NFT volume soars back, what about music?
biggest stories in Web3 music this week.
gm music fans.
NFT volume is up 400% over the last month as a wave of money comes back into the crypto markets. Is the music scene surfing this wave? We’ll get into it this week.
Also in this issue: Disney is getting back into Web3, and there’s more signs of NFTs combined with music merch and live events — something we’re incredibly bullish about.
Let’s get into it!
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Headline Story
NFT volume comes back, but what about music?
$500 million flowed through the NFT markets in the last 30 days — a 400% increase on the previous month according to The Defiant. It’s a welcome relief after a long summer but it might take a little longer to flow down into the music scene. Why?
It looks like most of the volume was concentrated in the top NFT collections like Crypto Punks (Punk sales just hit the highest number in 16 months). On top of that, the number of unique wallets buying NFTs didn’t really rise.
This tells me there isn’t really any *new* money coming into the ecosystem — just existing crypto-natives allocating back into established grails.
Music is still under-established compared to art and PFPs so I expect it to take a little longer for crypto collectors and then broader music fans to go deeper into the music ecosystem.
However … the swell of volume across the broad NFT market is a positive sign of life again. It will be interesting to see if it holds in the coming weeks.
Onchain music headlines
Merch that gives you a cut of music sales? Web3 record label Hume just launched a hoodie that automatically unlocks a limited edition NFT song. Buyers will also get a share revenue from additional mints of the song. It’s all powered by a scannable chip in the hoodie by IYK. (Read more).
Royal tests NFTs at concerts. The Web3 music platform founded by 3LAU is testing a new IRL product. Concert attendees received an entry band with a scannable NFT claim. More than 250 people claimed an NFT at the first event. (Read more).
Get a unique NFT based on your listening history? Greta Van Fleet just gifted their fans a unique NFT experience. You connect your Spotify account and get a personal collectible that represents your listening history. (Read more).
KINGSHIP teases Roblox game. Universal’s Bored Ape supergroup is working on a game within Roblox. (Read more).
Music metaverse festival. Decentraland announced its annual metaverse festival and lineup. (Read more).
Zooming out: broader Web3 news we’re watching
Disney enters Web3. Disney is launching an NFT platform in partnership with Dapper Labs. (Read more).
Roblox integrating NFTs. Roblox CEO talks about blockchain tech on CNBC. (Read more).
Solana overtakes Ethereum active users. (Read more).
National Hockey League (NHL) launches NFT platform for highlights. (Read more).
Paris St. Germain soccer club launches NFT product. (Read more).
Biggest drops of the week
Rohki - Cereleum
Rohki is one of the most ambitious and accomplished projects in the music scene. This week they dropped a six-track album — collectors of all six will get a special token that gives them access to 5% of all primary and secondary sales.
The Pack Records roster
NY indie label Pack Records dropped 11 songs this week. My favourite is this beautiful remix of OTR’s Dawn — a track that boasts 7 million streams in Web2 and is now collectible in Web3.
Follow Pack Records on Spinamp.
Thanks for reading!
We believe a new generation of independent music will be born out of Web3 culture. Discover the best music here first. Follow us on Twitter where we share the best music every day.
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.