How will music integrate with NFTs?

Hey this is Allstar…Where we help you understand NFTs and give you some conversation starters with the ladies, because, they all love talking about crypto 😎😉

This email’s estimated read time is 3 minutes and 19 seconds.

Today we’re talking about 

• 🎵 Music's integration with NFTs 

• 🧐 Coinbase’s NFT marketplace and social media approach 

• 🔰 Annual recap

Music's Integration with NFTs

Music is probably the biggest thing that influences our pop culture. Artists create a body of work so people can enjoy and have a little escape from what's happening in the real world. Even though it's a $63B industry, it could be hard for smaller artists to make money from their work. But with the internet and new developments in media, that's slowly changing, with NFTs being at the forefront. 

Giving power to the people:

1. It gives the listener not only access to one of their favourite songs/albums but gives them ownership, choosing whatever they want to do with it, whether that's selling for a higher price, listening to it daily or just collecting because you are a fan of the artist. 

2. Artists that create will have complete control over what happens to their music, making them essentially their own record label by distributing, promoting and keeping all of the profits. And because of this, there is a mindset change, where artists are more focused and driven based on their quality of community and work instead of the number of streams.

3. Music NFTs incentivize and reward people who are early in discovering new music/artists. And we all know the bliss feeling of discovering new artists before they blow up. This encourages people to keep searching for something at a time when people think they know everything.

4. Collecting is nothing new, and people do it with music all the time; vinyl, CDs, posters, and NFTs add another dimension to giving fans more options. 

Like the internet, it gives more people hope to do their own thing or even create and put out their work. I'm sure without the internet, many artists wouldn't have the platform to even voice themselves. Now times are different, and maybe the next Kanye West will have their start on Web3. It's a new age with infinite possibilities.

Coinbase’s NFT marketplace and social media approach.

To start, read the comment on this post LOL.

The Coinbase NFT marketplace launched its beta version on 4/20 (haha). Apart from being like other platforms where you can buy and sell NFTs, they are launching a social media marketplace. There you can follow projects you want to keep up with, subscribe to drops, connect with your favorite artists, and even create/showcase your own collection. Check it out: https://www.coinbase.com/nft

Anything could happen. With people coming together, there are possibilities of arguments in the comments about which project is better, fud, bots. https://twitter.com/cr0sseth/status/1516815705949151234?s=10&t=7w053iBXdrpIrb531S2rjQ

But there could also be a lot of good, people helping each other, informing them on the space, teaching them new things etc. Do you think this is the right way to go about things in our age? How do you think this will affect the market?  

Annual recap. The growth of Crypto 

With crypto growing faster than the internet, it could be hard to keep up or even remember what's happening. Don't worry, that's why we're here! Here's a little summary of what the hecks been going on. Buckle up!

• Early 2021 was different. Crypto Punks were THE project to have. In March, there were a couple of 4200Ξ sales of rare alien punks.

• By March, NFT art and 1/1s were the dominating forces. A record $69M sale of Beeples 'the first 5000s'. @punk4156's 1000Ξ sale of "Death Rip" by XCOPYART. It was a market-driven by whales.

• In late April, the BAYC minting happened. A relatively successful but minor event, it took several days to mint out and, at the time, was just another cryptopunks copycat.

• For the next two months, the market slowed. ETH and volatility being at an all-time high were the main factors.

• July 30th. Gary vee made a 1600Ξ purchase of an Ape Punk, igniting the wildest bull run ever. Punks went 20Ξ to 60Ξ overnight. In the following months, it would reach an ATH of +100Ξ, and go with other notable rises, such as ART BLOCKS.

• One of the highest ROIs ever, a Chromie Squiggle minted for $100 in December of 2020 was sold for 945Ξ in September 2021

• All time high sales of Ringer #109 for 2001Ξ and Fidenza #313 for 1000Ξ.

• Then 'Archeology NFT' happened, pre 2018-2019, such as Etherrock #27 for 888Ξ

• By October, a massive change happened. All this media attracted new people with different interests, such as the whales who would be the highest sales. Yuga partnering with MOONPAY for celebrity endorsement and CloneX and RTFK getting acquired by Nike were moves solidifying this new status of NFTs. Newcomers now were not able to afford Punks or Art because they were unaffordable, focusing on BAYC and CloneX. More here and here

• Shift from art-based indie economy to execution performance-based brand economy driven by a demographic of investors.

Pheeew, all this in just a year. What else do you think is coming in the future? Let us know your opinions!

In our last email, we talked about how Moonbirds were at a volume of 88,249Ξ and floor price of 20Ξ. Now only 3 days later it has almost doubled! With the volume standing at 101kΞ and current floor price at almost 35Ξ! Needless to say, It pays to keep up 😉

That being said, with music and crypto growing by the year, do you think NFTs will take over record labels in the near future? With all this growth is it worth doubling down on crypto? Just something to think about during your day or to ask someone else :) Allstar out, see you next time✌️