Research on artist settlement strategy of music NFT platform

The heart of the meta universe 2022-04-04 18:40:25 阅读数:937

research artist settlement strategy music

since 2021 Since then , The user to NFT Our understanding has been deepening , Several boom and bust cycles parallel to the entire cryptocurrency market are under way . Only in 2021 The first four months of the year ,NFT The overall trading volume exceeds 20 Billion dollars , yes 2020 The sum of annual trading volume 10 times . Although initially around NFT The activity boom is 2021 year 3 Reach the top at the end of the month , But by the end of the year , Whole NFT The trading volume of the market still reaches 220 Billion dollars , And 2020 year 1 Compared with the trading volume of $100 million , It's a huge increase .

Now? , Some of the world's largest star artists are casting and collecting NFT, around NFT Talk of what has long been considered a possible remedy for the broken music industry has catalysed mainstream media coverage . Many articles discuss NFTs For artists 、 Benefits and reactions of fans and platform builders . This influx of attention triggered music NFT Huge growth in project and platform releases , They all hope to take advantage of the growing interest in the technology . according to Water & Music The music of /Web3 instrument panel , Since we were in 2020 Since the beginning of tracking the ecosystem in the autumn of , There has been a 90 Multiple music NFT Startups launch . today , New platforms are still being launched , Serve the platform and protocol level .

music NFT The platform is now investing heavily in the addition of new users , Trying to gain early health share in the rapidly expanding market . These platforms attract users through various benefits , From supporting one-on-one induction services and sharing knowledge with interested users , To provide powerful usability tools and platform functions to improve the overall user experience .

As a direct follow-up to the first quarter fan induction study , This research project aims to reveal music NFT Various induction practices of the platform , And for the music community -- Including artists 、 Fans and collectors -- Provide new music NFT Knowledge of ecosystems .

In this article , We aim to generalize music NFT The platform is used to attract 、 Join and retain their fans 、 Various strategies of collectors and artists . So , We studied music in history NFT What is effective in the induction practice of the platform at the system level , What is invalid , And the coping strategies that platforms and artists are exploring .

Although the target audience of this study is very wide , But we hope it's right for just entering NFT Artists and fans around the world , And seek to create innovation NFT The builders of platforms and protocols are particularly beneficial .

 

Method

This study is W&M Discord The product of a series of public research calls in the server , Among them, community members first ask questions , Then jointly determine the best way to understand the platform entry strategy .

We choose to work with existing music NFT The core team of the platform conducted a series of extensive interviews . We crowdsourced a list of potential interview platforms through community members , Then narrow the scope , To meet the scope and timing of the project . In order to produce a representative overview of the status of the platform's induction strategy , The final platform selection process considers a series of factors , Including but not limited to :

  • Project phase

  • The scale of the platform

  • Market situation

  • Selected operation blockchain

  • Is a platform open

  • NFT The type of product ( for example ,1-of-1s With limited edition package )

Final , We interviewed a total of 12 Music NFT platform , Include Async、Catalog、Glass、Mint Songs、Nina、OneOf、RCRDSHP、Royal、Sound、SoundMint、Sturdy Exchange and Zora. We jointly developed a set of standardized interview questions and pre interview questionnaires , Distribute to respondents on the platform , This allows us to collect more indicator oriented questions asynchronously . The interview was conducted by 18 Interviewers were paired , They all come from W&M Member communities .

The second method was developed in the middle of the research project , Including those who have joined us NFT Interview artists on the core list of the platform . Similar to the platform interview , This process begins when the community develops music with artists NFT Interview questions related to the platform's induction experience . We arrange artist interviews through platform recommendation , And contact directly through these platforms NFT The artist of the project . Final , We're talking to cellists Kaitlyn Raitz And songwriters Violetta Zironi Two artist interviews were conducted . These conversations enable us to triangulate and more evaluate the information collected from the platform interviews , Provides additional depth for the entire data .

Throughout the study period , Community members are W&M Discord The results of each interview are displayed in the server's weekly research call . This process promotes the data sharing of the whole network , And help to adjust the group before further data analysis. . Besides , We classified the narrative outlines that appeared during the interview ( Similar to our understanding of music DAO The comprehensive process of research ), Then use them to provide information for our final research and analysis and draw conclusions .

Many contributors to the research project are themselves music and Web3 An active contributor to the world , Some people are working for music NFT Platform work , And actively publish their own music on the platform included in this study NFT. according to W&M The policy of , All community contributors must actively disclose any possible relevance to the subject they are studying . We make sure that in this project , None of our community interviewers are directly employed or affiliated with the specific platform they are assigned to interview .

W&M My position is , Just because a person is embedded in a particular community , That doesn't mean they should be banned from writing about it . We believe that , Being in a community can deepen understanding and nuance . The goal of our proactive disclosure policy is to ensure that we are always as transparent to our audience as possible , At the same time, ensure that our researchers maintain an appropriate degree of separation from our subjects .

 

Definition

Web3:Web3 It refers to a digital ecosystem of decentralized infrastructure using blockchain technology . The spirit of this movement is to get rid of centralized authority , Shift to more personal control and responsibility over personal assets , therefore , The relationship between the parties to the transaction is more direct .

On boarding: In this paper ," in ( induction ) " It is considered that any user 、 The artist 、 Introduce music to fans or collectors NFT Platform process . A clear induction strategy includes at least two core parts .1) Determine who is settling in , as well as 2) Define the location or content of their settlement .

The artist : In this paper ," The artist " It refers to any recording of a musical work , And who intends to sell the work .

user / fans / collectors : In music and Web3 In the background of , Of a platform " user "、" fans " and " collectors " The difference between them is difficult to analyze . Generally speaking ," user " Tends to refer to anyone who interacts with the platform ," fans " It means having some emotional or aesthetic affinity for an artist and his works , and " collectors " It means that an individual may consider a wide range of emotions 、 The state of aesthetic and financial problems . In reality , The boundaries of these categories are not fixed , There is a lot of overlap between them . For the sake of clarity , We use " user " The term broadly refers to all music as potential buyers of artist products NFT Users of the platform , Including the artist himself . In this study , When respondents use " collectors " and " fans " This particular language , We sometimes regard it as " user " A synonym for .

background : New music / Historic aerial view of technology adoption

We chose to study 12 A new music technology platform is providing Web3 A wide range of methods have been adopted on the types of related products , And many other operating features , This can be seen from our platform comparison table below .

Our sample includes several main products that provide the most common forms NFTs The platform of ."1-of-1s " and "editions"(Catalog, Mint Songs, Sound, OneOf). We oversampled these platforms , Because they represent the first and dominant NFTs type . However , We also include several other forms of NFTs As its main product platform , Its entry strategy reflects this uniqueness . Some key examples .

  • Glass Provide video NFTs

  • Royal Provide tokens embedded in artist royalties

  • Async and SoundMint Music for sale NFT, Or generative , Or it's made up of components ( Layers and stems ) Composed of .

  • Sturdy Exchange and RCRDSHP Sold in bags NFT And collectibles , Usually random .

Final , Our platform samples represent a wide range of music NFT The current situation of ecosystem , It also recognizes new innovations NFT type 、 The emergence of purpose and platform .( In view of the music /Web3 The development speed of the field , These platforms do not neatly fall into the category of discontinuities , Many platforms support multiple NFT type ).

 

Web2 And Web3 Market strategy : Community first mentality

When we see the new 、 Spreading music NFT The landscape , With relatively mature streaming media DSP Compared to the market , It's easy to see a space full of chaos . However , In a way , We've been here before .

The chart below reminds us , The music streaming market is 2000 What was the embryonic form of the mid-s ( from Jadam Kahn stay 2006 Created in ).

Will today's music NFT Compared with the early streaming media giants , It can be found that there is a sharp contrast in the entry strategy . I was in Spotify Engaged in the service of artists and record companies Mint Songs Senior director of artist strategy Eric Johnson(2015-2018) explains ." Some artists were skeptical about the economy of streaming media in the early days , But digital service providers (DSP) Signed agreements with distributors and labels , So most artists are included in this form , Whether they like it or not ." such " Through coercion " Our approach has been very successful for some companies , Led to the rise of streaming media , And finally integrate the market giants , Such as Spotify And Apple Music .

Tactically , Today's mode of music NFT The platform is obviously different , They have made great efforts to attract -- Artists on the market supply side and users who provide demand for their products .

analysts Maggie Hsu A good summary of Web2 and Web3 The specific market strategy used by the company , She's working for a16z's Future The two methods are compared in an article . She pointed out that ,Web2 company " In the big

To some extent, we must start with the products that attract customers (' For tools , Stay for the Internet '),[ and ]Web3 The company carries out market promotion through the dual perspective of purpose and community ." Venture capitalist Fred - Wilson further decomposed Web3 Marketing methods ." For assets , Stay for experience ".

As discussed below , This depends on competitive assets ( For example, excellent music and user tools ), At the same time, build a community " Experience " The way to attract users is music NFT The main content of the platform . under these circumstances , Community itself is an important function , Rely on artists who enter the community to expand .

Again , Music and Web3 Platforms tend to spend too much time on one-on-one and group induction training -- This does not extend well , But basic activities that support the definition and development of communities . As discussed below , Such as Latashá The leadership of the Zoratopia Community induction meetings and IRL Series of activities and other projects are of great help to build communities around specific platforms .

This kind of Web3 The method of market entry strategy based on has subverted the traditional customer acquisition model . Is not so much " get " Customer -- This concept may drive away Web3 Lovers -- than Web3 The organization relabels customers as community members , Sometimes even the owner . therefore , stay Web3 Launch a new platform , Need a completely different 、 Bottom up approach . for example , Our research shows that , music NFT The platform is attracting users through community development activities , Instead of spending its limited resources on traditional marketing and advertising . in general ,Web3 The focus of the platform has shifted from acquiring customers to building community ecosystems , Let different stakeholders ( developer 、 fans 、 investors ) Can thrive .

below , We will elaborate further on Web3 Different ways for the platform to enter the market relying on the community .

 

Key entry themes

Each platform we studied has adopted a variety of entry methods , In the following, we will follow the order from the most prominent to the least prominent , Introduces the main theme of our analysis , The key entry topics we encountered in our research include :

  • The key role of artists as the promoters of user settlement

  • " Do things without scale " Importance

  • The value of platform tools

  • Differences between protocol level and platform level approaches

  • The difference between the planning platform and the open platform

  • Use data to support incoming work

  • Artists are the main carrier of settlement

We're playing music NFT The most consistent theme observed in the settlement strategy of the platform is the high attention paid to the settlement of artists . In a Web3 In the music industry based on , power 、 Capital and influence can be said to have begun to focus on artists and fans , Not at the platform level -- This dynamic is usually summarized as " Artists are platforms " The slogan of the . In this environment , music NFT The platform is working hard , Not just one-on-one acceptance of artists , Moreover, we should establish a vibrant art community with strong personality and ambassador .

We interviewed... Living in Berlin 26 Year old songwriter Violetta - Chironi , She recently released her first NFT project " Handmade songs ".Zironi Agree with the importance of artists as platforms , She said :" Music is NFT The utility behind ; The platform is not important . What matters is the artist ". For all that , Violetta still believes that , If the music released is part of the same series , She must be consistent with the music released on which platform . under these circumstances , As long as the song belongs to her " Handmade songs " series , She will continue to OpenSea Release music on .

A less obvious reason to pay attention to artists repeatedly mentioned in our interview is , The artist is the curator of this emerging ecosystem , They also act as artists 、 Fans and collectors , By providing a single curatorial vision 、 Culture and brand , Bring value to the platform . for example ,Async The product manager of Achilleas Sarantaris explains , Their team regards the presence of each artist as " Settled collectors 、 Fans and artists ...... Some of the biggest collectors are artists ." Just like hip hop artists and Zora Community programming leader Latashá said ," Artists are fans !". Some fans even become artists . They look at me , Think if she can do it , I can do it, too . This is an artist -- Support the artist's ecosystem ".

This kind of artist 、 Inspiration from the integration of fans and collectors , stay Zora Is crucial in the evolution of the settlement journey . first , The settlement is one-on-one 、 A time-consuming process . As things expand ,Latashá Developed Zoratopia, This is through the group Zoom Conduct induction training in the form of , At the same time, it is also community construction .

Latashá Formed a group DM, Encourage artists to join each other , Essentially created a " trainer " System , help Zora Continue to expand enrollment in the future . Some users take the initiative to help bear some of the burden of these communities , Such as SassyBlack and Iman Europe. therefore , These artist driven initiatives have become learning music NFT Necessary conditions , I'm glad to see more platforms officially cooperate with artists , And reward them for their important work as entry managers . Besides , many Zora Users in these Latashá With the support of the leader's room , Start calling yourself "Zoratopians".

Perhaps no platform is better than Sound This concept of artist priority is more clearly explained , Their recommendation policy , Through this policy , Artists enter this platform through other artists . Each in Sound Artists released on have the ability to bring other artists to the platform -- From the perspective of platform , Artists are carriers , Also the entry Planner .

Even if it is emphasized that artists are the catalyst for settlement , One of the most unusual statistics we've collected is Mint Songs The ratio of artists to collectors .Mint Songs The artist is defined as casting NFT People who , Define a collector as buying NFT People who .( Be careful : Their collector category does not include those who only collect Mint Songs The free " posters "NFT One of the people ). There are about 500 An artist is Mint Songs Cast on NFT, There are about 1500 A unique collector bought NFT. because Mint Songs It's an open platform , His entry strategy is heavily biased towards artists , So it's easy to imagine that this ratio will flip . Another more important revelation is , There are only 2000 Active users , This statistic draws attention to , Compared to the entire music creator ecosystem , music NFT The world is still insignificant .

around NFT Much of the discussion has focused on the need for important education and support for individuals entering the ecosystem for the first time . As S1 Part of the study , The results of our fan survey show that , There is a general lack of education about cryptocurrencies and related products , Is to enter Web3 and NFTs The second most common obstacle to . therefore , Not surprisingly , Around everyday Web3 Activities provide educational elements , Such as setting cryptocurrency wallet 、 Buy NFT And share on social media NFT, Has become almost all music NFT Important business cards of the platform .

All platforms we interviewed have a positive social media presence and community awareness . In addition to providing a detailed FAQ section on their website , Most music NFT All platforms run a complementary Discord The server , There is one " Support " or " new user " Channel and a responsive community manager to answer any questions .

Twitter space To music NFT The platform also plays a huge role , These platforms take advantage of this feature to provide dual functionality , One is to educate and accept new users , The other is to promote artists and upcoming products . for example ,Sound Before each release 30 In minutes Twitter space, Feature artists tell their stories and art . They encourage the audience to watch the countdown ; The clock pointed to 0 when , The song will play in the air , The coin button won't go online until the song is finished . This experience gives them hope Sound It doesn't feel like a NFT platform , But more " Like a music website ".

( As a side note , This method -- Trying to get users to " music " Not for "NFT " Or potential technology participation platform -- It is reflected in how several platforms we studied completely avoid using in their public information "NFT " The word" . for example , If you visit Royal Website , You may find that " Tokens, ", But there is no place NFT.)

The start-up community generally believes that providing one-to-one direct induction service is " Do things without scale " Extension of . Start up incubator Y Combinator Co-founder of Paul Graham For the first time, it expounds this technology to support the growth of early start-ups . We are about Web3 This approach is highlighted in the first quarter report on fan induction strategies . The basic argument is , Do the work of recruiting and accepting users independently on one platform , Although a lot of resources are needed in the short term , But in the long run, it will eventually pay off . This method is far from simply interacting with users , Instead, suggest taking " Unusual measures , Not only to get users , And make them happy ".

video NFT service Glass It also provides personal induction training for artists and collectors , To help define and expand the user community on its platform , And make potential users interested and excited . For this point ,Glass Co-founder of Dayo Adeosun Tell us ." We turn investors into collectors . in addition , For curators , Explain that when you're a collector , You are a curator . That's what we're trying to teach people .

Again ,Mint Songs Our growth team spends hours a day interacting with interested artists and users , Teach them from cryptocurrency and NFT Basics to wallet setup and payment . Their team often has extensive one-on-one strategic meetings with artists , Basically for some NFT The launch of has assumed the role of quasi management coordination . so to speak , This makes Mint Songs The team moves from simply providing induction services to areas that directly support the artist's strategy .Mint Songs Send directly to the artist MATIC dollar ( For... On the platform gas Cryptocurrency for fees ), To pay for NFT The cost of coinage , It's also common . Cellist and music in Nashville NFT The artist Kaitlyn Raitz Tell us ,Mint Songs The induction education provided eventually made her an inductor of other artists in the community , There is a virtuous circle outward .

On the other hand ,Mint Songs The team found that , When resources are scarce , It's not worth the extra effort on external marketing , Instead, it focuses on more effective strategy and core product development .

 

" Build tools "

Again and again, we heard from the platforms we interviewed , A key part of their strategy to attract new users and differentiate them from other platforms is to diversify the functions and tools they provide .

Many people are looking for a competitive advantage through usability tools , That is, a friendly and easy to understand tool for the induction process , Especially for Web2 The natives .Fiat onramps Allow users to use credit cards to buy NFT, Platform or user-friendly hosted wallet (Dapper or Argent), As MetaMask Such as the replacement of self sovereignty wallet , Are the two most effective usability tools we have observed .

These tools make music NFT The platform can work without touching complex tasks and concepts ( Such as buying cryptocurrency at the exchange 、 Learn about wallet security or transfer cryptocurrency funds ) Under the circumstances , Let users join .Glass Co-founder of Dayo Adeosun( The company does not provide legal currency channel or hosting wallet on its platform ) emphasize , The lack of user-friendly inbound tools can affect the experience of many potential users . Sometimes , This friction led them to completely withdraw from the process ." They are Coinbase or MetaMask The stage gave up . People don't like downloading apps . When you have to download Coinbase or MetaMask when , You have to put the money in -- This becomes daunting ."

You can see that , When it comes to users' understanding of NFT When using the platform , Less friction leads to higher adoption . In our S1 under advisement , When we talk to artists and platforms Web3 The condition of the tool , We see the same emotions . for example , As S1 Part of , We interviewed NFT platform KLKTN, Their team pointed out that , They used a simple legal currency entrance , This is crucial to attracting users to their platform .KLKTN The head of marketing Ping Lam Tell us , Receiving legal currency on site enables them to go through marketing and listing NFT " At a price point similar to physical goods ( Every 10-500 dollar )" To attract non Web3 Native users .OneOf I feel the same way , They told us , They are trying to create a user experience , It reminds people of Web2 Experience , Make users familiar with .

Several platforms we interviewed are currently working to build strong partnerships with suppliers of this availability tool , Especially to allow users to buy without pre-existing wallets NFT. for example ,Mint Songs And MoonPay cooperation , Provide a legal currency channel for their platform , And with Magic.link cooperation , Enables users to easily login and unmanaged wallet settings .Royal Two payment methods are provided for users , Including passage Stripe The legal currency channel provided , Allow users to pay by debit card or credit card , And accept Polygon Stable currency on blockchain USDC, It tracks dollars and allows users to easily understand the conversion from legal currency to cryptocurrency .

Again ,RCRDSHP The company claims that the platform 95% The transaction is made in US dollars through a credit card , It uses a simple legal currency online and a hosted wallet on the platform , And plans to move to user-friendly in the near future Dapper wallet .Sturdy Exchange The report says , The proportion of transactions using credit cards is also high , They told us , This function is very important , They actually invested a lot of time and resources , To ensure that they have a solid legal currency solution .

music NFT The second tool dimension that the platform focuses on , Nature is the platform function and tool of general innovation . In a saturated market , The platform remains competitive by providing the best overall user experience . In the short term , This means making the platform accessible and user-friendly . In the long run , This means providing product functionality , Inspire users to join 、 Interact and keep returning to specific platforms .

In view of the whole Web3 Attach great importance to the community , music NFT Many of the planned tools and functions mentioned to us by the platform are social , Designed to enable users to interact in new ways , Form new connections with others . One of the key social functions mentioned and ongoing on several platforms is to increase and / Or enhance the profile pages of users and artists , To allow individuals to plan their personal identity on the platform , Publicly display their collection , And conduct general interaction in the platform community . Again , Several platforms mentioned building their search and discovery tools , Let the audience better explore artists , It's easier to find what they might like 、 Music purchased or displayed .

Although these tools have some cross platform commonalities , But some are completely novel products , Is unique to some platforms . for example ,Mint Songs Developed and launched a free " posters "NFT product , Artists can make simple visual posters NFT And give it away for free , Just need fans to enter an email address . This will automatically set up a safe for them Mint Songs wallet , There is the first picture of the artist they support NFT, A digital poster . In addition to bringing fans to the platform , This process can also be Mint Songs Generate email addresses with artists , Then it can be used to follow up users and fans , Develop long-term NFT Activity publishing policy .

Another benefit of this poster strategy is , It can be easily integrated into live events and concert activities , The artist provides QR code on site , Send users to the website , Get their concert posters for free NFT, Take them to... With a simple action Mint Songs platform . Last time " posters " In the activity ,Mint Songs With electronic artists Subtronics cooperation , In Florida, one can accommodate 6000 Provide services for fans in people's live performances . The QR code claimed by displaying posters around the venue , They can make 10% Show participants (400 to 500 people ) Convert to poster NFT Collectors , by Subtronics and Mint Songs Provide email , They can be used to follow up every fan they earn .

Other platform implementation " Gameplay " Elements as key product functions , To encourage initial entry , And encourage long-term platform interaction . stay NFT Part of the strategy for adding game elements to the platform is to create microeconomics , Interaction must take place directly on the platform , Force users to keep returning to the platform , Interact with other users , And continue to buy 、 Collect and Trade NFT.

In our sample ,RCRDSHP Stand out as a platform that wholeheartedly implements Gamification on its platform .RCRDSHP Roughly follow NBA Top Shot The mechanism of , Allow users to collect in the form of random packets NFT, Users don't know what exact cards they will receive in any particular package they buy . It's like a card game , Such as magic baby card or baseball trading card -- A key part of the experience is to find out which cards are in the bag you buy -- And reminiscent of PFP The successful blind box coinage mode in .

such " Collection card " The method of making RCRDSHP Be able to build many complementary functions on their platform , For example, encourage NFT Exchanges and transactions between holders , And the user challenge of collecting and holding specific cards to form a complete set of cards . for example , Recently around artists and DJ Solarstone Of RCRDSHP A challenge to release , Encourage users to collect a complete set of Solarstone card , Have a chance to win a 1 Than 1 Myth card , And assume Solarstone Tour manager performing in the Netherlands . just as RCRDSHP The founder of Obie Fernandez Wrote in a blog post , Our idea is to let this platform not act " A single unit game , But a way to make all kinds of mini 、 Macro and meta universe games become possible platforms ". The functions and of these games are intertwined , In an ideal situation , We will strive to make different types of users or players on the platform keep the game interesting , And provide a sustainable user base in the long term .

music NFT The platform's high attention to product functions and tools is reflected in NFT The composition of the platform team , We usually see a high proportion of developers and marketers . When we look at Async Of 20 When working as a team , This is obvious , The team consists of nearly 50% Of developers .Mint Songs The team also focuses on Technology , In our interview , share 13 Employees , Include 10 Developers and 3 An artist grows up . This is about 3:1 The proportion of developers and growth personnel , It shows that the platform attaches great importance to the establishment and launch of new functions and tools , So as to speed up the work of users , And continue to differentiate in the market .

 

Platforms and protocols

Our first season report looked at the artist's Web3 Entry method , Explains why artists choose to go through a difficult induction process for themselves and their fans , But where fans start is also crucial . In this parallel research clue on platform entry strategy , The artist / The concept of where users end up is different from emphasizing front-end platforms or back-end protocols .

We can define a protocol as a set of rules for communicating data 、 Procedures and guidelines . About NFT Agreements used in the market , The protocol is deployed on its smart contract NFT The function of provides structure and scope . An analogy between road and vehicle reflects , I.e. vehicle ( market ) On the road ( agreement ) Up operation . come from Nina Of Mike Pollard and Eric Farber Further extends the metaphor , They explained , about Nina Come on , Is not so much " We drive a car that people can enter , Rather, we created the road . Or get people off at any exit they want ".

many NFT The market can revolve around NFT Buy and create its front-end interface and experience . For all that , If they all run on the same protocol , They will experience management at these front ends NFT The same restrictions on the smart contract of the transaction . In the same way , When an artist decides to NFT When the project makes a customized smart contract , They are for their NFT The publication creates a protocol level or backend , The accompanying coinage website is used as the front end or platform .

music NFT One of the most popular back-end protocols for platforms and experiences is Zora, It's for Catalog、Glass and Artiva And other popular Web3 Native platforms such as Mirror Provide support . Abreast of the times Zora V3 The agreement boasted " Real time and cross platform royalties on the chain "," The cost of the discoverer " To motivate curators and unmanaged NFT list , As a few of its benefits . It is worth noting that ,Zora The agreement is open , Or it can be copied and traded for free .

In favor of music NFT A familiar argument is , The more popular a song is , The more valuable and scarce digital assets represent . Similar logic applies at the protocol level . The more markets use one protocol , The more value these markets add to the entire ecosystem , The more valuable the agreement is -- Even if the agreement is as an open public good , Free benefits to the community . People can imagine Zora Issue a token , The agreement becomes community owned , Follow other agreements and Uniswap Wait for the steps of the exchange . This infrastructure is similar to Catalog or Glass Such a platform is obviously different , The goal of the latter is to provide a strong user experience and planning , Push users to the platform .

Require external developers to create value in the ecosystem , To promote the Zora and Nina And other agreements . for example ,Zora The market of , Essentially, Zora The entry tool of the agreement . therefore , When they focus on getting users into their market ,Zora The team also spent a lot of time promoting Zora agreement , And encourage others to use and build many of its functions .

Nina Core team members Mike Pollard and Eric Farber Also tell us , They put a lot of time and energy into encouraging the construction of the agreement , about Nina Come on , The goal is to build functions that are useful to people , Accumulate value for the vast music community . So ,Nina The team spent a lot of time on practical induction training with labels and individuals interested in building on the agreement ( Direct contact ). This strategy is different from targeting and contacting daily users , To better understand their needs and Nina The next development direction of .

 

Planning platform and open platform

Another key area of difference between the platforms we studied is the exclusivity of their induction process .

In our sample , four NFT platform (Glass、Mint Songs、Nina、Zora) Use open artists to settle in . Any artist can register , Usually through the on-site registration process or submit a simple form , Start casting and selling immediately NFT. by comparison , The eight platforms we studied (Async、Catalog、OneOf、RCRDSHP、Royal、Sound、SountMint、Sturdy Exchange) In a more carefully planned way . These platforms are more inclined to choose artists by hand , perhaps , stay Sound In your recommendation plan , Seek their growing community to help plan artists .

Sound Co-founder of David Greenstein Describe the thinking process behind their platform maintenance planning , That is, from the unknown of the market ." He told us :" What we think is ,' well , We are a new project , We don't know if there is any demand in this regard , Let's keep it small and start planning , In this way, we can solve the problem of the product before trying and expanding the scale .

He told us , This centralized choice makes Sound Able to pass the initial drop To test the market , Make sure they release high-quality music , And maximize the use of their resources for release marketing .Sound In the initial " Preseason " in , Completely based on the planning of artists on the platform , the 20 An artist's drop. They didn't expand to S1 Open procedures for , Instead, we choose to use the initial pre-season artist community as a means of quality control , Let more artists join the platform . They allow each pre-season artist to invite another artist to participate Sound The first season of , At the same time, continue to contact and plan artists .

Greenstein explains :" It's basically like a joint effort between us and our artist community , Help us join the next group of artists ," Then point out ,Sound " Eventually it will be open to everyone , Or that's the goal . Now it's more about how we achieve this goal , And solve the problems in the product , So that we don't develop too fast .

Sound The method is an example , Explain the Limited... In the short term 、 Early planning -- If handled well -- It may lead to a stronger in the long run 、 A completely open platform .OneOf and SoundMint Are following and Sound A similar trajectory . Although their platform was initially closed , But they finally plan to open up their platform , Let more emerging artist communities enjoy NFTs The benefits of .

Other platforms regard curation as the core of their long-term products , There is no plan to change the direction .RCRDSHP The founder of Obie Fernandez Tell us , Their team believes in closed planning very much .Fernandez say :" New creators will need the support of community groups ," He pointed out that , Curation is the key , There are several reasons , Including the overall quality control of artists , The convenience of copyright management , Centralized marketing resources and participation , And more platforms to control the total supply and demand of products ."[ planning ] by RCRDSHP This unique platform creates demand ," stay Fernandez It seems , This is the key to the long-term sustainable development of the platform .

( Earlier this year , stay W&M A different perspective on curation emerged from the discussion in the community , Community members want to know if curation will lead to music and Web3 The environment is too " A small circle " And exclusivity , Business and cooperation opportunities mainly come from pre-existing relationships . There are some data to support this argument of exclusivity and wealth concentration , Include 2021 year 《 Scientific report 》 An article from , Pointed out that 97% Of NFT and 87% The transaction is only through 10% My collector -- This dynamic shows that , Participate in NFT Emerging communities may not represent a concentrated group of market drivers . For all that , We still recognize it as music NFT The importance of a key narrative within the community , And will continue to explore its future ).

On the other end , Those platforms that use the open planning model emphasize the democracy of experience and the advantages of allowing emerging artists to create on their platforms . Although planning can help define a clear platform audience , Relative to the existing followers of the selected artists , Benefit from the scale of the open platform , All kinds of artists from all over the world can try to use NFTs, And explore its possibilities and limitations .

The result of the trade-off is the depth of the platform ( planning ) And breadth ( to open up ). Planning is best to help the fans of the planned artists form a dense group , The open platform benefits from the presence of many artists and fans of different sizes .

 

The importance of data

Another common theme of all research platforms is data and indicators , To inform the platform entry strategy . All platforms use some form of data to guide their thinking , Although there are great differences in the methods adopted .

for example ,Sound Focus on the income of artists on the platform , And track the overall collectors on the platform ( Buy NFT People who ) Supplementary statistics such as the number of . In our interview ,Sound Yes 800 A collector , And it's growing , They explained , This statistic helps them master " Unique buyers " The number of , This is also an indicator to measure the size of the overall community and evaluate the effectiveness of its induction strategy .

In our sample ,Mint Songs The team seems to study the data more deeply than any other team , Use tracking indicators to understand changes in different periods , Better understand the friction points in the process of their entry , And constantly rethink their platform design . Again ,OneOf Use data to better understand their users , And conduct induction training for this audience . Basic platform data help OneOf The team determines , Music on the platform NFT In terms of visual art, it can promote the purchase more than music artists and their songs . This insight enables them to better use the entry of collectors as their main revenue driver .

The platform also focuses on tracking its official Discord Server activity , As an agent to understand the success of settlement and user emotion .SoundMint Run a token gated Discord The server , And carefully track its overall active members , Compare it to the number of active and verified collectors in the server . These data enable them to examine a short-term trend , Show their overall Discord Membership is decreasing . Although the indicator itself may be worrying , But when the team delved into the overall number of active collectors on the server , They see that the number of verified collector statistics is actually increasing . This insight allows them to better target groups who quit the server , Keep them involved . Again ,RCRDSHP Pay close attention to their Discord The server , Track how active members react to each of their artists , And use these quantitative and qualitative data to understand which artists are generating positive fan reactions , And whether the user participation strategy adopted in relevant artist activities is effective .

however , While recognizing that tracking indicators can be important in the long term , But some platforms are more interested in allowing their communities to grow .Nina Our team told us , They have tracked some basic e-commerce indicators since their launch , But it doesn't focus on indicators or create goals . Be cautious about using indicators to measure their success , Because they are not sure of success .Nina At present, we focus on organically introducing artists and users into their market platform , And widely targeted at music lovers , Instead of trying to include users from top to bottom 、 Data driven Archives .Mike Pollard and Eric Farber Tell us , They want those " May be hesitant or have not participated in or experienced Web3 People who can participate ", And pay too much attention to NFTs The term will weaken the experience .

 

Conclusion

The main purpose of our writing this article is for artists 、 fans 、 Collectors and developers provide a means , To better understand music NFT Various settlement strategies implemented by various platforms in the ecosystem , And use this information to provide reference and improvement for their projects .

Our analysis found several thematic entry modes adopted by the platform . With the artist 、 The line between fans and collectors is getting blurred , Artists and the creative community around them are the key to the platform entry strategy . Most platforms focus on promoting price reduction through artist networks and marketing activities . In our parallel research on the strategy of artist fans' Settlement S1 under advisement , Direct promotion and one-on-one support for famous and emerging artists to settle in the platform , And supporting users' first contact with the platform is the gold standard . These methods enable the platform to help users overcome early knowledge and technical barriers . This is related to our understanding of music DAO There are similarities between the research and discussion , Music DAO Our development strategy takes a contempt attitude towards technology and automatic smart contracts , But attach great importance to the process of community and manual settlement .

Several of our respondents also stressed , As they collect more data and understand the market's response to products , Their platform entry and marketing strategies are changing almost every day . Look back on what we said about 21 At the beginning of the century Web2 Discussion on the development of streaming media platform ecosystem , Obviously , How mobile and dynamic does the platform strategy need to attract the attention of artists and users . Look at the early days Web2 Graphics of streaming media player , And the situation that a large number of platforms compete for market share when streaming media is rising , We can easily see with the current music NFT The similarities of ecosystems , Yes 90 Multiple competitive platforms .

Will we see the same integration , Become a small group of companies (Spotify、Apple Music、Amazon Music) The ecosystem that dominates most markets , This is a question of the future . meanwhile , Obviously , music NFT The decisions made by platforms around the entry strategy will affect whether they can grow into sustainable long-term participants in the market , This leads to the platform 、 agreement 、 The artist 、 The continuous development of the complex relationship between fans and collectors .

 

Future research direction

Since we're in music /web3 The development of the field is still very early , Future research and expansion of knowledge and around music /web3 The resources of the platform have many potential ways .

We believe that there is a lack of a key area in the entry strategy of the platform we study , That is to provide multilingual services , This may create space for the emergence of new methods . Although several platforms we studied tried to pass specific Discord Channel to meet the needs of many languages (Async, Mint Songs, Nina, Zora), But there are no systematic resources to expand accessibility to include more languages during the induction process . We know , Some platforms are aware of this problem . for example ,Catalog The team expressed support in a wide range of NFT Efforts in the ecosystem " Translate the induction materials into other languages , To build a global community ". We support the suggestion of translating the explanations and FAQs of all platforms into various languages , Can provide a simple step , Actively increase NFT Artists in the ecosystem 、 The diversity of fans and collectors , Especially for resource constrained platforms , It may not be possible to support one-to-one support for recruits in multiple languages .

stay W&M, We recognize the importance of diversity and accessibility related to language , We have begun to think critically about our internal accessibility policy , And take language accessibility as a key component of our research output . As $STREAM The first 1.5 Part of the quarterly report , We will include an article , describe W&M The team of community researchers will $STREAM S1 The process of translating the report into Spanish , And our S1 Full Spanish translation of the report . This translation project has two purposes : Make sure W&M Our work can be read and used by the vast global Latin American community , At the same time, it also greatly expands the audience of our research products . We are also listening closely W&M Opinions of members , Because they help guide our thinking on these issues , And guide us to build a more open 、 More diverse and accessible organizations .

Last , To artists, to them in music Web3 Additional research on the position in the ecosystem can help us better understand the dynamics promoted by the platform using artists as catalysts for their entry motivation . As the platform continues to accept Web3 The spirit of openness and the openness of platform data , Further detailed data analysis to track and understand NFT Sales and cross platform user retention ( Including on chain and off chain ) It will enable us to better evaluate the effectiveness of the strategies involved in this study . Looking forward to the future ,W&M Tracking will continue 、 Investigate and study music /web3 field , Focus on system level trends driving its development .

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