gm music fans.
You’ll often hear people talk about how Web3 creates “net new revenue streams” but what does this really mean?
I saw a cool example this week from US music festival All Things Go that I wanted to share with you. The team used NFTs to generate an extra $50k in revenue that wouldn’t have existed without Web3, and delivered a host of special experiences. We’ll go deeper in this week’s newsletter as well as the usual biggest stories. Let’s get into it!
Ziggy Ziggy Season 3 is powered by Beatport.io.
The first drop on Beatport.io was a celebration of Berlin club life. The second is a celebration of diversity. Beatport has started teasing its next collaboration with HE.SHE.THEY — an inclusive record label, fashion brand and events company that hosts house and techno parties around the world. We’ll have more details for you soon, but follow the Beatport.io Twitter account to stay up to date.
Headline story
Web3 unlocks new revenue for festivals
With headliners like Lana Del Rey, Boygenius and Maggie Rogers, All Things Go is Washington DC’s biggest music festival. This year, they teamed up with Web3 platform Medallion to build a community powered by NFTs.
The results were impressive.
10,000 people signed up using an email flow that cleverly hides the tricky crypto wallet-connection. (About 25% of the festival’s total attendees signed up).
They also sold a “Season Pass” NFT at $60 which unlocked several exclusives such as early entry, free merch and input on future performers. Additionally, they sold a collectible Line-Up card for $25.
Together, these digital products netted an extra $50k and helped create a sticky community around the festival ahead of next year’s event.
Medallion has always been one of my favorite platforms for blockchain tech in the music world (they also built accessible Web3 communities for Santigold, Sigur Ros, Jungle). And this is another example of Web3 creating “net new revenues” and community tools for the music industry.
Web3 music round-up
The big theme this week is Web3 companies repositioning and pivoting as the market changes.
Royal expands strategy - Royal emerged in early 2022 as a place to buy and sell NFTs tied to music streaming rights from Diplo, Chainsmokers and more. Founded by 3LAU, the company just teased a new expansion beyond streaming rights. (Read more).
Earn crypto for sharing music - Invest in Music are running an “Onchain Curator” program where you can earn Optimism (OP) for sharing music. 1,000 OP was given out in September, so get involved for September! (Read more).
Showtime pivots to creator tokens - Showtime gained traction by offering NFTs linked to Spotify “presaves” but now the platform is rolling out creator tokens. (Read more).
Linkin Park’s Mike Shinoda teases Web3 initiative - Shinoda released a digital Tamagotchi that reacts to music activations like streaming on Spotify and YouTube. Powered by Web3 incubator Hifi Labs. (Read more).
Anotherblock party in London - The Web3 platform that gives holders exposure to streaming royalties in hit songs like Rihanna’s “Bitch Better Have My Money” hosted a big event in London with Rudimental. (Read more).
Zooming out: broader Web3 news we’re watcing
Reddit backs out of blockchain - Reddit discontinued its community points blockchain initiative (Read more).
Fake news BTC ETF - An news report mistakenly claimed the SEC had approved a spot Bitcoin ETF, briefly triggering a huge spike in BTC price. (Read more).
Uniswap front end adds 0.15% fee - Sparking debate over DeFi monetization models. (Read more).
FTX trial not going well for SBF - In the third week of the FTX trial, the prosecution has put together a string of devastating witness testimonies while cross-examination has been weak from SBF’s lawyers. (Read more).
Ferrari will accept crypto payments. (Read more).
Macy’s launches digital fashion platform. (Read more).
Biggest drops of the week
Jadyn Violet - Raver Realm
Jadyn Violet is gearing up for the release of his year-long project Raver Realm, which drops on Monday 23rd October. The project is an ambitious crossover of music and PFP character art.
There’s 9 official songs, 9 different characters and 3 different ‘realms’ for a total of 1,800 unique NFTs. We’ll be joining Jadyn’s drop party on Monday and can’t wait to see this one roll out. (Read more).
Follow Jadyn Violet on Spinamp.
Green Ring - Adrift
Green Ring makes some of the most calming, mellow electronic music out there. This week the producer teamed up with NOISE DAO as part of their compilation series. You can get an exclusive limited edition or one of the new “Forever Editions” on Sound.
Thanks for reading!
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Ziggy Ziggy Music Season 2 is supported by Beatport.io and Spinamp.
Disclaimers: We may own NFTs mentioned in this article, have previous or current contracts with companies mentioned and may earn referral income from links to music NFTs. This newsletter is purely informational and should not be considered financial advice. Nothing in this content should be considered a recommendation to buy a particular NFT, only an expression of our opinion.