André Allen Anjos, who is better known as the crypto-friendly artist RAC, and David Greenstein, co-founder of Sound.xyz, a web3 music platform, analyze the current state of the web3 music scene and discuss how artists can leverage web3 tools to get paid at fair market value for their art.
Show highlights:
● RAC’s experience in the traditional music industry
● why David believes music is the most undervalued sector in the world – and how Sound and crypto can help value it correctly
● the different types of NFTs with which musicians like RAC are experimenting
● what Sound.xyz is and how it is helping artists unlock their fanbase and community
● why David is so passionate about creating a social experience when it comes to music NFTs
● Sound.xyz’s decision to allow artists to deploy their own smart contracts
● what RAC has made in NFT drops compared to Spotify streams
● why Sound.xyz was built with “editions” as the most common format for NFTs sold on the platform
● what makes blockchain technology well-suited for the music industry
● RAC’s crypto adventures: $TAPE, $RAC, and more …
● how the famous “Amen Break” sample would work as an NFT
● what artists will be measured by in the NFT world
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Episode Links
David Greenstein
LinkedIn: https://www.linkedin.com/in/davidgreenstein/
Twitter: https://twitter.com/dgreenstein1?lang=en
RAC
Twitter: https://twitter.com/RAC
Website: https://rac.fm/
Crypto Adventures
RAC Token
https://etherscan.io/address/0xc22b30e4cce6b78aaaadae91e44e73593929a3e9
https://v2.info.uniswap.org/pair/0xf744417d0a5fd18b5b18726ce1b48f931dfa32ea
https://blog.ourzora.com/home/introducing-rac
https://www.billboard.com/pro/rac-nfts-social-token-platform-racos-web3/
Music NFTs (w/ Sound.xyz embeds)
https://rac.fm/nfts
Discord
https://discord.com/invite/rac
Tokenized cassette tape
https://www.theblockcrypto.com/post/64760/ethereum-tokenized-cassette-dj-rac-zora-grammy
Sound.xyz
Website
https://www.sound.xyz/
FAQs
https://soundxyz.notion.site/soundxyz/Frequently-Asked-Questions-1-0e39e44edccb42f8b3c3ca5d93c703a9
Recent raise
Sound.xyz raises $5M from a16z to explore how web3 can upend the economics of the music business
Recent drops that are fun
Bored Ape Yacht Club Band
https://www.sound.xyz/boredbrothers/drip
Snoop Dogg
Death Row Session: Vol. 2 (420 Edition) by @SnoopDogg featuring tracks from @ImanEurope @BlackDave @mynameisheno @MoRuf88 sold out
1,000 collectors, 100 ETH.
Secondary market: https://t.co/1T01oXKLxr pic.twitter.com/qefMEuScM3
— sound.xyz (🎧,🎧) (@soundxyz_) April 20, 2022
420 editions out of 1000 will be available for presale for collectors from my first mix on @soundxyz_https://t.co/21Q2koZsjR
— Snoop Dogg (@SnoopDogg) April 19, 2022
Music NFT Content
Good overview:
https://momentranks.com/blog/music-nfts-explained-transforming-music-sales
Are NFTs the future of music?
Or yet another medium where the promise outweighs reality.
Let's dig into music and NFTs, a match made in heaven.
Maybe.
🧵 starts now pic.twitter.com/PPApGd6h4g
— Monster DAO (@MonsterDaoNFT) April 21, 2022
had a chat about music NFTs with a researcher over the weekend–a good opportunity to gather my thinking on the subject. some quick notes:
— anthony v. (@fascinated) April 19, 2022
Cooper Turley Content
Weekly blog
https://thisweekinmusicnfts.mirror.xyz/
Music NFT tweets
Why Music NFTs 🔽 pic.twitter.com/KEtDTsM0yo
— Coopahtroopa (@Cooopahtroopa) April 20, 2022
https://coopahtroopa-eth.medium.com/musicians-meet-audio-nfts-aa495cfd2996
Music is having its web3 moment:
– Streaming – @AudiusProject
– NFTs – @catalogworks
– Royalties – @join_royal
– DAOs – @dreamsnevrdie
– Funding – @viamirror
– Research – @water_and_music
– Fans – @soundxyz_
– Collabs – @arpeggi_labs
– Grants – @audiogrants🎧👀
— Coopahtroopa (@Cooopahtroopa) November 15, 2021
Music NFT starter pack:
– Upload a track to @AudiusProject
– Mint a 1/1 on @catalogworks
– Host a listening party on @soundxyz_
– Make a track using @arpeggi_labs
– Start a blog on @viamirror
– Release a music video on @GlassProtocolGood luck!
— Coopahtroopa (@Cooopahtroopa) December 11, 2021
Find a Record Label DAO.
Tap into @goodkarmadao to meet a new wave of web3 artists.
Join the @dreamsnevrdie family to curate up and coming talent.
Pay attention – Label DAOs will be a major trend of 2022.
— Coopahtroopa (@Cooopahtroopa) December 27, 2021
RAC Content:
ETH royalties compared to Spotify
1.85 ETH (~$5.7k) in royalties in 1 week.
this was generated by 36 people.
It would take 1.4 million plays to generate this on spotify.
not counting the primary sale of 10 ETH (~$31k) which is the equivalent of 7.75 million plays
136 people generated more than 9.1mil people. pic.twitter.com/cmwyI0yMa1
— rac.eth ⌐◨-◨ (@RAC) April 20, 2022
this is a great question, one that no artist has had the luxury of asking because the web2 model is mass market or die.
catering to a mass market is totally valid, but is it art driven or ego driven?
if you can make a living reaching a small number, who cares? https://t.co/11xyLoaQEl
— rac.eth ⌐◨-◨ (@RAC) April 21, 2022
RollingStone profile
Likes the 1/100 NFT drop
here's where my head is at currently with my own music nfts.
i like the 1/100 format.
seems to be a good middle ground of accessible, but still hard to get and it's holding value nicely.i do wanna play with presales for $RAC and prior holders of any of my other nfts.
— rac.eth ⌐◨-◨ (@RAC) April 18, 2022
Coinbase listing of RAC?
https://blog.coinbase.com/increasing-transparency-for-new-asset-listings-on-coinbase-e06f2edb095e
How the Sinners drop would have worked over time
if you bought my "sinners" drop on @soundxyz_ and held the entire time:
┗ you paid 0.1 ETH (~$320)
┗ it's now worth 2 ETH (~$6400)
┗ received 50 $RAC (~$150)
┗ received a free airdrop listed at 2 ETH (~$6400)and now you can also join our private https://t.co/lbJLgwaxpN
— rac.eth ⌐◨-◨ (@RAC) April 8, 2022
Thoughts on music NFT metrics
lots to unpack here.
first of all, these metrics only matter to investors, not to fans. perhaps there's some crossover in there somewhere, but i think this will be more niche.
a lot of people took this as a dystopian view and tbh, it kinda is if you take it at face value. https://t.co/6Uju7ZZOdk
— rac.eth ⌐◨-◨ (@RAC) March 30, 2022
Royal
Tweets by join_royal
Jesse Walden write-up on Sound.xyz
NFTs are a new model for music: Patronage+
Purchasing to own supports artists whose work you admire—PLUS economic alignment with their success (a strong incentive to become a patron.)
Proud to back @soundxyz_ to offer artists a new path to a career in making music https://t.co/Z63oHNr9aA
— Jesse Walden (@jessewldn) December 15, 2021
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