Would you like to buy an NFT for $ 1,000? How about $ 10?
Recently Astonishing loss in the crypto marketSpeculators ran away In the once bubbling NFT market, they brought the rest of their money with them. Floor price Crashed to Earth for the top collection.Now some people in the industry are producing Original digital artIn contrast to collectible PFP (profile photo) collections like Bored Apes and CryptoPunks, we are trying to create a grassroots sustainable business model with low entry criteria and no speculation.
Seemingly simple ideas are gaining momentum: Selling NFTs like this: It’s cheap..
Take Mike Polard, who started working in the reasonably priced music NFT market in 2021. NinaNow in beta, he describes it as a kind of “crypto bandcamp”.
“The models used to sell NFTs such as auctions and bonding curves and the high prices on platforms such as Ethereum meant we had to sell NFTs at a high price,” he told me.
In contrast, Nina allows musicians to sell trucks at set prices without input from rent-seeking intermediaries. As a result, trucks will cost about $ 10, according to Polard.
Of course, there are still sellers who feel a great deal of contribution to the world of art. “One artist tried to sell a truck for $ 1 million,” he said. “It didn’t sell.”
In general, Nina artisans are trying to create a more rational market for their own digital work.
Polard claims that Nina is challenging the all-purpose approach adopted by platforms such as Spotify and Apple Music. (Needless to say, these services pay for access to a copy of the song, rather than owning the “original”.)
Nina explained that Polard “allows artists to find an economic model that suits their audience.” It is also suitable for fans who do not suffer from volatility and high transaction fees. Nina is built on a low-cost Solana network.
Jordan Galvis BeetsDAOWhich I started As a music NFT collector group, there was a similar epiphany. “We aim to return to normal expectations of price and experience,” he told me.
Garbis and Beets DAO are helping build Echo, a user-owned music streaming service built around a Discord-like interface that allows artists to interact with their fans. (Disclosure: Garbis Strategic investor of Decrypt.) Fans who participate in the platform will be awarded exclusive tracks and various other benefits. Garbis believes that the huge supply of these tokens (“almost infinite”) and the truly compelling use cases that discourage resale can keep tokens affordable.
“It should look like you own the music of today,” Garbis said. “This means the relationship between millions of plays and hundreds of thousands of unique fans.”
Each of these relationships can generate a small amount of income that can lead to sustainable business in the long run.
Another advantage of selling NFTs at a low price is that they are more comprehensive. He previously stated his desire to keep the drop exclusive and order (or actually devise) to unnecessarily limit the artist’s popularity at a high price.
And there’s an even bigger problem with digital artwork, which is another major corner of the NFT original. Because digital art is easier to reproduce than music, NFTs for digital artwork can be more appealing to speculators seeking large-scale resale. This works when the hype is high. Not so much when the market is collapsing.
Asynchronous artThe boutique NFT Marketplace, run by a small staff, provides a way to create a kind of grassroots community around the artists that fans love. Psychedelics, oddballs, and many of the peculiar ones offer NFTs of music tracks and original artwork for as low as $ 10. This is a way to supplement the artist’s income and is a friendly favor dressed as a prestigious item. Achilleas Saradaris, Async’s product manager and drummer for the band HMLTD (formerly known as “Happy Meal Ltd”), says it’s a working model.
Saladris flicked an image of one of the site’s hottest artists and noticed that each sold, but for only a few dollars.
“It can be thought of as a vinyl record. Inevitably, you buy it without the hope of reselling it,” he said. “This artist likes graffiti and I also like his graffiti, so I’m hosting his NFT so he can continue to graffiti.”
In particular, Saladris did not try to talk about the notions of perks and practicality. Instead, the marketing of these NFTs is an emotional attraction. “We create value from thin air,” he said. “It’s alchemy.”
In fact, Saladris, along with Polard and Galvis, easily admits that what they offer is qualitatively different from the products offered by Web 2 giants such as Spotify and YouTube, at least as big as these companies. I know there is no prospect of competing for scale. In the short term.
Instead, their marketing to fans is to support music and art in good faith in exchange for a sense of ownership and sponsorship.
The success of this in transitioning the NFT market to a sustainable future depends on how well the fans actually have.
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