The Future of the Music Industry (FoM)
NFT's, digital rights, augmented reality, virtual reality, and the metaverse.
Web3, Social Tokens, & NFTs allow for new business models to be explored. It's not where you "mint" your nft or how much of your streaming rights your are allowing your fans to get. Its about fans connecting with your music and you connecting with your fans.
The structure of the fan/artist relationship is changing. Instead of top down pyramid structure, we have a circle with the exchange flowing in and out all around. This is about new ways to capture value and for value to be carried in to the future.
Under the current model your earliest fans in reality pay more than anyone else and in the end do not have much to show for it. They bought the tape, the cd, the vinyl, the mp3 download, and they pay to hear it on Spotify. As the artist, you are not receiving a lot and the fan has nothing to show for it.
Under the new model your fan has ownership over their purchase and can sell it later when the artists career advances or the song gets picked up for something bigger. As a creator you can grant special privileges or experiences to people who have those the early NFTs. This can add value to them later. A fan can use the additions or sell the NFT. And if they sell it for more than they got it, that's great for them, and you as an artist because you get a resale royalty!
This really just scratches the surface of things. We are currently connecting the on-chain and off-chain worlds to create truly dynamic experiences.
Social tokens allow for communities to scale. They become a fabric that ties a whole community together. NFTs are ephemeral and experience while social tokens can be seen as more constant and flexible. Social tokens are particularly exciting, as we expect to see off-chain irl events/actions impact a creators social token market cap.
For example, a music artist starting a successful new brand or an athlete doing a collaboration with a brand. As it adds "monetary" value to the creators pocket book, this added influence in society will add value to their token community.
Once we add in the AR, VR, and the metaverse, the shape of the future of the music industry begins to take shape. NOW is the time to build a web3 plan.
NFT - Social Tokens - Consulting
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I am currently working with P00LS.io creating social token and web3 strategies for some amazing creators. Please email me about your project.