Thread by @Cooopahtroopa

20 problems with Music NFTs today 🔽

Accessibility

All the top Music NFT platforms suffer from gatekeeping.

Interested artists do not have a smooth onramp into the space.

Music NFTs are expensive and bar out the average fan from collecting.

Utility

There isn't much to do with your Music NFT.

There is limited utility for those who hold these assets within the artist communities they underpin.

In most cases, you're purely buying a collectible.

When there is utility, the UI/UX is poor at best.

IP

Streaming or licensing a Music NFT opens a can of worms around rights ownership.

No one has a uniform answer on how to treat a Music NFT sale, and we probably won't for some time.

There is no standard around Music NFT monetization.

CC0 is promising, but very utopian.

Quality

The best artists in the world are not releasing Music NFTs.

Many have critiqued that the quality of music is not up to par with the amount of hype Music NFTs get.

Songs are selling for thousands of dollars that in many people's mind, are not good songs.

Onboarding

There is no clear path on how to get started.

While guides exist, the actionable steps to become a web3 artist is very unclear and hazy.

From the outside, Music NFTs are a boy's club for rich people to flex.

This is not inviting to new entrants.

Valuation

There are no uniform metrics on how to judge Music NFTs.

Music is extremely difficult to value. It means something different to every person.

Commoditizing music is scary and takes away from the fact that music is art.

We have never had public markets for music.

Authenticity

People buy Music NFTs without listening to the underlying song.

There are actors who do not care about the music, but see it as a good investment opportunity.

For those with a passion for music, it's difficult to watch a pure art form turned into gambling.

Hype

There is more hype around Music NFTs than the actual amount of impact Music NFTs have had.

People are shouting from the rooftop that Music NFTs are the future (myself included) and it comes off as inauthentic.

There need to be more tangible case studies.

Industry Experience

Many top players in Music NFTs do not have deep music industry experience.

Operators, collectors and creators are building from scratch, and often do not have horror stories those deep in the cut do.

This signals negligence to professionals who suffered.

Ownership

Most Music NFTs come with no underlying ownership.

While there are platforms that do support this, the vast majority of traffic today is around collectibles.

Many people have a hard time understanding why a collectible has value - let alone thousands of dollars.

Distribution

Music NFTs are not reaching millions of listeners.

They are reaching a very select, niche audience that are interacting in a new way.

Many web3 events have very few people attending a set for a headline artist, and from the outside it looks like a joke.

Inclusivity

Music NFTs are not uniformly accessible to all communities.

The current market favors previously successful artists, and is overwhelmingly driven by white males.

There is an underrepresentation of new creators, BIPOC and female artists.

Supply

There are not enough Music NFTs.

Many struggle to find records they love, because they have never been minted.

When you do find a record you love, there are very few listed for sale, and at a very high price point.

Secondary Market

Secondary sales for Music NFTs are extremely new.

We are in the early edition phase of Music NFTs, similar to early art on Nifty Gateway.

We're still figuring out the nomenclature and classifications that drive secondary volume.

Endorsement

Music NFTs are not being embraced by the existing music industry.

Major labels are hesitant to participate, and rightfully so.

The technology is not yet suitable for the biggest artists in the world.

Cost

Music NFTs are costly to mint, and most creators can not afford $100 to press a record.

Custom smart contracts are expensive to deploy, and require a technical understanding to get started.

Buying Music NFTs comes with a premium that bar most true fans.

Community

Most Music NFT Discord communities are not active.

It's hard to judge the health of a community when most collectors today are happy simply collecting and not engaging in daily conversations.

Creators are expected to spend more time talking to fans than ever before.

Consumption

Music NFT players are very limited.

It's difficult to play your Music NFTs, or to show them to friends.

The mediums to enjoy the music are not up to par with what people expect.

History

Music has historically been a terrible market to invest in.

Most are not convinced that music is a market that can be saved.

For those that do believe it can be saved, there are generations of systems that need to be unravelled.

Learning Curve

Music NFTs bring about a new set of terms and acronyms that go over most people's heads.

It requires patience to learn a new language, and a high time commitment to fully understand.

Even then, the goal post is constantly moving.

But it's not for nothing.

Music NFTs are a new chapter.

We have a long way to go, but there is hope.

I'm hopeful we can find a new way to properly value music and create a better relationship between artists and fans.

Music NFTs are early - they've been around for ~a year.

We need time to figure all these problems out.

Thank you to those challenging the model and bringing constructive criticism on how to improve.

I welcome a world where we can agree Music NFTs have a net positive affect on the music industry at large.

Until then - I'll keep building.

To keep up with Music NFTs - check out my newsletter.

I share an update on This Week in Music NFTs every Monday.

Happy collecting!
thisweekinmusicnfts.substack.com