Dear Future Whales,
Can you hear them? The thousands of artists piling into the web3 space looking for a more equitable way to earn on what they create? This edition of Blubber Notes is dedicated to how web3 will change the way music is produced and the benefits to both artists and the supporting web3 community.
Summary of today's notes:
Featured Project: Blocktones
New Resource: Sound.xyz - A Protocol Built for Music!
Featured Podcast: Empire: Music NFTs & the Next Generation of Music
Featured Projects:
The ways to monetize new music in today’s music industry are currently terrible. Big labels keep the lion’s share of profits, while the creators grind for next to nothing. Many believe that decentralized music production and music NFTs may solve this problem.
I had my first taste of this by participating in the free Chainsmoker’s token drop issued by Royal.io back in May. This drop introduced me to the idea of sharing the royalties earned by musicians. The question is which web3 music platform is GMI (gonna make it)? I’ll place my first bet on Blocktones.
What is Blocktones? In their words, “Blocktones is a multi-media NFT project that fuses generative audio and 3D animation from the industry’s biggest producers and renowned digital artists.” If you weren’t already familiar, generative audio is essentially creating new audio from a database of audio clips.
Each Blocktones NFT is associated with an audio stem produced by 7x Grammy-winner, Fede Vindver. The holder retains the IP rights and if used, they will be able to profit off of streams, publishing revenue and other deals. For example, If another artist produces music using your audio stem, the revenue is split between you and the artist.
Additionally, as part of the upcoming “reveal,” Blocktones holders will be able to sign a non-exclusive license to stream their music live on Blocktones Radio. Maybe for the first time, a community member not in the music industry could be considered a Music Producer.
It’s not only music! The visual media that Blocktones promotes has been nothing short of engaging and unique. Here is the latest trailer.
New Resource: Sound.xyz - A Protocol Built for Music!
Sound.xyz debuted their protocol this week. It’s a new protocol and suite of web3-native music and economic tools powering the next generation of artists and their communities also aiming to solve the problems of the music industry. The tools may allow musicians to crowdfund from fans or create other incentive models for showcasing new music.
This protocol is open-source and free to use, with an exception to the 5% fee tied to primary sales for contracts deployed on the platform. This fee is for supporting ongoing development.
Featured Podcast: Empire: Music NFTs & The Next Generation of Music
Special thanks to CEO, Jan van Eck for the podcast rec! This podcast gives a master class on music NFTs. Here are my main three takeaways:
18:00: How does Sound.xyz work? New web3 artists are making sure they drop NFTs every time they drop a track on Spotify. Learn how they do it.
22:00: Songs are becoming shorter and artists are hating having to make 10 TikToks per day just because their music label tells them to. Empire explains that it takes an artist 1 million Spotify streams to generate $4,000. The same profit can almost be made by selling 25 music NFTs at .1 ETH.
41:30: Deep dive into Hume and their efforts regarding AI-generated music. This may sound familiar: Hume Raised $11.7M Series A Funding to Bring Music to the Metaverse.
Alpha Leaks:
TNL = ROOT: Last week I shared “The Next Legends” mint. The team implemented a new, slow mint process that took over 24 hours, spacing out the opportunity to mint for their global audience. Early indications show that this has been a huge success. They fully minted out! The “Alpha” is that before the MYCL (Futureverse’s Native Token) token gets underway, owners of TNL will have an opportunity to obtain ROOT tokens. These tokens will be a prequel or early version of the MYCL for completing certain tasks, and ultimately testing their new ROOT infrastructure. My feeling is that these tokens may be quite valuable later on.
Authored by Matt Bartlett, CAIA. Follow Matt on Twitter @MattBartlettVE.
NOT INVESTMENT ADVICE
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