Source: WbnnsSinger Vérité, who has racked up hundreds of millions of streams as an independent artist and was an early adopter of Web3 tech, told Cointelegraph that “on a base level, I’m appreciative of being rewarded for participating in something early.”She said that while she doesn’t know the team very well, “I feel like they are genuinely trying to construct new models for valuing digital artifacts and have built an aesthetic and culture around their brand in juxtaposition to what are usually awful crypto vibes.”Source: VéritéNFTs no longer the top of the creator food chain Zora’s token launch was the latest move in a broader shift away from the traditional NFT model for creators, in this case toward embracing the cultural dominance of memecoins. While posts on Zora used to be minted as NFTs, now each post creates an instantly tradeable memecoin, also known as a “content coin.” Creators are given 1% of the supply and earn 50% of the trading and liquidity provider fees.
In a February X post, Sound co-founder David Greenstein said a hyperfocus on speculation led to the decline in NFT interest.“Over time, it became less about the artist, the music, and real connection—and more about financial transactions,” he wrote.“When speculation cooled, so did the energy behind supporting artists.”This sentiment was echoed by Vérité, who said, “I don’t think digital artifacts will have lasting value outside of speculation, experience and patronage.”Related: Tokenizing music royalties as NFTs could help the next Taylor SwiftAccording to music artist and builder Latashá, “We weren’t getting focused on culture; we were getting focused on speculation.
JWL is actually an onchain token, but that fact is buried in the club’s FAQ page. “We still need to come up with a better way of making crypto wallets accessible to people so that it is easier,” Renata Lowenbraun, CEO of independent music Web3 platform Infanity, told Cointelegraph.“The moment that happens, everything will change.”Lowenbraun compared blockchain to the internet, saying the internet took decades to truly catch on.
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Author / Journalist: Cointelegraph by Jonathan DeYoung
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