How merch will bring millions of music fans onchain
biggest stories in Web3 music this week.
gm music fans.
This week we’re exploring how music merch could quietly bring millions of people onchain after “digital x physical” startup IKY raised $16.8 million.
Meanwhile, the Web3 music world is deep into building mode so we’ll catch up with all the latest developments from platforms and artists. Let’s get into it!
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Music Headlines 🎧
1. Music merch will bring millions of people onchain
About a year ago, independent musician Verite launched a crewneck sweater with an NFC chip on the wrist. If you scan the chip with your phone you get exclusive access to new music and behind the scenes footage. Verite can “beam” or update new content whenever she likes so it’s a constant touch point with her biggest fans. The chip also contains an optional NFT to verify ownership.
It’s highly effective. About 60% of fans scanned the chip and viewed content within the first three hours.
Meanwhile, metal band Avenged Sevenfold embedded NFTs into their merch this summer. Approximately ~23,000 NFTs were claimed in the first two weeks. Jay-Z’s Roc Nation also launched a range of sneakers, embedded with NFT verification and exclusive content.
Outside the music world, Pudgy Penguins has now sold millions of dollars worth of plushy toys — each comes with a QR code that unlocks access to digital collectible NFTs that can be traded or used within a game. Nike is about to launch trainers with a paired digital version.
Tl;dr I see this use of NFTs as a huge trojan horse to bring more people onchain. It meets people where they are and gets people to interact with NFTs without financial speculation involved.
The reason I’m writing about this today is because IKY — the company behind Verite’s t-shirt chip — just raised $16.8 million. They also launched a new platform so that any creator can get started. You can sign up for early access now.
In five years time, I believe this will be a natural extension of all music merch and a quiet way to bring millions of people onchain for the first time.
2. Web3 music platforms keep building in the bear
Zora introduces gasless minting - Creators and musicians can now put their work onchain without paying any gas fees. In a clever twist, the first person to collect the art will pay the gas fee and get a cut of any future mint fees as a reward. (Read more).
Sound launches notifications - Sound.xyz is on the way to being a social hub for music NFTs, introducing notifications so you can get pinged when your favourite artists drop a new song or if you get a new follower. (Read more).
A new tool for music collectors - Onchain Curator is a new website where music collectors can display their 5 favourite NFTs and see what others are collecting. (Check it out).
Serotonin launches community of builders - Serotonin is one of the few marketing / PR companies that actually *gets* Web3 and worked with several music projects. They just launched a beta community for builders - if you’re building in the space you can apply to join here. (Read more)
3. Web3 musicians keep building
TK launches GARDEN X - TK has dropped two of the most ambitious projects in Web3 music over the last 18 months. He’s now launching a creative studio. (Read more).
Jadyn Violet teases Raver Realm project - Musician and host of Ultraviolet Rave (probably the best regular Web3 music Twitter Space) has started teasing his long-term project Raver Realm. (Read more).
Sound of Fractures adds revenue share to his token - UK electronic producer Sound of Fractures recently launched the SoF Token to fundraise his new project Scenes. This week he added a revenue share. (Read more)
Dot announces onchain label / creative - Producer and DJ Dot launched a new label and is asking for submissions to feature on her genesis mix. (Read more).
Zooming out: broader Web3 news we’re watching 👀
🌊 OpenSea launches a minting studio - Creators can now create NFTs directly (on their own contract) on OpenSea. (Read more)
⚖️ Sam Bankman Fried trial begins - The finale to the FTX collapse is here as opening statements in the SBF trial begin.
🟢 ETH Futures ETF starts trading - The first Ethereum ETF (holding futures contracts rather than spot ETH) launched this week with disappointing volume.
😔 Proof announces layoffs - The company behind Moonbirds and the exclusive Proof Pass has announced heavy layoffs as the bear market starts to hurt.
📱 Head of Instagram is still bullish on NFTs - Despite removing all NFT functionality earlier this year, Instagram boss says he’s still bullish on NFTs. (Read more).
Biggest drops of the week
RAC - Deadline
RAC is one of the earliest pioneers to put music onchain. The electronic producer is back this week with a surprise drop on BASE — Coinbase’s new layer 2 blockchain. (Collect it here).
Follow RAC on Spinamp to stay up to date with all his drops.
Dav - PARTICLES
This is probably the most ambitious music drop in a while: a collection of 30,000 generative music compositions — all fully onchain and interactive. Check it out here.
Thanks for reading!
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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.