2023 Crypto Market and Web3 Music Industry Predictions

Hip-hop is fast becoming a driving force in Web3 music. While EDM and pop music have dominated the space, hip-hop has made inroads. This is due to the fact that hip-hop is arguably the most genuine reflection of the NFT space. And it’s the underground artists – not the mainstream rappers who use their talents to create innovative projects in Web3.

Musicians are now taking advantage of the technology available, creating soundscapes that are both thought-provoking and profitable. They also leverage platforms such as Ethereum and Flow to create digital assets that can be bought, sold and traded on a global scale.

This means reaching a much larger audience while maintaining artistic control. As more hip-hop artists continue to explore their options, it’s likely that we’ll see even more success stories emerge from their involvement with Web3 over the coming year and beyond.

Hip Hop to Web3 in 2023

Hip-hop has greatly benefited from the development of Web3. Blockchain technology’s decentralized nature has given power back to indie musicians. As a result, a new generation of NFT creators who grew up with digital tools and platforms are now taking the lead creatively.

Such of Black Dave, MoRuf and more, push the boundaries of what is possible. That is, when it comes to independent music on NFT platforms. Together, they help shape the future of hip-hop in Web3. They create a vibrant and exciting space for artists to thrive.

Still, with all the buzz, the nature of competitive blockchain can result in a somewhat siled system.

Current Web3 music markets are fragmented

Marketplaces play an important role in the Web3 music industry. Fragmentation of blockchains, communities and user experiences presents challenges for musicians. They must navigate changes in platform onboarding methods and priorities.

Despite the openness of NFTs as transferable assets, they are functionally contained within the current ecosystem of NFT platforms. This is because they are only visible on the cross-platform blockchain in an apparent way. This presents artists with a unique challenge to decide where and how they want to propose to their fans. Some seek exclusive partnerships – others cast a wider net.

There are three different avenues Web3 musicians use to release music:

• General NFT marketplaces offer a wide range of services for users looking to buy or sell digital collectibles such as artwork or music.

These platforms offer a number of features that make them attractive to both buyers and sellers. These features include easy onboarding processes, low fees, secure transactions and access to a large pool of potential buyers.

• Specialized music-focused marketplaces focus exclusively on offering services related to the purchase and sale of digital music resources such as albums or singles. These platforms often have more advanced features than generalized platforms.
• Artist-oriented marketplaces, as the name suggests, are aimed at creatives in music, art, film and photography.

Advantages of platform-agnostic collaboration

Despite the filtered system, most musicians have not limited their music releases to a single market. Instead, they have tried to reach as many people as possible by distributing their music through multiple channels. This includes both curated and non-curated markets, as well as general and music-specific platforms.

Many artists found favor in one medium but received little attention elsewhere. This “spaghetti on the wall” strategy is common when dealing with NFT music marketplaces. It is essentially a process of learning through iteration. The idea is that the greater the mix, the greater the chance for collaboration and visibility. In short, you win some, you lose some.

NFT music marketplaces

The emergence of music-specific NFT marketplaces has been a game changer for Web3 music artists. These platforms provide an opportunity to reach a wider audience and increase the chances of your drops selling out.

For example, Sound.xyz provides an advertising engine around each drop, including dedicated Twitter Spaces that showcase the music, which can help increase visibility and sales.

However, not all artists are happy with the current options available when it comes to curated marketplaces. The barrier to entry is simply too high on many platforms, making it difficult for smaller artists to get noticed.

This highlights the need for more accessible and affordable options that cater to the needs of independent musicians. With more tailor-made solutions available, Web3 artists will be able to better utilize the potential of NFTs for their careers.

What’s in store for the future of Web3 hip-hop?

The future of Web3 hip-hop is an exciting prospect, as the industry has already seen some major players enter the space. Industry heavyweights such as Soulection and Death Row Records have taken steps to explore the intersection of mainstream hip-hop and Web3 music, with varying degrees of success.

It is not yet known what will be required for mainstream hip-hop to fully adopt Web3. But with these companies leading the way, there is hope that this will happen sooner rather than later. The potential for mass adoption of Web3 music is undeniable, and with more companies investing in this space, the impact could be significant. Web3 hip-hop is paving the way for other creatives to follow.

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