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- ☮️ Woodstock brings peace, love, music to the metaverse ☮️
☮️ Woodstock brings peace, love, music to the metaverse ☮️
Snoop Dogg’s new album a fresh NFT vibe, EDM label Helix Records on web3, plus more top stories
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Hey friends, this is Sophia from 🎵 Metaproof Music, the weekly newsletter where we keep you informed on how the metaverse and web3 are changing the music industry.
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📲 By the numbers
In 1969, the Woodstock music festival brought together more than 500,000 people via analog tools - and now it’s aiming for an “infinite” audience using a high-fidelity 3D metaverse experience. (Source)
Music copyright NFT market charm-Euterpe launched the first Music IP-NFT mystery box and sold out instantly, with OpenSea data showing a total of 1,180 mystery boxes were sold out within a few minutes and the proportion of unique holders hit 92%. (Source)
Indie hip-hop artist Heno. appeared on a Snoop Dogg NFT mixtape that made $300,000 in a single day, figured in Fortune Magazine feature for his contribution, and has sold more than 200 NFTs since entering the space less than two years ago. To date, he has an estimated 170,000 monthly listeners. (Source)
📫 News & trends
Looks like the ghosts of Woodstock past are getting a tech upgrade. The festival, known for bringing together over half a million people in 1969, is partnering with Sequin AR to bring its famed festival to the metaverse.
The goal? To make new and emerging artists more discoverable to a global audience through Woodstock World, an immersive 3D metaverse experience. The experience, built using Unreal Engine 5, will transport attendees back to the original festival while also allowing them to discover new artists. Think of it like a time machine, but with less chance of getting stuck in the past (and no need for a DeLorean).
But before you start dusting off your fringed vest and tie-dye shirts, there are a few things to note. Currently, there's no exact launch date for Woodstock World. Additionally, it's unclear how the experience will be monetized. Will virtual flower crowns be sold? Only time will tell.
In 1969 during the first festival, Woodstock exploded into the music world and brought together over half a million people using just analog tools. Today, founders hope to bring together what it calls an “infinite” audience using Sequin AR’s high-fidelity 3D metaverse experience, enabling attendees to discover new artists while having a taste of the original festival. The planned virtual interactive spaces will offer an “even more magical experience liberated from the boundaries of time and space”, said Joel Rosenman, co-producer of the original Woodstock and spokesperson with his partners in Woodstock Ventures.
We'll keep you updated as more information becomes available, but in the meantime, start practicing your virtual peace signs.
Snoop Dogg has become one of the first music artists to venture into the world of cryptocurrency with the release of his latest album, B.O.D.R. To celebrate the 30th anniversary of Death Row Records, an exclusive NFT collection has been released, featuring seven unique NFTs, including three molded by BTC, ETH, and CRO. An acronym for “Bacc On Death Row,” B.O.D.R. is Snoop’s first album after acquiring Death Row Records, a music label founded in 1991 and which he bought in February 2022. While some music artists are embracing the use of blockchain technology in their work, not all are jumping on board. There are also questions about the sustainability of NFTs, as well as concerns about their environmental impact. Additionally, some critics argue that the use of blockchain technology in entertainment is a fad and may not have long-term value, and question the practicality of using blockchain technology in the music industry. However, as the use of blockchain in entertainment continues to grow, it will be interesting to see how it develops and how it can be used to monetize digital content in new and innovative ways.
Looks like music industry veteran Patrick Moxey is shaking things up with his new label, Helix Records. Moxey is bringing the entire roster of Helix Records, the EDM label he launched last year after selling his stake in Ultra Records, into the web3 space, kicking things off with an NFT membership pass. Starting in February, the Helix Records Genesis Pass will act as a digital passport to the Helix ecosystem and grant holders a free music NFT from one of the roster’s flagship artists, including electronic duo Snakehips and house DJ Marshall Jefferson. Later in 2023, NFT holders will get the chance to access VIP tickets, backstage passes and submit music directly to the label for feedback. One holder will win a one-on-one conversation with Moxey.
Instrumental to the mainstream success of Avicii, Kygo, deadmau5, and David Guetta at Ultra Records, Moxey aims to make web3 and NFTs a “foundational part” of the venture. He said: “I hope to make a company that’s much bigger than my last company within the next five years.”
Helix Records will onboard its entire roster of electronic artists into web3 and support them through the transition to NFTs and blockchain. To power the label’s web3 activations, it partnered with software platform FUEL, billed as “Shopify for NFTs” and where musicians sell concert tickets, singles, and collectibles to web3 and web2 fans.
Two mobile game developers, Pixelynx and Vita Motus, have announced a partnership to create a new mobile game, ELYNXIR. The game aims to utilize VitaVerse technology to allow players to enter virtual worlds in real-time, potentially leading to new forms of fan-artist collaboration and immersion in the music metaverse. It is worth noting that this technology is new and there may be concerns about the implications it may have on the relationship between the real and virtual self, as well as the future of in-person concerts. However, the introduction of this technology can also be seen as an opportunity for the music industry to explore new ways of engagement with fans in the digital age.
Blockchain company SmartLedger is fortifying its eight proofs of concept (POCs), including Rare Generation and Streamable FM, both focusing on improving the music industry for artists and consumers by prioritizing Digital Rights Management and streaming. Rare Generation seeks to enable artists and publishers to publish content and specify ownership percentages on the public, immutable, Bitcoin SV blockchain, while premium members will have their content immediately available on Streamable FM for consumers to stream. Using Rare Generation’s on-chain publishing and digital rights management information, Streamable FM offers a global, latency-free content streaming service that instantly pays writers and publishers, as listeners access the content. This service, according to SmartLedger, generates significantly more revenue per stream compared to Spotify and provides an unchangeable record of streaming payments.
No small number of the most innovative startups are embracing a model that isn’t exactly web3-or-bust. One way is to take the smarter elements of what’s called web2 music, refine them further for cryptocurrency’s plugged-in masses and weave in a number of savvy blockchain-based applications to collectively power a genuinely new thing. On the reverse, start with a web3 base, then incorporate traditional artistic elements that have historically worked well for artists and fans, plus the growing number of counterparties that have increasingly crept between them. What’s undeniable is there are truly needle-moving musicians dishing out unique sounds than ever - including those who have been suppressed by record label culture and real struggles when it comes to figuring out how to scale Spotify’s charts, crack the Top 40, or even just cultivate a following.
🎉 In the metaverse, brands capture what audiences are doing, and what they are not doing: Rajat Ojha
Rajat Ojha, veteran creator of chart-topping games on mobile and Playstation, has spent 16 years in Silicon Valley and is invested in next-gen digital evolution in India. As an expert in AI and the simulation industry, he is excited to offer metaverse platform PartyNite, dubbed India’s very own metaverse, adding a blockchain and commerce layer and facilitating brand collaborations on it. PartyNite is a blockchain-powered digital parallel universe where users can hang out with friends as customizable avatars and have fun exploring new worlds, meeting new people, joining parties, attending events, playing games, claiming/minting/selling playable NFTs, dancing, listening to music, having a drink or just talking. It has attracted many brands, corporates, and even government entities for collaborations, including an integration with Airtel Xtream to open up a 20-screen multiplex on the metaverse, playing out content pieces from its OTT content partners.
For the independent musician, is web3 a mirage, or a good place to put resources and time? Ari Herstand, solo artist and frontman of the LA-based funk band Brassroots District, thinks web3 is going to continue to find its footing. “I don’t think it’s a fad. I know that it got a lot of hype a year or two ago when NFTs were all the rage … Fans are able to invest in artists’ songs that they might believe in participate in the share of royalties.” He likens web3 technologies’ streamlined ability to do this to crowdfunding - a “fan investing model” in its very early stages and emerges as a “very exciting frontier.” Herstand’s book How to Make it in the New Music Business: Practical Tips on Building a Loyal Following and Making a Living as a Musician, first published in 2016, is a how-to instruction manual for independent musicians.
K-pop group NCT 127 will be the latest act to perform in a free virtual concert on gaming platform Roblox starting on January 27. The show follows previous performances by Elton John, 24kGoldn, David Guetta, Ava Max, Lil Nas X, The Chainsmokers, and Twenty One Pilots. Through “The NCT 127 Concert Experience” - claimed to be the first-ever dedicated K-pop experience and concert on Roblox and the largest group performance by any band on the platform - fans can watch the group perform celebrated tracks including “Kick It,” “Sticker,” and the title track from their studio album 2 Baddies in a virtual setting. Users can expect, too, a neon Seoul city-themed environment and obstacle course, as well as a metaverse scavenger hunt spanning a number of popular Roblox experiences.
Inspired by his older brother Myles Shear, who manages EDM artist Kygo, Brett Shear searched for a passion of his own, eventually leading him to web3. Shear came across Music NFTs via Catalog and ZORA in 2021 and immediately began collecting. When 3LAU’s $11M sale caught the industry’s attention in March 2021, Brett was positioned and willing to advise: he helped Kygo and The Weeknd orchestrate genesis drops on NiftyGateway and eventually partnered with his brother Myles and Kygo at their company Palm Tree Crew Holdings to launch and manage PTC Crypto, an early-stage venture fund investing in the crypto creator economy. He has been instrumental as a collector and advisor to countless artists in the space and has invested via PTC Crypto in a dozen content-focused crypto apps such as Sound, Arpeggi, and Bonfire. Shear’s advice to artists: patience. “You want to release a token that doesn’t dilute the quality of your work and is backed by a wide set of exposure to your art. That gives people a lower price point to participate.”
Generative AI may create conflicts between creators and platforms this year. Platforms like Spotify dependent on a constant stream of new content explore the opportunities of algorithmically generated content. Spotify may explore AI-crafted music as its business model naturally creates tension with musicians it features because the platform must pay them in proportion to how often their work is listened to. For that reason, it aggressively expanded its podcasting content - famously paying Joe Rogan $200M or more to exclusively podcast with Spotify - because it does not have to pay podcasters in exchange for listeners. Following the logic, Spotify may train generative AI on various musical genres and use it to release new music that it owns.
An artist in web3 mints their music on platforms like Sound XYZ, Catalog Works, ZORA, and Decent. They have dropped at least three times and are actively building a community - likely about 500 artists falling into the category. Some collectors, on the other hand, purely support the artist; however, more collect with the expectation of a higher resale than those supporting altruistically. Case in point: If someone collects a music NFT for 0.01 ETH, they hope it will be worth more and that they can sell it if they chose to. There’s also the artist as collector, collecting their own work as well as other artists’. This operates on the principle that the more you double down, the more collectors want to double down on you. Learn more from investor Cooopahtroopa of Coop Records on this Twitter thread.
Rising California singer-songwriter and rapper Arden Jones is celebrating the second anniversary of his breakthrough viral debut “Parallel Parking” by teaming up with Sound.xyz for a limited-edition NFT drop. All funds raised from the sales of the digital collectible will go into a community wallet to pay off parking tickets for fans. The drop went live via Sound.xyz on Saturday, January 21 at 2 pm ET, with 100 available for sale while supplies last. Fans were invited to submit their parking tickets via Twitter and Instagram using the hashtag #ParallelParkingFund for a chance to have their fine paid by Jones. Leading up to the drop, Jones also surprised people around LA by paying off parking tickets in person, all captured across his social media.
Who are Beachcrimes? The duo from LA has spent the last year making songs in hotel rooms around the world, with its music the soundtrack to that adventure. This year the musical act is releasing 24 songs in 48 weeks, in web3 and beyond, starting this week on Sound. “We want to build this album in public, and bring our holders into the creative conversation as we go,” Beachcrimes noted, highlighting “Let’s Play House'' as the 1st of these 24 singles and its debut mint. They’re inviting people to “jump in and build” with them as single two goes out in two weeks and single three two weeks after that.
Metaverse performances have opened up a new portal for musical artists to showcase themselves in a fresh, new, immersive way. The MTV VMAs and EMAs themselves have recognized metaverse performances and the 64th Grammy Awards hosted GRAMMY Week on Roblox, so it’s only a matter of time for more musical acts and stars to get into the trend. In the meantime, some of the well-known names that have already taken the plunge include BTS, Blackpink, Travis Scott, Ariana Grande, Justin Bieber, and Marshmello, along with Meghan Thee Stallion, Twenty One Pilots, Charli XCX, and Ozzy Osbourne.
💸 Finance buzz
Web3 entertainment company Hume, which creates virtual artists, hired music industry veteran Adrian Karvinen as VP of music business & partnership, where he will be responsible for building partnerships between metaverse-native virtual artists and brands as well as with real-life artists to drive interactive fan experiences. Hume previously raised $11.7M from backers including TCG Crypto, Winklevoss Capital, and Gmoney. (Source)
🗣️ Quote of the week
“While these kind of experiences have mostly been the preserve of the biggest artists so far, we believe that growth in both the number of people who play, and online game worlds that enable user generated content, could open games up to all kinds of performers, allowing them to successfully tap into its enormous player base to raise their profile.”
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All content on this newsletter is for informational purposes only and does not aim to serve as or replace expert investment advice.
If you are a startup building in the metaverse / web3 ecosystem and are raising capital, please reach out to Sfermion. Sfermion is an investment firm focused on accelerating the emergence of the metaverse.
Stay informed via our Twitter and Subscribe here to get your metaverse music news every Tuesday.