Thread by @omotayo_music

web3 is coming for the music industry. Music NFTs are getting more and more attention - but what about fungible tokens aka cryptocurrencies? I think it's time for another 🧵:

During the gold rush, it was the people selling spades who made the most money. Whilst collecting music NFTs is fun and incredibly important, there is also something to be said about investing in the platforms that are building the new bedrock of the web3 music industry.

This is a thread on which music-related cryptocurrencies I am currently looking at accumulating this coming year - personal opinions only, not financial advice:

The great thing about fungible versus non-fungible tokens (NFTs) is that you can buy and sell them fractionally. For example, you can buy 0.1 of an Ethereum and sell 0.01 of that Ethereum if you so choose.

Fungible tokens give the investor more flexibility to take profits without QUITE the same level of FOMO involved in NFT investing (where when you sell, it’s 100% gone).

Here is a very topline overview of some music projects I think have the potential to perform well this year and beyond and either hold currently or will personally be investing in:

1. $OPUL @opulousapp is decentralising the music industry, allowing artists to finance their careers without the backing of a label. The platform acts as a launchpad where artists can sell NFTs to fans in exchange for a % future royalties, as well as gaining access to DeFi loans.

It supports credit card payments (great for onboarding web2 communities) and allows for split royalties (which I feel will quickly become an industry-standard requirement for music NFT marketplaces).

2. $AUDIO @AudiusProject is a decentralised streaming and social platform that gives artists the opportunity to directly interact w/ fans. It launched with the support of @deadmau5 & @RAC & is already one of the largest non-finance crypto dApps (decentralised applications).

Artists can upload their tracks at no cost and users can listen to them for free while everyone earns tokens as a result. Artists are also rewarded with $AUDIO tokens for achievements such as trending tracks/playlists and social engagement.

3. $TRAXX @Token_Traxx is founded by the legendary @TommyDanvers and also aims to be at the centre of the new independent music creator economy.

The token launched recently and the platform will be driven by NFTs with the intention of redefining and enhancing the value of music. They have already onboarded notable UK artists such as @paulepworth and @DumiOburota.

As I said, this is really just a very topline guide! I know many people here have found their way into web3 through NFTs but I thought this thread might act as a way to introduce the community to the world of fungible tokens.

Projects that are still aligned with their passions and values and are, in fact, directly supporting the new world we are all building here together.
#web3music #MusicNFTs