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That’s very interesting indeed, thanks.
I’m dubious that the ‘unlockable content’ model will be the way to go, for various reasons: there’s no real way to preview the content (ie, what if a person buys the song and then doesn’t like it); there’s no way to gain a lot of listeners unless the person buying the 1 copy decides to ‘release’ it (how, where, who?); and how can a work gain traction and get into the charts etc? I think it works with digital artworks, less so with physical artworks, even less so with architecture, but a song isn’t the same as a digital artwork despite appearing like one. If you want to get people whistling your tune, selling it to one person isn’t the way. It’s got to be mass-commoditised using NTF as a means to stamp authenticity and therefore tracking and therefore a way of accounting for plays/listens etc.
You can actually listen to the songs before bidding, but yeah this isn’t the future.
There’s a million tracks like this one on SoundCloud, the notion that anyone is going to buy this seems fanciful.
I see the ‘unlockable content’ aspect as providing further ‘fan’ content, beyond a basic cover, lyrics and the song itself. For example (and not limited to): a video; a ‘special’ fan video; a ‘making of’ video; a message from the artist to the art collector; or something like that. The song itself falls into common currency otherwise how would it be able to receive airplay etc, but because it is an NFT, it strings along an auth trail to enable tracking of plays etc. As a fan, you’ve bought not the song, but some content ‘around’ the song. This might be an investment, as it could be resold due to rarity.
The other way I see the unlockable content model working is for inclusion to events. Basically, if you go to a conference you get tickets and go. With the current pandemic regulations you can’t go, so you ‘go’ online. What if there were no tickets in the usual mode, but the access to the event was because you bought an NFT for the unlockable content of access to the event. This of course is resellable and unique in all the useful ways. An online performance by a music artist or band could be attended by an audience of NFT-holding fans, with the money flow being quite direct to the artist. Same with merch. But not the song product itself.
Those are genuinely interesting ideas - but couldn't you do something very similar on a platform like Patreon? Minus the resellable aspect of course. But on Patreon you can have different tiers and those that pay more can access exclusive events, content, and access to the host. Maybe there's some aspect of NFT that makes this more worthwhile though.
Should start a band called ‘Single Red Pixel’
Doge is a memecoin. I avoid it like the plague.
Same. One of the weirdest things I've ever seen. Worse, when it self-destructs, it will ripple out to the rest of the market. Gonna be interesting. In a bad way.
Nothing weird. Behind this madness are TikTok degens. It's something similiar like with GME, just less sophisticated. Back then with GME it was at least about finght of retail VS. wall street hedge funds.. here just TikTok degens, who have no real idea about crypto a especially why Doge is such crap, are buying Doge like mad.
Coinbase: Hold my beer.
https://blog.coinbase.com/tether-usdt-is-launching-on-coinbase-pro-3a1353060e41
sorry for OT, just wanted to mention it for you ;-)
😮😮😮
Let's move the OT part of this discussion to a new thread, and just comment on NFT-related topics here.
https://forum.audiob.us/discussion/44869/off-topic-discussion-about-bitcoin-and-cryptocurrency/
Hmm, now this is very interesting:
https://www.splytcore.org/
All about eNFTs.
Are you all familiar with Cardano?
Looks like Smart Contracts will be appearing May/June timeframe but some creative devs have hard forked Alonzo to create NFTs. This is all proof of stake so it doesn’t have the same Energy hit of the ETH blockchain.
Yes i know ETH 2.0 is under development, but won’t really see light of day until 2023-2024…and not to mention GAS fees being ridiculous now…but i digress.
Really looking forward to this. I think ADA will finally reveal its full vision once they get through this Summer of releases.
A good article to lead you down the rabbit hole:
Cardano+NFT
https://www.jls-1.com/ntf-cardano/
Cardano Smart Contracts:
https://decrypt.co/62935/smart-contracts-are-coming-to-cardano-this-spring
That’s very interesting, thanks.
But wait, all this is happening on the testnet? Not on the mainnet?
ETH 2.0 is all experimental test net. Cardano is releasing updates now at a good clip. Just a matter of time until Smart Contracts are released…probably late summer.
I just want NFT with low GAS fees and minimal environmental impact on a scalable Blockchain that’s driven by a universal vision of the betterment of humanity and a free and democratic society 😜
BakerySwap will be huge as it's on the BSC Network and may very well flip with ETH by the end of the year. https://www.bakeryswap.org
Just an idea, but…
Could a blockchain of NFTs replace what we currently know of as ‘app stores’?
That’s not what an NFT is. An NFT is a piece of artwork which is tied to an address on a blockchain. You could theoretically sell apps which are tied to Ethereum or Bitcoin to identify them as genuine, for example. But blockchains do not “contain” the apps themselves. Blockchains are not designed to act like a computer. They are public ledgers.
Not as they are now, but I believe the technology can be adapted to that. It would need to act something like copy protection, or a password token to unlock a download. Without some way of preventing others from using the purchased property it would still be useless.
That can get icky fast.
I'm picturing some crap like iLock popping out of the woodwork. Meh.
Proof of Stake based NFT Minting on ETH here (pre ETH 2.0 which will merge once it's released):
https://palm.io/?ref=block123
Article:
https://thebitcoindesk.com/2021/04/nft-breakthrough-ethereum-co-founder-joe-lubin-creates-99-energy-efficient-blockchain-and-damien-hirst-is-its-first-artist-2/
I don’t know much about NFT. I have started selling some on hicetnunc which is based on tezos blockchain which is Proof of Stake chain and hence hugely less environmentally destructive than minting on Proof of Work like ethereum/opensea etc
I think there is definite potential in blockchain for smart contracts that distribute royalty splits etc in a much more instant, efficient and transparent way than current music business model where the flow of money to artists is extremely slow and opaque
I think i recall seeing this. How is this going in your opinion?
I’m currently working with a dev to look at doing a few art drops on the Cardano hack I’ve been reading about. I’m very curious about this space and the opportunities it might open up in the future in this area.
Btw, why is Hicetunc so minimal and feeling like an Autechre album to me? How do you even pronounce it?
Hice Toon
Hick u tune
It’s so minimally vague that it drives me nuts. Hahaha🤪
Hick et noonk i think is pronounced, french/latin for “here and now” I think. I like the platform. I think like any platform you have to build a following unless you have a crypto crowd based following already. I prefer the proof of stake over the proof of work because it is vastly more energy efficient.
Right now it is not a hugely accessible platform for your average consumer that does not already have some interest in crypto and potential of blockchains in general. Just getting set up is not a simple process without some guidance from someone already using and especially if you have no clue about wallets and seed phrases and minting, gas, burning and whole new world of new concepts
This is illustration of carbon footprint of minting nft on proof of work chain like Ethereum vs proof of work chain like Tezos
i know there are artists like Aphex doing NFT On Ethereum chain with a carbon offset but to me that is kind of like taking a shit in someone’s pool then buying them some chlorine and a net
Yeah. I have the same sentiment. Really glad for Proof of Stake platforms coming online. Hope to have my hat in the ring soon. Just getting oriented in this new world 👊🏼™️
I just minted my first NFT on the hic et nunc thing,
https://www.hicetnunc.xyz/objkt/78144
pretty sure it'll never sell, but I've got enough of their magic beans to try some other things, maybe some cheapies, maybe some other higher quality stuff...
Well this is an interesting development, I suppose.
I do think there’s a future for NFTs, but I also think what we have now wasn’t it. But, you have to start somewhere.
Yes, I'm still sceptical that NFTs will retain their value, they could be the mySpace of Blockchain tokens. But I think the idea will stay and grow.
90% of NFTs Will Be Worthless in 3 to 5 Years, Coinbase Cofounder Warns...
https://observer.com/2021/06/coinbase-cofounder-warn-nfts-worthless-interview/
NFT’s are “worth” whatever someone is willing to pay for them.
An NFT of a song really should be worth what a distributed song is worth. The idea that a song I’ll release has ‘rarity’ which increases the price is basically playing a lottery from the artists point of view. I’m not really interested in one or a few people paying a lot of money for what amounts to authenticated permission to access the authentic work of art. I’m more interested in about the same amount of people who used to buy records in record shops paying for an NFT costing about the same as a record did then, or an iTunes download does now (not stream, that’s why we should be doing all this – streaming benefits the stream silo holders far more than it does the artists).
The only reason I’m interested in NFTs for music is not for striking it lucky having one rich person invest in one of my songs then selling the investment on, but having a way to get the song out there for everyone in an attempt to build a viable new alternative to music publishing of recordings. All the NFT is supposed to do is be a badge of authenticity.
At the moment it isn’t even that – the NFT can point to something but the pointing is very weak, and the thing it is pointing to can be changed. This is absurd. It’s all incorrect.
NFTs should be an industrial-level authenticity stamp for prevention of counterfeiting in the supply chain, and for that they’ll indubitably be good, but to give an actual NFT itself (rather than the product) an absurdly inflated price is just incorrect. This isn’t how they should be used. They’re unsexy, unglamorous, they’re just part of the plumbing of how a supply chain will work, like a swing tag with a hologram on an item of clothing, or no, not even that, like a certifying form that gets signed when dusty crates of product are fork-lifted off one transportation and onto another – totally industrial, the public need not know about them.
The one benefit of the state of NFTs at this undeveloped embryonic point is that it stands a good chance of pricking the art gallery bubble that has existed for a while. That’s something I’ll sit and watch for entertainment.