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MY WEB3 MUSINGS

1. THE CASE FOR MUSIC NFTS 

A recent survey found that today 9 out of 10 people are willing to work for less money for more meaningful work. 

That fact really resonates with me. I am currently involved in numerous artistic ventures that don't always bring in the dough. I know they will eventually but for now job satisfaction is way more important. I also work for a start-up that is changing the game in the music industry. Could I make more money elsewhere? Of course. Do I want to work anywhere else? Not really. I believe in what we are doing. I find purpose in it. It brings a level of meaning into the career I have had for 28 years. I always felt like something was missing. Web3 offers that final elusive piece and boy has it got me excited. 

Anyway, let's carry on to my thoughts on music NFTs and why I believe they are bringing meaning to this strange old world of ours.

Most people don’t understand the idea of NFTs let alone music NFTs. It has been said though that it is easier to understand an art NFT because of its instant visual gratification and the ability to fall in love or become instantly attached to the image…music NFTs however, lack this instant visual gratification that art NFTs have. Music takes time to listen to. And it may be that you only fall in love with the track after hearing it numerous times. But for me, collecting music NFT’s go way deeper than that and I’ll explain why in a minute.  

For me, the only way to understand the ‘thing’ is to do the thing. Otherwise, something is just an abstract concept. It's just a bunch of words describing something, someone else has done. To get people to do the thing you first must explain it in a way they can relate to it. 

So there is much talk of instead of calling NFTs- NFTs, we should call them digital collectibles. Personally, this helps me to understand the concept and it also fortifies my belief in the wider vision for NFTs. I ask people if they have ever collected anything… I explain to them that I used to collect spoons! Yeah, spoons! But I loved my spoon collection. I got spoons from places I visited and I even got people to buy me spoons from places they had visited. I didn’t even consciously choose spoons, my grandmother gave me my first spoon. For me, it was the idea of having a collection, or rather the act of collecting. I become attached to my collection after doing the thing.

So let’s dive deeper into why humans collect things. We are hunters and gatherers first and foremost. We have been gathering things for thousands of years. But beyond that, we have also been collecting. Collecting- the act of finding things of interest or beauty and keeping them as our own for the emotions they stir in us.

About ⅓ of all people in the UK collect something. That’s a pretty big number. How and when did this start? Around 12,000 years ago, our ancestors gave up their nomadic lifestyles and settled down in one location so it meant they could collect things and keep them in one spot. 

There are a few other interesting facts about collecting which will get you thinking. 

There is a phenomenon known as the endowment effect, which describes our tendency to value things more once we own them. Do you relate? Another is the concept of contagion – some collectors are attracted to celebrity belongings because these objects are seen as being infused with the essence of the person who owned them. Now we are getting somewhere. 

So before you disregard music NFTs why don’t you buy one? Find an artist who is minting them, and listen to them on a Twitter space talking about their why and their journey. If you connect then collect! That’s my motto. 

At this point, I’m invested in the artist more so than the music. It’s that contagion concept I just mentioned. The two music NFTs I own are not music I would normally choose to listen to. I could not even tell you what genre they are… maybe rap, or pop but I’m sure it’s something more specific. However it’s not the music, I am invested in the artist. I am invested in the community. I am hyped to be a part of something bigger than myself or the artist. It is a common thread that I now share with people, some I know, some strangers, but if we ever met and swapped which music NFT’s we owned we would have an instant connection. It’s my social currency. It’s what I’m subscribed to and what I believe in. The people that I bought the music NFTs from are good people with good values. This is important to me. I like the way they share with their community. I like the vibes they give out.

After navigating my way through the sometimes challenging music industry of the past I believe this is what the world needs more of... It’s even bigger than the music, the people or the community. It’s my belief that supporting artists like this can and will make the world a better place. The louder their voice the more people will start listening, and the more people will start following their lead and adopting their qualities. I’m investing in the future of humanity through music NFTs. That’s quite a big concept.

This is why I don’t think there is diminishing space for pompous musicians with over-inflated egos. That time has passed. Well in my opinion.  This is the time of sharing or collaborating, of doing good for good’s sake. Of making positive changes in the world and considering your every step, and your every word. The Web3 artists we are bringing on board for Dcentralize are people that are of course trying to grow their careers and make money but they have their moral compass pointed in the right direction. That is powerful. They are changing the world through music, one song at a time.