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According to Mike Darlington, CEO of the electronic music platform Monstercat, and Jake Udell, inventor of the social NFT platform Metalink, bear markets represent an opportunity to generate new ideas and construct new companies. Darlington and Udell concurred on this week's episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph experts, that the future is bright for crypto, especially for music NFTs.
During the conversation, Darlington and Udell emphasized the significance of investigating companies with "sustainable teams" that continue to expand despite market conditions. They urged investors to learn from the opportunities provided during the bull market's peak.
According to Darlington, music NFTs have not necessarily established themselves as a "trend" just yet, but he hopes that they will do so during the next bull market. Profile picture (PFP) NFTs are a "monster of their own," but music NFTs can achieve comparable success to photography or art NFTs.
Darlington advised producers interested in experimenting with music NFTs to determine and comprehend “why do you want to interact and why do you want to become involved?”
Some creators have “seen how dysfunctional the music market is for artists,” according to Darlington, and music NFTs offer a way to increase the sustainability of artists and musicians.
While it is uncertain how sustainable the new landscape will be for artists, one “resounding truth” and commonality is that creator are not “content with the current model.” There is a willingness to be open to changing the status quo, but this depends on the “format and form that music NFTs will take,” as Darlington explains.
Jake Udell, the creator of Metalink, pointed to how engagement levels vary across free and paid sites, with consumers electing to interact more with platforms where they have a stake. Udell explains that creators and users who feel involved in the product are more inclined to “play around with the product more” and “make something of it.”
Intriguingly, this duality, in which users are involved and empowered to explore, allows for a more “active” interaction between the listener and the artist, as opposed to “passive” music listening. Regarding the culture and society formed in response to the increasing value entities are now placing on digital assets; it matters less whether users care about ownership or genuinely have it.
According to Udell, the attention the NFT area has gotten in the past year has created a “cult-like phenomena.” The common thread of Web3 unites groups, and while Udell does not feel that “Web3 is inherently a genre,” it offers another channel for artists to expand their audience successfully.