***The VÉRITÉ Crewneck is on sale now! Click here to get yours now!***
The last eight months have been a test of resilience. Technically, this is a follow up to my piece analyzing my first year in web3, and while I feel as though my initial learnings are still applicable, the landscape has clearly changed. This has allowed me to zoom out and refocus on my career as a whole and critically look at my intention and strategies moving forward, analyzing where the tools and ethos of web3 fit into the larger picture. Since February 2021, I’ve been experimenting with different modes of distributing NFTs, dissecting the motivations for both purchase and participation, riding the rollercoaster of what feels like a full hype cycle—capturing the adrenaline at the top all the way down to the sobering perspective of the crash.
This journey has left me and many others asking–why web3?
Challenging the practical impact of technology against the movement that technology represents is really helpful in distilling legitimate use cases for the tools being built.
It’s really amazing to do what you love for a living because it doesn’t necessarily feel like work. For me, the merging of music and web3 has increased this sentiment tenfold. As an independent artist for the last 7 years, I have been able to build a sustainable career that has allowed me freedom and autonomy over my time, actions and creativity. I’ve been able to connect with an extremely loyal and kind fanbase that continues to support me. However, navigating the brutal reality of an extremely broken music industry to make a good living while continuing to invest in myself, my vision and my art has proven increasingly challenging as culture and technology have continued to evolve. In my exploration of NFTs and their potential use in creating additional value for music, I discovered an escape hatch from the status quo and a completely new landscape for artists looking to build their own ecosystems outside of traditional structures.
Through my experiences, I’ve identified three main pillars of use cases for NFTs in music, each of which caters to a different type of potential fan.
-1/1 music NFTs: A one-of-a-kind, authenticated digital asset. Similar to a limited edition signed vinyl.
-Fractionalized ownership: Using NFTs as a tool to split ownership of an asset. This can be fractionalizing the ownership of a digital asset or having an NFT represent a piece of ownership of a real world asset.