The Summer of NFTs

In Beats + Bytes by Nue Agency

This summer will be forever known as The Summer of NFTs. At the beginning of the year, the market started to take off. But when things cooled down, the market started to take shape. Now, as summer comes to a close, NFTs are hotter than ever. With so much momentum in the space, we’re really “just getting started” this time.

Although this might not be a popular opinion, I’ve been on team “sell NFTs” rather than team “buy NFTs” until this moment. That, along with supporting select startups in the space, has been my strategy. Have I missed out on the get-rich-quick wave of Crypto Punks and Board Ape Yacht Club? Maybe. But the “digital drip” of changing your avatar and flaunting your digital wealth is not a solid long-term effort worth the chase, IMO. I’m more interested in setting the path, identifying the most promising players, and building alliances for the future.

One Of, which will be the largest music NFT platform, launched this week. I’m excited by their vision to bring accessible, music-focused, “green” NFTs to the mass market.

NFTNow is also officially launching this week. They’re the top outlet covering the movement and the place to be for NFT news, drops, facts, and figures.

My crew is ARK Labs where we brainstorm and produce ideas with some of your favorite artists on a regular basis.

I’m also down with the Lyricist Lounge collective, where every week a bunch of friends learning about the space get together and share stories and ideas. It’s still under the radar, but it’s incubating.

And I’m a new member of FWB, the premiere collective in the space. I’m loving the access and vision.

As far as individuals go, Israel Wilson and Jess Grushack are two players that I admire. They’re in the trenches making real waves. They understand the crypto ethos. A lot of people talk the talk but these two live it (and have for years now, which is saying a lot in this young industry).

The reality is, two of the highest growth areas in music — NFTs and music live streaming — now rely on Web3. The way I see it, there are three main reasons these areas are not only on the rise but represent a fundamental shift in the music business as we know it:

Artist and fan connection: Web3 changes the relationship between fans and artists. Now, fans and artists can speak directly with no middleman. Not only can they connect, but they can also transact. For a long time, artists have been transacting through platforms, labels, and retail outlets, but never this directly with consumers. This is the end of that era. Artists can finally own the relationship with their fanbase.

New revenue: This is a great new revenue source for artists. Everything from their old art, to their images, music, and live/digital experiences can be commodified. There are so many opportunities here to do something interesting. Once encrypted onto the blockchain, everything will last a lifetime.

Collectibles: Web3 generates tremendous new collectibles for fans. Not only will these souvenirs be meaningful, they will also have resale value. Artists can be written into the contracts of these items to make money on every resale.

There is so much room for innovation that the market cap of the industry is going to continue to grow exponentially the more traction and use cases arise. We are in the early days and you can still be early, too. I know I’ve been talking about it for a while, but I’m going to continue to ram it home. This is a time and place where you can feel your impact. I highly suggest you get involved. It’s the most fun a lot of us have had in years.

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Also published on Medium.