1,300 music NFTs minted this week in open edition frenzy
+ 5 more stories this week
Gm music fans,
Here’s a quick roundup of everything you need to know in Web3 music this week.
1. Sound.xyz launches open editions
Welcome to the latest music NFT meta: open editions.
Sound.xyz launched its open edition functionality this week with several blue-chip artists:
Daniel Allan + Kevin George
RAC
Oshi
Bloody White
Matthew Chaim & Reo Cragun
Mija
What’s an open edition? Open editions allow collectors to mint an unlimited number of NFTs within a set time period (e.g. 24 hours or 3 days) instead of having a fixed supply.
More than 1,300 have been minted since launching on Monday but it’s definitely sparked some discussion.
The pros? 📈
Collectors can take the time to listen and don’t have to be online for the moment it drops.
Less pressure on the artist to guess the right supply and price.
It can bring a large audience of new collectors and network effects.
Potentially raises the premium for earlier scarce works.
Opens up a lower price point for collectors that were previously priced out.
Open editions have historically proven valuable in growing the brand for blue-chip crypto artists like XCOPY and Fewocious.
Daniel Allan had a good thread on his perspective as an artist.
The cons? 📉
The lack of scarcity can dilute an artist’s collection and discourage some collectors.
Collectors have a lower chance of selling an open edition for higher in the future.
Are we devaluing music back to where we started in Web2?
Regardless of where you fall on the spectrum, the new functionality has injected some activity back into music NFTs which had otherwise stalled in January.
2. Water & Music publishes Web3 data starter pack
Water & Music has the best data and analysis on music NFTs, bar none.
This week the team published a Stater Pack with an overview on music NFT sales, collector behaviour, metadata and copyright issues.
3. Sample packs on chain?
Arpeggi is best known for launching an on-chain DAW (think of it like Ableton on Ethereum). The project has since expanded into creating on-chain sample packs with Web3 artists like Reo Cragun and TK.
This week it announced the presale for “Kits: Season 1.” Details are scant so far but watch this space.
4. Web3 record label drops new whitepaper
NVAK Collective has run some of the most thoughtful campaigns in Web3 music (they also broke Rosa Linn into the mainstream, hitting Billboard’s Hot 100 last year).
This week, the label published a new whitepaper outlining their vision for an interactive, gamified fan club built around a video game.
Read the full whitepaper here.
5. Probably a Label
Probably a Label is the Web3 imprint from Warner Music UK.
Last year they launched Studio A - a concept where holders can pitch their ideas to the label and get funding or support.
The first result of that experiment arrived last week: an audiovisual NFT made by a community member featuring their Azuki character. It sold almost 1,000 editions, generating close to 10 ETH.
Probably a Label is now teasing a new project with a Bored Ape Yacht Club character Shilly.
6. HedsTape launches interactive NFT player
Web3 music collective HedsTape just announced an interactive music NFT player in collaboration with Secret Garden.
It features 25 stems from 15 different artists.
Collectors can use the player to cue the stems in different variations to create endless different versions of the track.
Thanks for reading!
Thanks for reading!
If you found this useful, please forward it along or share in your group chats. See you next week.
Disclosure: we own NFTs from several artists mentioned in this article including RAC, Daniel Allan and Reo Cragun.