??How are web2 and web3 artists different?

The combination of Web3 and music is being done very carefully but rapidly. Organize 4 big questions about Web3 music.?

1. What is 'Web3 Music'

2. What is the current position and future value of the music NFT industry?

3. What is the difference between web2-web3 artists? (What do you need when an existing artist is on-boarding on web3?

4. How is a sustainable artist-fandom community(DAO) possible?        

1. What is Web3 music?

There are many features of Web3, but among them, I think the possibility of 'direct transaction' is the most important. Among the core functions of the Internet, especially from an industrial point of view, the Internet is a technology that has revolutionized the distribution structure, and I think the value of goods and information has changed qualitatively under that environment. In that context, I think that the web3 environment increases the possibility of direct transaction of music. It can be compared to the structure where there are countless local bakeries than large retailers such as Wal-Mart.

Instead of dominating the global market by managing multinational distributors and artists within the top 2 percent or 10 percent of labels, I think the Web3 music industry is characterized by a structure where artists themselves or small teams sell their music and ensure sustainability.

However, I don't think the nature of music will change just because of the music of Web3. The format could be different. The running time may be shortened, the instrument used may be different, or the process of making may be different. But that won't change the nature of music, the power or role of music that conveys certain emotions with beats and melodies, the message that the artist wants to say, and that brings people together. In other words, I think the question of what music is on Web3 is how to deliver music after all.??

2. What is the current position and future value of the music NFT industry? And how much will the music NFT industry expand?

It's a very broad question. So I rearranged it to make it easier for me to understand. The question is how artists benefit from the new media and the expansion of the industry, or what new possibilities can be discovered.

First of all, I think the music NFT industry is in its early stages. As I said earlier, Web3 is expected to change the nature of music distribution, but for now, it seems that many issues are lumped together. So if you think about the future of this new industry, of course, no one will know, but I'm going to look for that hint in the 1960s and 1970s.?

Think about the 16mm camera, the 8mm camera. These cameras were considered amateur tools at the time, but over time, they became cinematic, social, and political tools for marginalized people in mass media to speak out. Web3 is a hot keyword now, so everyone seems to be hooked on it, but the important thing is that the direction of technology and the media environment changing was to allow artists to talk more freely in the way they wanted. VHS, cassette tapes, all became important media in that context.

And I think these tools, like the independent economic concept, have contributed to socializing and created an industrial structure as opposed to mass media-based entertainment. Quite simply, the confrontation between the Independent and Mainstream in the 20th century was also the confrontation between the tools they used.

But every time new media emerges in this way, I think we generally discover new markets and possibilities as the existing market expands. It is common to see that the underground or independent enters the mainstream again or expands as it capitalizes. If you think about the concept of Web3, decentralization and centralization were at odds, and then hegemony moved toward centralization.

But I think the web3 environment will not expand the market, but rather narrow. It may be a concept that expands in a big way, but I think it will be a picture where there are countless small and narrow markets in the future.?

When the Internet first appeared, I imagined that everyone in the world would be connected directly from now on. It was in 1994 that I first saw such a message, more than 30 years later, but the current Internet is very different from what I imagined at that time. Not only have portal sites, search engines, and platforms been created, but they still coexist with big media and distributors. However, Web3 seems to give us the belief that we can finally realize the imagination and expectations of the early days of the Internet.?

I don't know how it's going to be connected, but I think there's going to be a lot of local markets in a Web3 environment. Instead of working based on 1,000 or 100,000 consumers, I hope that an artist will earn millions of won a month from 100 or 200 fans or investors or consumers, creating an environment where they can continue their music activities for 10, 20 years. Rather than making hundreds of millions of won from music NFT, I think it is most important to create an environment like this.

Of course, there will be artists like BTS who occupy a certain percentage of the world's population. But at the same time, I imagine that the economic structure that is concentrated in the top 10 percent will be split, dispersed, and dispersed.

You could view this as a big market expansion, but I think it's the emergence of very small markets.

In the process, sustainability will be created, and I think production structures such as NFT, new products, communities, and DAOs will be created. Now the important question is this. It's not about whether one artist gathers 1,000 fans or 100 fans, but how many fans can actually pay me regularly??

Because we're in the very early stages of the industry, don't be swayed by hot keywords or questions now, and we'll have to customize the questions to ourselves in this way so that we can hypothesize later, and then we can test the hypothesis through experimentally.

3. What is the difference between web2 and web3 artists?

Well, I honestly think this difference is just a matter of industrial environment and viral keywords. The important thing is attitude. So, some indie artists of the 1970s would actually be working like the current Web3 artists. Now we can be motivated or inspired by them.

I personally run a paid newsletter. I've been running this newsletter for more than two years, and I actually meet and talk to people who pay 10,000 won a month to subscribe, and I have something to worry about and feel while running it myself. I think of myself as a writer and a one-man entrepreneur.

So what Web 3 artists need, I think, is this attitude. You define yourself as an artist and a businessman, as an artist and an entrepreneur. For example, it doesn't necessarily have to be done on Web3. I'm going to sell my own album on Amazon, I'm going to fund it on Kickstarter, and the same idea is that it's really close to the essence of Web3 artists. So I don't think you have to release NFT to become a Web3 artist. Attitudes come first, and then it's important to use new environments or tools accordingly.

As I said at the beginning, I think Web3 is a place where the Internet comes back very far and reaches the possibility of direct connection that it originally raised. Every individual is directly connected to every individual... If you look at this as an economic concept, it's a direct marketplace, and I think this concept of direct trading is the most important anyway. That's why it's getting closer to the idea that an artist is doing business. Plus, if we've thought until now that I'm a consumer, a listener, or a fan, I think there will be an era when everyone can or should be self-employed.?

Of course there's stress coming from here. Why wouldn't there be anyone who doesn't want to do business and just wants to get paid? However, the key is that this direct transaction structure becomes too easy and simple compared to the past, and I think the important point of the world that Web3 will create is that we can enter a market and rediscover my value working in that market.

4. How is a sustainable artist-fandom community (DAO) possible?

In fact, I think the fandom community or DAO we talk about on Web3 is a completely different concept from the existing fandom. Fans keep saying that fandom is very important to web3 artists and creators. And we approach it in a way that creates that structure, and I think the concept of Web3 fans is completely different.

I think the community structure that works on Web3 is a collection of investors, an investment perspective. But the reason and purpose of the investment may be a little different from what we know about stocks and finance... so what an artist in a Web3 environment needs is a question of whether he can convert his existing fans into investors or a new investor into his new fans.?

I actually think the latter is much easier or more important than the former. Web3 investors see a mix of short-term profit-seekers and those who see the value of content and some vision of a sustainable future. But it's more common for both of us to not know much about music or artists, but the common thing about this is that we're generally rich.?

So artists are more likely to meet people who invest like this first in a web3 environment. And then the artist has to convince them to invest in themselves and in their music, and to do that, they have to onboard the project, release the NFT, prove the value of the investment

But before that, I think it's important to change the relationship between both sides through music. The relationship between an investor and an investment target should be changed to an artist and a fan.

What should I do to do that??

You have to keep thinking about this seriously. I think it's an issue that not only the artist himself, but also companies and organizations that provide web3 music have to think about a lot.?

In other words, I think that only when we change the quality of the artist-investor relationship on Web3 will the DAO or fandom community that we talk about and imagine now become more likely to be realized.