What killed the much-hyped NFT?
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- čas přidán 5. 10. 2023
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You remember NFTs, right? That digital “token” technology that just a year ago was going to revolutionize the music industry - and so many other businesses? We thought they had exciting potential to help independent artists like yourself make some extra money from your music.
Well, guess what? Almost all those NFTs, which were worth a collective $17 billion last year, are now worthless. What happened???
In today’s video, Disc Makers CEO Tony van Veen discusses:
- What happened to NFT valuations;
- 3 reasons why NFTs failed to catch on with consumers;
- Why artists soured on NFTs just last month;
- What are your options for driving more revenue from your music?
NFTs may be dead, but you can now get the best deal in the known universe on the music format fans have proven they love the most.
Get 100 vinyl records in Euro jackets for just $999!
www.discmakers.com/products/v...
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Lets hope NFTs stay dead and never comeback.
When I first heard about NFTs and had them explained to me, my reaction was "the music world already has non fungible tokens... they're called 'Compact Disks'. And that's why DiskMakers has had staying power.
This is the long-standing iteration of how to make meaningful NFTs:
- make music
- call Disk Makers and order CDs and vinyl
- set a price for those CDs and vinyl
- sell to fans
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👊🏼👊🏼👊🏼👊🏼👊🏼
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Haha. Yes. This.
What killed NFTs was that people realized they had been a scam from the beginning, just like crypto in general.
You don't want to buy my magazine clipping collage jpeg????
As it stands today - Bandcamp not only has the most ethical model in the current marketplace - it may be the most ethical model of all time.
Been waiting for this one :-) Thanks Tony!
It was like somebody trying to bottle sunlight and sell it.
The CEO using yhe term "bullsh#t" is one more reason why i stay with this company. Blog posts from a CEO is unheard of. #KeepItReal Love it👍
Thanks for keeping these vids up, Nice close at the end too. :) well done. I really appreciate the price of your pressing.
NFTs failed because the concept was so weird and difficult to comprehend that people reacted as I did - threw up their hands and said, "forget it!"
Or its intrinsic nonsense.
Love your videos..!
Thank you for making these videos, Tony, They are always insightful. I would add one possible reason to your list. NFTs and cryptocurrency are both (if I understand correctly) very energy-intensive. I am guessing that the folks who are not in complete denial about the fossil-fuel-consumption-driven climate catastrophes (heat waves, floods, forest fires, droughts, melting polar icecaps, changing ocean currents, changing weather patterns, etc.) unfolding all over planet earth decided not to invest any time and/or money in something that would likely cause more, rather than less, fossil fuels to be consumed. I would love to hear your thoughts in a future video about how climate change/climate catastrophe may already be changing how the music industry operates (artists like Coldplay working to make their tours more sustainable, for example...)
While minting NFTs with Ethereum was quite energy inefficient, I don’t think that was a significant contributor to their failure. If the average consumer cared about energy and environmental issues, then vinyl certainly wouldn’t be the hottest music technology for the past 5 years.
@@tonyvv Good point! I guess most of us are (understandably...because forest fires and floods and tornados are terrifying!) in denial about the catastrophic surprises which await us due to our fossil fuel over-consumption. And I'd still love to watch a video you might make about folks in the music industry who are lowering their carbon footprints.
I have to admit...I was pushed to "learn NFTs" and make some, and push them to my fans, which I tried, but I just couldn't get myself to actually talk about my NFTs in a compelling and authentic way, so I didn't.
Music marketing experts in my circle were super excited about it, and I felt like an alien because I just did not see the point. It's just simple: I personally don't want an NFT, I don't want a digital "thing"...I just...don't want it. And it's not the "thing" I'd want from an artist I love. I want something that makes me connect with their artistic identity, something more real like a performance, or some kind of merch or experience that feels human.
From listening to my fans...mostly they just want to see me succeed and experience great music.
I imagine there's still value in the technological concept...but let's see!
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I called it back then just like I'm calling Atmos now. Flash in a pan for Joe Public and only relatable to a small niche of music consumers.
Good call. Consumers didn’t understand the value or function of NFTs, and don’t understand the value of Atmos. As far as function, their earbuds sound good enough to them… 😑
@@tonyvv That's exactly it too - practicality. And you touched on that. That's not to say a variation of this that has practical uses isn't still to come (new technologies always take time to adopt, and it usually requires something happening with another technology to make it make more sense that way). NFTs weren't a bad idea, per se, but I think what we learn from them will be applied to something later on.
That said, I 100% believe that CDs and Vinyl are the BEST collectible. So much so that every one of my releases has a CD component. I desperately want to do vinyl but I can't afford it (even with your new prices). I'm not at a place where I can do that right now, however, BEING ABLE to do that is a huge goal, and I know that doing so is going to be a result of some real success.
Thanks for your videos!
“No one knew what a NFT was” pretty much and if it could not be explained in 30 seconds you lost everyone… that being said don’t forget to buy indie music
Exactly!
Nice advert, Tony. So musicians will still continue to be screwed, but they MIGHT make some money if they continue to buy product from you, which they may or may not be able to sell (and which CDB will no longer sell). Incidentally, one of your reps told me this year that CDB will do nothing to protect copyright of musicians who register their product with you, but we could pay up front money for legal protection from one of your associate companies. Not very tempting for overseas musicians. How much will it cost for international phone calls that we wait up until 2-3 am to make (and how much will the company charge if we engage them in protracted law suits)? At least CZcams tells us when there's a copyright clash.
NTF - A scam? Who would have thought it!
The legitimatize ones arent dead.
i would bet that a lot of truthful and perhaps offensive comments have been deleted. music technology cannot keep up with the speed of complete idiocy. pretend art and money? what is wrong with people?
No comments were deleted. All opinions, no matter how uninformed and moronic, have a right to be expressed, so long as they’re not hateful. ✌🏼
It was GREED and DISHONESTY that deflated the NFT industry, period.
Why tory lanez is in jail 😕
Obvious Ponzi scheme was obvious