Thread by @ljin18

Music monetization on the internet is unquestionably broken. With a payout of $0.003 per song stream, a musician needs 6 million plays annually to earn $18,000.

I'm so excited to support @soundxyz_ in their quest to let 1M artists live off their music, leveraging NFTs & web3.

https://twitter.com/soundxyz_/status/1471118237635162117

Web2 monetizes attention: each play of a video/song contributes the same revenue, regardless of how intensely a fan loves the creator's work.

Web3 monetizes passion: digital scarcity via tokens enables creators to capture fans' full willingness to pay.

https://twitter.com/ljin18/status/1461040177154080768

This ability to decouple audience size from monetization is one of the most powerful effects of web3 for creators.

Creative industries, by definition, are those in which artists incite love from fans; to-date, there has just been no ways to capitalize on that on the internet.

Music is one of the categories in which there is the widest chasm between audience size and fan affinity.

Case in point: @imdanielallan crowdfunded 50 ETH ($142K) for his EP through NFT sales, when he only had about 200 Twitter followers at the time.

The first 7 drops on @soundxyz_ all sold out in under 1 minute, contributing the equivalent revenue of 21 million streams.

This is the 100 true fans thesis in action: creators no longer need millions of fans, but only a small, passionate few who love their work.

li-jin.co/2020/02/19/100…

@dgreenstein1 is one of the most passionate, tenacious, and ambitious founders I've ever met.

Changing the music industry and improving artists' lives is nothing short of his life's work.

Going forward, @soundxyz_ has an ambitious product roadmap with more social features, curation, and crowdfunding for creative projects.

And they're hiring to make it all happen! soundxyz.notion.site/Sound-xyz-is-H…