Music NFT Industry Remains Bullish As 2022 Comes To A Close

Amid the brutality of the ongoing crypto slump, there’s one area of Web3 that’s failed to succumb from such downwards market pressure; music NFTs. The industry is already valued at a whopping $1.2 billion (approximately), where come 2032, it’s estimated to be worth around $4.24 billion (per Market Decipher).

Although many may assume that long-lasting bear markets (such as this year’s) may be of detriment to such forecast, this may not actually be the case, as per stats from Web3 music platform Sound.xyz, music NFT mints appear to have doubled in each of the last two months, whilst December’s numbers are on track to trump both.

In addition, the past few weeks have played host to a flurry of music-related launches in the Web3, which is what this article will now discuss.

The ‘A Hard Working Man’ NFT Collection

Brought to.you by two-time Grammy winning producers ‘The Avila Brothers,’ Snoop Dogg, and Billy Ray Cyrus, ‘A Hard Working Man’ is a three-tiered NFT collection which focuses on the quintessential livelihoods of American people.

Here, the cartoon PFP NFTs illustrate Snoop and Billy Ray taking on several different ‘traditional’ job roles- whether that be a farmer, mechanic, or construction worker etc.

Along with their detailed and carefully crafted artworks, the NFTs are embedded with an array of music-related utilities based around the two icons, such as tickets to IRL and metaverse concerts, backstage passes, member events, limited-edition wearables, and future allowlist spots.

The collection- whose allowlist is now open- comes courtesy of Animal Concerts, a live events pioneer that’s on a mission to revolutionize fan experiences and democratization in the music industry through leveraging Web3 technologies such as NFTs, virtual reality, and crypto.

To date, the platform has already collaborated with a number of big name musicians, such as Busta Rhymes, Alicia Keys, and Future.

Winamp’s World’s-First ‘Standalone NFT Audio Reading Player’

Nine years after its parent company ceased its activity, old-school Windows media player Winamp has announced that the latest update to its modern-day music streaming platform will allow users to play music NFTs.

We are proud to announce a new version (5.9.1) for our Desktop player. This new version reduces Winamp’s memory footprint and upgrades security among many other improvements, it also allows you to play your music NFTs. New version available now.

— Winamp (@winamp) December 6, 2022

Here, they will be able to link their MetaMask wallets to Windows 11-compatible browsers, to then play audio NFT files through the platform’s world’s-first ‘standalone NFT audio reading player’.

The feature is compatible with both Ethereum and Polygon NFTs, and is set to be updated further in January through the addition of a cross-platform creator service.

Punx- The New CryptoPunk Music Act From Justin ‘3lau’ and Steve Aoki

Through using their respective CryptoPunk NFTs as their new digital alter egos, DJs Justin ‘3lau’ Blau and Steve Aoki have announced that they have created a new web3 music group called ‘Punx’.

We bring to you: PUNX

10 years of friendship has led to this moment. We are excited to introduce a conceptual music/art project partly inspired by our own @cryptopunksnfts.

the sound of @itsthepunx will be different from either of our current sounds, in fact… pic.twitter.com/mNlogCLmCz

— 3LAU (@3LAU) December 6, 2022

The duo, which according to Aoki have been friends for a decade, dub ‘Punx’ as a ‘conceptual music/art project,’ with promo suggesting they their Punks (#6748 and #6708) will be used as characters in music videos and other creative imagery.

Stay tuned for more information regarding Punx’ inaugural music release, which is set to take place next year.

Justin ‘3lau’ Shares Song Royalties Via NFTs On Royal

On a solo perspective, 3lau also recently released his latest single ’Too Late For Love’ on his own NFT music and royalty-splitting platform Royal.

Here, he distributed ’50% of the master streaming royalty rights’ to fans via 333 NFTs; with 300 of which representing 0.1165% ownership (for $111 per token), and 3 representing 3.8488% ownership (for $3,333 per token).

Warner Music Group Puts Pen To Paper With LGND.io & Polygon

And finally, last week saw Warner Music Group, blockchain-based e-commerce and interactive platform LGND.io, and Polygon, announce a multi-year partnership deal.

The triadic’s first project is entitled ‘LGND Music,’ which is a platform that’s “poised to help evolve the entire music industry,” according to its CEO Michael Rockwell.

Ready to experience the future of music? Build your collection, engage with your favorite artists, and discover new music. With LGND Music, you can purchase or play any music #NFT, from any platform. Be the first to experience #LGNDMusic. Coming Jan. 2023. https://t.co/TygYOEFoN0 pic.twitter.com/yuMWJMbd37

— LGND Music (@Lgnd_Music) December 5, 2022

Although further news on the project is yet to come, its full launch is penciled-in for January 2023.

As already covered here on Blockster, virtual music artist platform Hume also recently partnered with generative audio project Blocktones at Art Basel Miami, in order to launch an industry-first Web3 ‘songwriting camp’.

Source: blockster.com