Nfts
Are Music NFTs Dead? | Bankless
This week, Cooper Turleycreator of onchain record label Coop Records, has sparked a wave of debate in the NFT scene by claiming that the original paradigm of music NFTs has failed.
via X
Of course, there are a few things to analyze here:
- Coop wasn’t claiming that music NFTs had definitely failed. He was simply saying that an early vision of them had failed.
- He said that collecting music should be free and accessible, meaning it should be more seamless like listening to a song on Spotify or YouTube.
- He warned against “roadmap-itis,” or the need for artists to offer various perks to bolster their drops and expensive mints.
- Finally, he suggested that the old paradigm of music NFTs has given way to open editions, which are more user-friendly for artists and fans.
On the first point, I think NFTs as basic MP3 files (many of which can be temporary via IPFS) are not compelling as a distribution channel if they are not 1) wrapped up in a larger and more interesting project, or 2) are not used more widely.
An example of the first is The albuma project led by PleasrDAO where fans can create an encrypted but unlockable version of Wu-Tang Clan’s legendary Once Upon a Time in Shaolin album for $1. The album is collectible in its own right, but the distribution experience is also compelling and worth supporting.
As for the latter, consider Sound capsuleswhich allows you to create simple audio players that can hold playlists of Zora music NFTs via ERC-6551. The underlying NFTs may be simple from a technical standpoint, but the platform that overlays them allows you to compose and play with them towards new ends.
Regarding Coop’s second point, I think having music NFTs as free and accessible as possible is smart in many cases, because that dynamic aligns with what most people expect when it comes to music UX.
There are exceptions though. Think about it. MyFi Studioswho creates fully chained musical instruments, or “musical toys,” such as No dicea series of instruments with their loopers, pitchers, slicers and sequencers entirely on Ethereum. They are innovative digital artifacts, but they are also fun, interactive and rare. It is fair to charge more than free for these literal collectibles, for example.
As for the roadmap and expensive music NFTs, I agree that the latter are not for most people, although I bet this approach could still work for very famous artists like Taylor Swift or Travis Scott. They would have the muscle to make it work. But then again, these superstars are also the least likely to need or care about the independent composable and programmable possibilities around music NFTs, at least as things stand now.
Which brings us to Coop’s final point: “Music NFTs worked so open editions could exist.” I can relate. Or at least, I know what he means.
I’m personally a fan of Zora’s “free mints” open edition model, where the artist doesn’t charge any main price but collectors pay a fee of 0.000777 ETH, a portion of which is redistributed to the artists, meaning they can make more money. Zora Protocol Rewards via music drops rather than streaming platforms.
At Coop Records, Coop has also started subsidizing open edition music releases by paying token rewards to collectors, such as $OP, via the Booster platform. The over $100,000 worth of rewards paid out to date have helped offset the overall minting costs for collectors at about $1 each. Not bad! It’s an interesting approach for others to consider in the future, I think.
Looking back, I find the conversation around music NFTs this week encouraging. It reminds me of how many passionate people are interested in this topic and how many interesting experiments are happening in this scene right now. Ultimately, I think the best path forward for music NFTs is to continue to embrace experimentation, new methods, different approaches. In that regard, I know we are in good hands between all of us.
In truth, we are only just beginning to imagine what music NFTs can be. I am optimistic.