gm music fans.
A small headline caught my eye this week. Warner Music Group’s chief digital officer, Oana Ruxandra, is leaving the company on Friday.
Ruxandra was one of the driving forces of Web3 strategy at Warner, which was easily the most forward-thinking of the three major labels in terms of NFTs.
So, where does this leave WMG? And what about Universal and Sony? After all the hype, have the majors given up on Web3? We’ll dive in this week, plus all the usual big stories in our music world. Let’s get into it!
Ziggy Ziggy Season 3 is powered by Beatport.io.
Recently, Beatport.io kicked off a series of Twitter Space discussions. In the first episode, they delved into the future of record labels and how Web3 will evolve them for artists and musicians.
One of my favourite producers Sound Of Fractures and Maarten Walraven, the founders behind the web3 "label" Wild Awake, joined this week for a really insightful conversation.
Listen back to the discussion and to catch all future instalments by following Beatport.io on Twitter @btprtio.
Headline story
Warner’s Web3 advocate departs
Oana Ruxandra is leaving Warner after 10 years on and off at the label. The former chief digital officer was outspokenly bullish on Web3 and spoke regularly at crypto conferences including Coin Desk’s Consensus.
When I was covering the NFT beat at Billboard she said, “WMG is focused on ensuring that our artists are deeply embedded in this world of Web3.”
Between Ruxandra and Warner’s UK counterpart Sebastian Simone, they launched several NFT experiments including Muse’s chart-accredited NFT which hit number one, a Web3-powered label, a PFP project Stickmen Toys and a grant program with Polygon.
Although some of these projects have faded out, I was always impressed with Warner’s understanding of the space — for example, they pushed hard to give away music IP rights with Stickmen Toys (an almost impossible task at a major label) and they opted for a free mint instead of the typical cash grab.
What next for the major labels?
Despite all the promise, however, major label activity in Web3 has practically disappeared. Obviously, the declining volume and interest in NFTs plays a factor, but there’s something else, too:
AI.
Digital teams at the three majors labels are likely consumed with the rapid advancements in AI, and the promises (and threats) that come with it. There’s little bandwidth for experiments like NFTs and I don’t expect any big moves in Web3 until AI hype dies down and Web3 interest picks up again.
Does it even matter?
I’ve always been encouraged by major labels taking this space seriously … HOWEVER … regular readers will know that I’m far more bullish on the independent scene.
Web3 is a grassroots movement that will rise from the ground up not the top down. My entire thesis is that Web3 will give power to independent musicians who can move fast and experiment, which, in turn, will act as leverage on the bigger players.
What do you think?
If you’re reading this from a major label, publisher or traditional music company, I’d love to hear your perspective. Shoot me an email (ben@ziggyziggy.xyz) or reach out on Twitter.
Web3 music roundup
Sound.xyz opens up Tiers - the new drop format allows artists to add a free “Forever Edition” to their drops allowing it to reach more people (while still paying artists a small mint fee). (Read more).
Zora rolls out referral fees - If you share an NFT from Zora, you can now get a cut of any sales made through your link. (Read more).
NFTs that evolve based on Spotify streams? - Artist and Spaces host Jadyn Violet has launched his long-term project Raver Realm, mixing 9 songs with hand-drawn characters that evolve based on Spotify streaming activity. (Read more).
Discounted merch for token-holders? - Richie Hawtin has rolled out a new range of merch with a discount for any POAP holders (a “proof of attendance” NFT). (Read more).
Music magazines struggling? - Traditional business models are failing the music press. 18-year old UK mag DMY has launched a new community-funded model to raise support. (Read more).
Bonfire launches credit card support and a new storefront - The best website builder for Web3 musicians continues to ship new features. (Read more).
Zooming out: broader Web3 news we’re watching
❌ UK government warns against NFTs in sport and culture. (Read more).
🖼️ MoMA acquires a beautiful NFT for its permanent collection (the first time ever). (Read more).
🏎️ Lead Ferrari designer launches an NFT. (Read more).
🔥 100 Pokemon cards have been tokenized via Solana marketplace Magic Eden. (Read more).
🗞️ NFTNow rebrands to NFTMedia and expands coverage. (Read more).
😔 Yuga (the company behind Bored Ape Yacht Club) announces layoffs. (Read more).
🟢 Decentralized social network Farcaster open to the public. (Read more).
Biggest drops of the week
Bloody - Slip Away (ft. Edwin Honoret)
Bloody White’s alter ego project continues this week. He collaborates with Edwin Honoret — singer in the wildly popular pop group PRETTYMUCH. And there’s a twist… you can get a free limited edition by creating content to support the drop. (Listen here).
Follow Bloody and Edwin on Spinamp so you don’t miss a drop.
Beachcrimes - Life Without U
Ziggy Ziggy family Beachcrimes are back with a French electro vibe … and we had some fun with this one using Sound’s new Tiers format. You can only unlock the exclusive Limited Edition by collecting 10 Forever Editions. Check it out.
Follow Beachcrimes on Spinamp so you don’t miss a drop.
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.