Music NFTs on national TV?
A big turning week for web3
gm music fans,
Crypto cycles are defined by long years of quiet building, followed by sudden breakthroughs where everything changes overnight.
This week felt like one of those moments where everything changed.
And not because of speculation or meme coins or “record highs” but real, new use cases and a strong narrative for why we need crypto to disrupt the consolidation of power on the internet.
Let’s jump into the biggest stories of the week to explain.
Music NFTs mentioned on CNBC
Chris Dixon from investing firm a16z has a new book out this week called Read Write Own. He sets out a vision for why the internet should be rebuilt on crypto rails to disrupt the power of social media platforms and big tech.
He appeared on CNBC as part of the book tour and used music as a key use case.
“We see a lot of musicians using NFTs to sell digital merchandise to their audience to create new income streams to supplement streaming which doesn’t pay them very well.”
The main concept of the book is to replace the monopoly power of web2 giants with open systems that reward its users. “The web should not be controlled by 5 companies. It should be controlled by communities.”
The rise of Web3 social?
Web3 social app called Farcaster (think of it like a Web3 Twitter) went viral this week with a new feature called Frames. Frames are interactive posts within the app that you can use with without ever leaving the social feed. You can play a Pokemon game, subscribe to a newsletter, or mint an NFT without going to a third site.
It’s a fully new experience that doesn’t exist in Web2 and - crucially - isn’t built around speculation. 0xDesigner made the clearest explanation about how Frames could change our future habits.
Web3 music roundup
Catalog Radio launches - Catalog is the home of rare 1/1 music records. This week they launched a 24/7 radio and “cosigns” which are $1 endorsements that go straight the artist. (Try it out).
Mark Cuban dismisses music NFTs - Mark Cuban says music NFTs are a “Tough sell. Hasn’t found a compelling aspect yet.” (Read more).
Water & Music publishes Web3 starter guide - An amazing resource for getting started onchain (and AI). (Read more).
Singer-songwriter Violetta Zironi hits $1.1 million secondary sales - Her collection “Moonshot” continues to generate sales. (Read more).
Zooming out: broader web3 news we’re watching
NFT sales down 36% in January. (Read more).
OpenSea CEO says they’re open to being acquired. (Read more).
Claire Silver’s AI art collection sells $1.13 million. (Read more).
Digital art from the bankrupt 3AC investment fund sold at Sotheby’s for $1m. (Read more).
Solana DEX Jupiter airdropped $700m in tokens to early users. (Read more).
Zora launches “canvas” so you can mint any creation instantly. (Read more).
Crypto prediction markets hit $50m month as US election gets closer. (Read more).
Pudgy Penguins launches a new licensing platform so NFT holders can easily license their Penguin. (Read more).
Crypto The Game launches - 0.1 ETH to buy in, only one person can win. (Read more).
Biggest music drops of the week
To celebrate the launch of Catalog Radio, here’s a couple of tracks I love on Catalog right now. You can bid on the 1/1s or “cosign” them with an onchain endorsement.
Latasha - DUMB
Sound of Fractures - Willow’s Heartbeat [original demo]
Essential Reads
The State of Consumer Crypto - An epic breakdown of music, social media, gaming and consumer crypto use-cases across web3 right now. (Read more).
Minting is the Native Business Model of Web3 - Fred Wilson explains the power of “minting.” “You don’t just tell the creator you like their work, you send them a tiny bit of money and you get to own a copy of the work.” (Read more).
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.