The “One-Way Chasm” for Web3 Music
As the conversation on #Web3 Music heats up and big players are entering the fray, let's take a look at one of the central dynamics in the collector-minter relationship.
The central problem for marketing #Music #NFTs is that it is only Web3 natives who are purchasing them, or nearly so.? What do I mean by Web3 native?? These are the individuals who are familiar with crypto, NFTs, and the developments of the last couple of years in the emerging Web3 economy.? This is the current collector base of nearly all Music NFT sales.?
So how does this affect a musician who is looking to sell their music as NFTs?? Basically it means that one must direct the lion’s share of #marketing efforts to those Web3 natives, and that means being active where they are- Discord, Twitter, and whatever comes next.? Conversely, it also indicates that the former tried-and-true marketing efforts for music promotion are likely to fall flat.? A musician might have a strong following on Instagram, Facebook, or YouTube, but converting that audience to NFT purchasers requires them to jump a chasm- the chasm between #Web2 and Web3.
But what about those Web3 natives who are busily buying up the latest music drops?? Do they follow, “like”, and subscribe on Web2 platforms?? The answer is:?sometimes.? Since these social media are well entrenched mechanisms for tracking and enjoying music, jumping the chasm back to Web2 is seamless.? In fact, many collectors buy NFTs and listen to that same content on DSPs such as Spotify, Apple Music, or YouTube Music.? It seems the chasm is one-way.
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So how will you navigate the “One-way Chasm” in Web3 Music.? How will it disrupt your Music NFT launch strategy?
Schedule a free introductory call with me to discover how to innovate on- and optimize- your Web3 Music project to deal with the One-Way Chasm. Not sure where to start with your NFT launch journey?? Feel free to hop on a call and we will explore together.
PhD. | #blockchaintechnology | #music | #vinyl | #WEB3.0 |
1 年Marc Moglen You are right; there is a gulf between the Web2 and Web3a worlds, but we must not give up and combine both worlds! For example, in the DAGADANA project, with a Polish-Ukrainian band, we have physical vinyl for Web2 and digital vinyl for Web3 (see here: https://www.dhirubhai.net/feed/update/urn:li:activity:7087385320232501248 or https://tinyurl.com/yz46v3kb). But beware: for the Web2 world, we add a Digital Certificate of Authenticity in advance. It can only be claimed if you have a cryptocurrency wallet. But how do you do it? We encourage you to sign up for our academy, where we will explain step-by-step how to do it. And for people from the Web3 world, we offer not only NFT (digital vinyl), but we also show why they should buy a physical vinyl record. In a word, patience and education are ahead of us all!
Write To Know You | Nexus Thinker | Music x Tech | Program Manager | Wellness | Forbes + Variety Featured |
2 年Great stuff, Marc! Thanks for sharing! The big opportunity lies in the investment in audience infrastructure. We didn't sell the concept of email by explaining the OSI model. Simple UX to build persistent, authentic connections with fans that explore evolving experiences. Especially ones that reinforce a bidirectional value exchange. Fans have individual "superpowers", right? How could those be harnessed and rewarded to help an artist grow?