Music and the Metaverse
By Justin Gray (Songwriter/Producer/Founder www.wearemdiio.com)
Every 15 years or so there’s a great reset on how music is discovered, consumed, and ultimately experienced. For the purposes of this blog, let’s just start back in the 60s. Although vinyl has been a stalwart for almost 100 years, there have been different music delivery mechanisms that have made their way to the forefront. The 70s saw the advent of eight-track tape, then cassettes in the 80’s. They were awful. They then pivoted into compact discs shortly thereafter. Next up we had MP3 players and streaming. In 2022 we are on the precipice of the next experiential music wave…NFTs and Web3. Why is this so exciting? For the first time perhaps in the history of commercial music, creators can meaningfully monetize their fanbase despite how small they may be. Here are five things to consider as you pivot your plan, market your music, and jump into your journey down the Web3 wabbit-hole.
Content - One of our MDXO mentors MNDR Released a limited edition NFT drop of her new single. Those 100 NFT’s sold within 30 seconds. By leveraging your fanbase and finding your true believers, you too can benefit from a direct artist-to-fan relationship. Assets - Real fans can smell bullshit. You cannot think about releasing music in Web3 and just put out whatever garbage. There are artists enjoying significant amounts of success by planning, strategizing, and releasing commercial quality content in Web3. 100 supportive believers WILL sustain your growth…professionally, creatively, and financially. Marketing - One thing that very successful artists do for their traditional music releases, is a ton of marketing and promotion. Web3 is no different. The only difference however is that you're marketing and promoting to a very specific and targeted audience. Participate in Twitter Spaces and Discord. Invest your time in finding your community. NFT - We’ve all heard of Bored Ape Yacht Club. That is the gold standard for an NFT or Non-Fungible Token. Basically, an NFT is a digital asset, like any other asset owned by a single individual. It is then tracked on the blockchain in a digital ledger. Familiarize yourself with Coinbase, Meta Mask, Open Sea, and SoundXYZ. That’s a good place to start if you’re interested in investigating this option. Utility - You can’t just release music, activate your fanbase, take their money, and dip. In this space, it is crucial that you also provide what they call "utility." What do your fans get in addition to your music? Do they get access to you? Do they get VIP for life as long as they retain ownership of the NFT? Basically what is the extra benefit beyond just your music? Done right, it’s the ultimate way to grow your fan base while also benefiting from monetizing your music. Stay true and authentic to your fans, and they will ride or die with you. The Coda: This is a very broad overview of what music in the metaverse. If this is of interest to you, I suggest that you start doing a lot of research. I promise you this is the evolution and it’s not going anywhere. No more depending on paltry revenues from streaming. Your future is literally in your control, and for the first time in the history of music, you have the power. See you next week and keep writing them hits Justin@mdiio.com