<\/p>\n
According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are a time to ideate and build new products. During this week’s episode of NFT Steez<\/a>, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs.\u00a0<\/p>\n During the interview, Darlington and Udell explained the importance of researching projects with \u201csustainable teams\u201d that continue to build despite the current market conditions and they encouraged investors to learn from the possibilities created at the height of the bull market. <\/p>\n According to Darlington, music NFTs haven\u2019t necessarily had made it as a \u201ctrend\u201d yet, but he is hoping that they cement their space in the next bull cycle. Comparatively, profile pictures (PFP) NFTs are a \u201cmonster of their own,\u201d but music NFTs can see similar success to that of photography or art NFTs.<\/p>\n For creators looking into experimenting with music NFTs, Darlington suggested that it is first important to discover and understand \u201cwhy do you want to interact and why do you want to get involved?\u201d <\/p>\n Darlington said some creators have come to \u201crecognize how broken the music industry is for artists\u201d and music NFTs present a possibility that can provide more sustainability for artists and musicians. <\/p>\n While it’s uncertain how sustainable the new landscape will be for artists, the one \u201cresounding truth\u201d and commonality is that creators are not \u201ccontent with the current model,\u201d there is a willingness to be open to change the status quo but this depends on the \u201cformat and the shape that music NFTs will arrive in,\u201d explains Darlington.\u00a0<\/p>\n Metalink founder, Jake Udell alluded to how levels of engagement differ between free and pay-to-use platforms with users opting to engage more in platforms they have a stake in. Creators and users who feel they have invested into the product are more likely to \u201cplay around with the product more and be more likely to make something of it,” says Udell. <\/p>\n Interestingly, this dichotomy where users are invested and in-turn empowered to experiment opens up for a more dynamic relationship between the listener and the artist instead of listening to music as a \u201cpassive\u201d pastime. Whether or not users care about ownership or truly have it matters less in relation to the culture and community created toward the increased value entities are now placing on digital goods. <\/p>\n According to Udell, the amount of attention the NFT space received in the last year alone led the way for a \u201ccult like phenomenon.\u201d Groups are brought together by the common thread of Web3 and while Udell does not believe that \u201cWeb3 is necessarily a genre,\u201c it is another avenue for artists to tap into and successfully grow their audience.\u00a0<\/p>\n Interested in learning more about how music NFTs could rule 2023? Don\u2019t miss the full conversation on Twitter spaces<\/a>! Tune in to NFT Steez on Twitter every other Friday at 12:00 p.m. ET. Make sure to set your notifications and set your alarm! <\/p>\n The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\nCreators and communities will benefit from music NFTs<\/h2>\n
Are music NFTs in a separate genre of their own?<\/h2>\n