According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are a time to ideate and build new products. During this week’s episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs.
During the interview, Darlington and Udell explained the importance of researching projects with “sustainable teams” that continue to build despite the current market conditions and they encouraged investors to learn from the possibilities created at the height of the bull market.
According to Darlington, music NFTs haven’t necessarily had made it as a “trend” yet, but he is hoping that they cement their space in the next bull cycle. Comparatively, profile pictures (PFP) NFTs are a “monster of their own,” but music NFTs can see similar success to that of photography or art NFTs.
Creators and communities will benefit from music NFTs
For creators looking into experimenting with music NFTs, Darlington suggested that it is first important to discover and understand “why do you want to interact and why do you want to get involved?”
Darlington said some creators have come to “recognize how broken the music industry is for artists” and music NFTs present a possibility that can provide more sustainability for artists and musicians.
While it’s uncertain how sustainable the new landscape will be for artists, the one “resounding truth” and commonality is that creators are not “content with the current model,” there is a willingness to be open to change the status quo but this depends on the “format and the shape that music NFTs will arrive in,” explains Darlington.
Are music NFTs in a separate genre of their own?
Metalink founder, Jake Udell alluded to how levels of engagement differ between free and pay-to-use platforms with users opting to engage more in platforms they have a stake in….