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Nonetheless, the process of trial & error from musicians deserve more than just a praise. ❤️We just need platforms to provide a different, innovative solution for the musicians.

#AudioFi, is a belief that I am building on with @MeMusicNews to hopefully provide what is needed for #web3 to make a major impact on music. More thoughts written on the article 👇Always keen on suggestions for improvements. 🙏 medium.com/memusicofficial/a…

The current form of Music NFTs are dead. ☠️ No new chain or L2 will revive music NFTs. But music NFT as a general is not dead yet, rather I think it is not even born. As PFPs found their way by in the market by building communities, #MusicNFTs could find its own way as well.

This is not even new to the market. Mainstream musicians make more than millions because there are willing fans to pay for concerts or merchandise. Music NFTs should not try reinventing the wheel, but rather opening new opportunities for musicians.

What if you have NFTs promising a live duet karaoke-likesession? Or a 15 minutes call? instead of royalties? It would definitely be more memorable for a fan. When fans care about these experiences, gas fees would be the least of their concerns.

Artists need a platform where a community could develop based on their creatives instead of complete reliance of NFTs. First, NFTs should be a tool to express fandom. Then, NFTs should be a digital representation of a memorable, exclusive experience.

We need a cohesive platform that does not fragment the creators' effort or time. If they are to schedule Twitter Spaces, manage Discord, or etc. while creating art and music. This would be a terrible experience.

If the solution for musicians is within the lines of: you need to build a community, focus on marketing, etc. ⛔️No, this would drive all musicians away from NFTs. Time is valuable for creative works. The opportunity cost of ditching labels to this work would be higher.

Collectible music should not be built based on financial motives but rather on fandom. For example, there are more musicians successful on bandcamp.com instead of #web3 based platforms. Do they ever have to worry about gas-fees? No.

Then, often, music NFTs would have a financial promise of distributing royalty returns. However, as redistribution of royalties take time, the interest levels are hard to retain in this market. But more importantly, this is a wrong approach to music NFTs.

Music NFTs, which often don't have 'traditional' NFT qualities (community, strong utility, and marketing) would take a larger hit. Without these qualities, the financial motive of traders or crypto-oriented NFT collectors would also take a hit.

Successful collections build based on commmunities. The sense of exclusivity coupled with utilities will drive hype and interest for the collection. However, regardless of the utilities, even the most popular collections will take a hit from bearish markets.

@TheNFTMusician Maybe from a statistical perspective, there was not enough information on different chains or platforms. But dominant platforms' sales speaks more about the sentiment towards Music NFTs, which is more important. Your post was definitely on point.

#web3 music needs strong support and belief like this🎵 so much to love about funds or companies that are dedicated in ensuring adoption in the music industry

@MeMusicNews is taking on this challenge!