Web3 Music Comes Down To The Collectors
Written by WOM writer on October 12, 2022
In Web3, collectors are more than just fans; they are active investors, supporters, believers, and community members. NFT drops are meaningless without collectors who are willing to hold, trade, and use them.
Most of the time, when we think about music, we think about the artists who create it. We think about the listeners who enjoy it. But what about the people who invest in and support the music? What about the people who are responsible for bringing the music to the masses by being the cultural equivalent of seed-stage investors, giving emerging artists the runway and revenue they need to create a career?
In Music3, these collectors are vital. By minting, holding, trading, staking, and sharing music NFTs, they create demand and liquidity for unique digital assets. The art of music in Web3 is not just about the musicians or the listeners, it’s about the collectors too. For a music ecosystem to thrive, we need people who are willing to invest in it and support it. The collectors are the backbone of Music3.
Collectors come in all shapes and sizes. Some collect for fun, others for investment purposes. But they all have one thing in common: a love for music.
Investment-focused collectors are still an emerging demographic; the case studies for music NFTs as speculative assets are being written right now, but as the market matures we can expect to see more activity from this group.
Returns on music collecting are not new — rare tapes, merchandise, vinyl, limited-edition releases, and box sets have been accumulating value as alternative assets for decades. When you combine the innate collectability of music with the trade and investment culture of crypto, you can see a unique opportunity for niche investments in niche musical communities.
We anticipate that as individual artists launch their on-chain careers or transition into Music3, their digital creations will become valuable and sought after assets for their highly focused, specific, and dedicated communities — and we anticipate that those communities will 10x PFP communities in terms of their engagement, activity, and longevity, purely because music communities have already demonstrated their strength and value through decades and decades of music, from the Rolling Stones to Silverstein.
The collector-as-investor model, while in its early stages, is a promising sign for the future of music. With the backing and support of collectors, artists will be able to create more meaningful and sustainable careers in Music3, and listeners will have greater access to unique and exclusive content, with the potential for personal gain, passive income, and a tangible ROI.
But for the average collector, music is about much more than just financial gain. It’s about the joy of discovery, the excitement of hearing a song for the first time, and the pleasure of sharing music with friends. NFTs give collectors a way to connect with artists on a deeper level and create a permanent record of their fandom. Collectors in this context will gain joy and satisfaction purely from building libraries of NFTs, in the same way, they collect vinyl records and trade their favorite songs.
We believe that Web3 will bring about a renewed appreciation for music and its collectors. By giving collectors a voice and a place in the ecosystem, we are paving the way for a more vibrant, sustainable, and valuable music industry.
The collectors are the lifeblood of Music3, and their engagement and support are essential for the continued growth and success of the ecosystem.
Source: Medium.
