Writing and Music NFTs: Is There a Perspective
I think NFTs have long since ceased to be thought of as digital drawings. Today this sphere is scaling up and growing into new promising areas, each of which presents a different way of using non-interchangeable tokens: you can rent your piece of digital land or make a New Year’s greeting video for your brother that gets saved in blockchain.
Personally, I’m most interested in the field of writing NFTs, because I love writing long reads, and blockchain text provides an opportunity to experiment to establish a new kind of interaction with my audience.
When I first started turning my knowledge and thoughts about cryptocurrency into authoring texts, pretty quickly I was introduced to Medium, which I still love to write on, but at some point we all strive to try something new, more so in the quest to create a full-fledged Web3 sphere, so gradually I learned about platforms like Mirror, Paragraph, Cent Pages, Lenster and so on. In this article I will not do an overview of each of these platforms — follow the link and explore for yourself if you are looking for something new. But I want to summarize the general state and prospects of this direction.
After getting acquainted with the capabilities of writing NFT at this stage, I was able to notice some nuances, which almost every project should work on:
- The ability to support multiple networks and cross-chain nft sending;
- customizability of mint parameters;
- 2-in1 platform: a creative studio for the author, and a marketplace of writing nfts;
- possibility to customize your own profile and nft selections;
- content monetization in the form of advertising and subscription fees;
- tracking statistics about the reach of their publications.
I think the more people try their hand at this, the more challenges developers will face, followed immediately by progress.
Writing NFTs, it seems to me, will become increasingly necessary not only for authors as an additional interaction with the audience; they will find their place in the activities of ambassadors of various Web3 projects and in the lives of people passionate about the field of blockchain. The former will be able to stand out because they are already leaving a trace of their activities in blockchain, while the latter will be happy to share their daily stories with their friends in the form of something eternal.
Speaking of the speculative component of the issue, I have no such ideas. I think if you are a good and popular author, your works in the form of NFT will be worth a lot, and if you write” for yourself, I think a few altcoins will raise your motivation. Certainly many platforms will be releasing their tokens for management issues and stuff, but it’s hardly worth looking in that direction for huge x-somes until Web3 replaces Web2 completely.
For me, the direction of music NFTs also looks interesting. There are three groups of users here: successful artists looking for a new way to monetize; people who live and breathe music and Web3 — you won’t find them anywhere else; and fans looking for new ways to be closer to their idols.
In the late fall of 2022, the number of NFT music mints began to break all records for the first time. Artists were releasing large amounts of music that interested not only fans, but also collectors. Thus, a high volume/low price ratio was formed, and from this fact the following prospects for this direction can be seen:
- artists expanding audiences;
- attract more people to the web3 with network effects;
- creating momentum;
- accessible to newcomers.
Despite this, still see a number of risks: the supply will outstrip demand; lack of strategy for development in the field; quantity over quality.
Of course, there is a version of the development that music, which is now cheap, will organically grow in price and popularity — time will tell.
Friends, how do you feel about NFT and what trends are you watching? It will be interesting to read your thoughts in the comments.
