related knowledge is probably relatively low.

Royal isn’t alone in this strategy — digital trading cards, baseball cards, tokens, and collectibles are just some of the euphemistic terms that platforms use to sidestep having to say “NFT” explicitly. Even Sound.xyz, one of the buzziest and most active music NFT platforms in recent months, refers to their NFTs first and foremost as “Sound Records,” not as tokens.

That said, these rebranding attempts haven’t always been successful. You may remember Icelandic post-rock band Sigur Rós’s NFT launch back in March. The band rebranded their NFTs as “glingurs” (Icelandic for “knick knacks”) and still managed to incite the ire of their fanbase, as much for their perceived deception as for the NFT project itself. In many circumstances, it seems like fans would prefer for artists to call a spade a spade.

@seaninsound and @hen observed that most of the language included on the websites and promotional materials of Web3-related projects seems far from user-friendly — perhaps due to being designed to function as landing pages for investors rather than as a consumer-facing marketing tool.

“Go to any web3 game and almost all documentation is on tokenomics, NFT integration, landsale structure… Someone put it really well, right now we’re gamifying finance, not financializing gaming.” – @hen

This disconnect may be as prevalent of a music-related issue as it is a tech-related one, recalling the adage, “Writing about music is like dancing about architecture.” As @seaninsound observes, part of why Web3 music projects struggle to articulate themselves may be related to the difficulty of promoting music in general. Consumers generally don’t care about the underlying technology behind an entertainment experience, and will ultimately adopt these platforms when they provide a conduit to music or experiences they value.

As @hen notes, music is unique in this regard in that must be consumed to be understood; a song can’t be synopsized in the same way a book or film can. Spotify has found success through seamlessly matching music to moods and activities, but this tactic of grouping for casual background listeners isn’t easily transferable to an audience of superfans and early adopters targeted by music NFT platforms. This brings to light a truth: It’s difficult to describe why anyone should be passionate about something.

This notion is amplified by the fact that most NFT platforms lack any curatorial or discoverability layer that would make consumption easier — although projects like Future Tape are working on it.

Despite the backlash from fans and the industry, artists are still looking for ways to capture the upside of music NFTs. The Chainsmokers have just announced that they’ll be giving away NFTs of their new album that unlock royalty rights and VIP concert experiences for their fans, and while they’re clearly designed to appeal to superfans, the collection is selling for around $200 on the secondary market.

Head over to #web3 if you’d like to have your say on The Chainsmokers’ drop or join the discussion on music NFT terminology at large.