Your reliable guide in the crypto world, providing comprehensive news and analysis on all things related to cryptocurrency.

On-chain music sounds off with latest raise, artistic duo Hackatao find their lane  – Cointelegraph Magazine

With Sound’s recent $20 million raise, music collectibles have reignited a spark in my mind. While music really hasn’t had its moment in the sun, as has the art market and the PFP mania of 2021–2022, collectible on-chain music feels inevitable. 

Collecting music is not new. It’s had many iterations, from vinyl to cassettes to CDs to mp3s to $0.99 tracks on iTunes.

People collect music for a variety of reasons, including nostalgia, supporting artists financially, social signaling to their friends and followers, and showcasing their personality through their taste in music.

Enter on-chain music: the next major platform in a rich history of formats through which we’ve collected and consumed music.

Does this mean your favorite streaming service is going away? Most likely not — certainly not anytime soon — but putting music on-chain can open up a whole range of new opportunities for musicians and collectors alike.

In a recent Twitter thread, the online music market Sound stated that its hypothesis is that “the true value of music can be unlocked if we give fans the power to support artists directly.” Since its launch in 2022, it claims to have made over $5 million for artists.

Who’s making waves in the music Web3 scene?

While we’ve seen the likes of Snoop Dogg — who was part of the $20 million Sound raise — and 3LAU really lean into what Web3 could mean for music, we’ve seen relatively unknown artists start to make a name for themselves by opting to be a bigger fish in what is a smaller pond (for now).

Daniel Allan and Violetta Zironi are two examples pioneering what a musician’s journey can look like in the new Web3 world.

Allan, an artist and producer based in Los Angeles, has been early with on-chain music, championing the space for other musicians to follow suit.

Italian singer Zironi is arguably one of the best early success stories with music in Web3. Having initially stumbled into early stardom on her home country’s The X Factor, she was on the traditional path but has opted to pave her own way with independence, and her fans love her for it.

Zironi understands how to cultivate her fanbase. Her 2022 project “Moonshot” has generated over 325 ETH in sales on OpenSea alone.

Return of iconic album cover art

“What’s old is new again” rings true in the fashion world. We know crypto markets work in cycles, so will we see the return of iconic art to accompany music and give it a memorable visual aspect, like the days of iconic album covers such as Nirvana’s Nevermind, Michael Jackson’s Dangerous and Red Hot Chili Peppers’ Blood Sugar Sex Magik?

Since streaming became the societal norm, the emphasis is way less on a traditional album and its associated cover art. But with the collaborative nature of NFTs and their composability, we could see a shift in interest move back to valuing the visual aspect to accompany music.

We saw a mash-up from two iconic figures in their respective fields in late 2021 via Snoop Dogg and Coldie’s “Decentral Eyes Dogg.”

What’s hot in NFT art markets?

Big sales are coming from Pak, Fidenzas and Joe Pease.

We also recently saw 10 new Squiggles minted (#9872–#9881) and a successful drop by 99-year-old Vera Molnár, a pioneer of generative art who collaborated with Martin Grasser, a generative artist himself. The 500 NFTs sold out on Sotheby’s Metaverse and have since done over 1,000 ETH in secondary sales on OpenSea.

NFT Creator: Hackatao

Originating in 2018, the OG artist duo Hackatao have a highly distinctive style that is their own — and that’s exactly how they like it. As experimenters in the nascent NFT space early on, having a Hackatao piece in a collector’s vault is highly desirable.

Hackatao have had huge sales over the last five years, including “Imago,” which sold at Sotheby’s for nearly $1 million. They’ve also had multiple sales over $500,000.

Staying motivated as long-term artists

With a pedigree in one-of-one art, Hackatao loves innovation, and in 2022, they launched Queens+Kings, which introduced tradable traits to put a different spin on PFP collections.

“We love experimentation and innovation. We approach new projects with the spirit of experimenting with new mechanisms and trying to bring something innovative to the space,” Hackatao says.

“So it was for Queens+Kings and its traits trading system. We are now working on two large generative art projects that present unprecedented dynamics.”

Notable sales

“Imago” by Hackatao sold for $932,285 at Sotheby’s.

“Flood” by Hackatao sold for 250 ETH ($875,000).

“LOL” by Hackatao sold for 185 ETH ($576,000).

The Simpsons reveals connection with PFP communities

The Simpsons recently caught the NFT PFP community’s eye when it unveiled a poster featuring NFTs from what appears to be five collections: CryptoPunks, Bored Ape Yacht Club, Doodles, MoonCats and a Nyan Cat.

The posters were being distributed at an official Simpsons booth at San Diego Comic-Con. A move like this in 2021 or early 2022 would have sent collection floors in an upward direction rapidly, but right now, in the heart of an NFT bear market, floors didn’t budge. Nonetheless, it’s something to keep an eye out for and a reminder that NFTs have made a dent in the zeitgeist.

Also featured at the world-famous Comic Con in Southern California were Cool Cats and Pudgy Penguins.

Share this article
Shareable URL
Prev Post

Borneo authorities seize illegal crypto miners running off stolen power

Next Post

Chinese city implements plan for blockchain digital infrastructure system by 2025

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next