Texture of Time
It was Christmas 2009. Unlike any other family, my parents allowed us to open gifts at midnight. After all, it is Christmas. My siblings and I sat near the tree angled best to retrieve the gifts we saw with our names on them.
My parents had a very interesting old clock that sat on the wall and clicked every 4 seconds. I do not know why but I know it was inherited from my great grandmother. Every 4 seconds: click.
At 11:59 PM, this clock would show us how long anticipation could stretch 4 seconds. click. I was eyeing a very small box. click. Start small, go bigger. click. That was my logic. click.
The clock struck 12 and we lunged toward our gifts and inside that small box was an iPod Touch. Naturally I leapt with joy for access to music and I was instructed to reach for the gift beneath it, which was an Apple gift card.
Digital Money and Digital Ownership
We received a 20 USD Apple Gift Card. Yes. We. I had to share it with my sister, and filled with the bliss of the moment she ran to the computer to set up her Apple Account. In retrospect, I should have ran first.
She added the card to her password protected account and went to purchase Beyonce's I Am... Sasha Fierce. I went to purchase another album that I wanted but it wasn't possible because she paid 11.99 plus taxes and left me with 5 dollars.
It was my turn to set up my account. But there was an issue. The money was on her account and the digital Apple Store Cash couldn't be transferred to mine. It was frustrating.
I raked leaves and shoveled snow over the course of the following week to purchase another 20 dollar card. I uploaded it to my account and purchased Starlito's Way 2: Internal Affairs. This was a double album so I only got one half because after 9.99 and taxes I didn't have enough.
From a young age, I saw that music was really cool and having access to it anywhere that I had my iPod was even better. The clunky acquisition of the music was horrible.
By the time I was old enough to get a debit card there was a thing called Spotify that would let me listen to as much music as I want and naturally I took to this experience. It was better than looking for free links or listening on YouTube.
But I didn't realize that this process killed the artists ability to earn from their art. And for that reason I find much wrong with the current music paradigm.
I like Sound because it adds so much value to music by adding ownership next to the art. All of my Marvin Gaye vinyls are really nice but they are heavy and hard to tote around. But I 100% own them. The music I rent from Spotify is gone if the rent isn't paid.
What's new? The ability to own a digital representation of a song or album is very new. Rent is paid in a single transaction and access remains forever. Similarly, artist earn a fair income on their art.
But how much is ownership worth in the current market paradigm? I think there is a way to maximize it and that is what I am writing about today.
The primary way to add value to digital ownership is income on the NFT. If 50 Song NFTs are minted at 1.5 USDC, #51 - #100 NFTs should be 2 USDC, with 0.50 USDC being paid to the first 50 minters.
Another thing that will help add value is a cap for NFTs. NFTs for music shouldn't be unlimited, except for releases that are meant to be unlimited. The scarcity of the NFT adds value to ownership of it.
Lastly, there should be a way to bundle songs into a single collectible, or album.
Music should always be free to hit ear drums but there should be another thing that makes that easier. Musicians should have fan clubs or DAOs that essentially act like record labels.
There should be a cost of joining a record label on a bonding curve like friend tech. The more people in the higher the cost to get in.
Next the DAO can raise capital to incentivize album release and song release. These organizations should receive early listens and concert discounts. Discounts on further song NFTs.
These are just my thoughts on Music in NFTs. I hope to see it become reality.