The future of crypto is bright, and it’s already in our hands. Web 3.0 runs on the blockchain, decentralizing modern societies globally. It was built to be censorship-resistant, private & secure due to its decentralized nature.
Getting started with crypto can be daunting. The prices of cryptocurrencies are often high, and the market is often volatile.
However, just buying a few dollars worth of crypto is still an essential step for increasing its adoption and ensuring that you’re part of this revolutionary new economy. This type of participation might seem small compared to some other ways people get involved with crypto, which we’ll describe below, but it’s still a critical step in any crypto journey.
The Minimum Viable Participation (MVP) model provides a simple framework for people to enter the market by taking actions within their means.
The three core tenets of MVP are:
This model provides a simple way for people to dip their toes into the crypto world without feeling overwhelmed or pressured to take significant and risky steps. It is also how the crypto market grew in the first place – it started with countable users and grew to have millions participating in it.
Some of the simplest ways to participate in crypto are:
These products provide countless ways for people to participate in the crypto space, with some of them requiring more time or money than others.
The MVP model works well within these applications, because it helps users grow their participation. Users feel comfortable without feeling pressured by any investment.
The advent of blockchain technology has made it possible for people to participate in the world’s economies without needing a central authority. Blockchain is an open, decentralized database that can record transactions between two parties efficiently and permanently.
You don’t need a bank or credit card company to verify your identity and ensure you’re not spending too much money; instead, blockchain creates digital cash with no centralized control over its production and distribution.
The first cryptocurrency was Bitcoin (BTC), which offered many advantages over traditional fiat currencies:
So, blockchain-based products are decentralized, while traditional financial institutions rely on a centralized setup that requires trust in an entity to keep the system running.
After Bitcoin, Ethereum (ETH) emerged as blockchain’s closest competitor with its smart contract technology, and Turing-completeness making it capable of creating any application imaginable. It wasn’t long before people realized how useful these technologies could be for various applications outside of just currency.
Ethereum gave rise to Decentralized Finance (DeFi,) consisting of decentralized applications that allow users to:
DeFi and DAOs saw the crypto market cap dramatically rise, and most successful DeFi projects on Ethereum use smart contracts to allow users to participate in their decentralized economy.
The NFT market is another exciting part of crypto. It allows people to stake tokens for a set amount of time (staking,) you can earn more as the value of those tokens increases over time (inflation).
This market is still in its early stages, it has seen a lot of success with projects like Gods Unchained and CryptoKitties.
As the market cap of cryptos surges, we can trace it all back to the 2017 ICO boom. Startups raised millions of dollars by issuing their tokens on Ethereum, using the capital for product development and also sales and marketing.
Many of these projects have seen success after launching their products, such as Brave Browser (BAT), a browser that blocks ads and trackers, and pays its users BAT for watching videos or for using the app.
The potential for crypto is endless, and it’s already in our hands. However, its success hinges on widespread, global adoption.
Prices Soar as Members of the Crypto Community Increase
The market prices for crypto products seem to be inhibitively inflated.
Cryptocurrencies and the blockchain technology that underpins them are still in their early days, but they have seen unprecedented levels of success in quick turnarounds.
The crypto community has been steadily growing over time, with more and more people getting involved in this revolutionary new economy.
The market prices for crypto products are often high, this is because the potential for crypto is endless. The sky’s the limit when it comes to what blockchain technology can do, we’ve only scratched the surface of its potential.
As the community continues to grow, the prices of cryptocurrencies and other crypto products will continue to rise. It’s a good thing, as it indicates that people are confident in the future of this technology and its potential to change the world for the better.
However, it keeps raising the bar of entry high enough to turn off new users.
Experts in crypto markets understand Etherscan also how to use it. Etherscan is an explorer that helps you:
It’s a valuable tool for any crypto user.
However, Etherscan has its limitations regarding tracking data about particular tokens or coins. For example, ERC20 tokens are not always listed on Etherscan, making it difficult to track them.
Enter: trading bots! Trading bots are software that automatically trades cryptocurrencies on your behalf. They can be used to trade any cryptocurrency, and they often have more features than Etherscan when it comes to tracking data about certain coins and tokens.
As the crypto community continues to grow, trading bots will become more popular as they offer a way for people to get involved in this new economy without having a deep understanding of how it all works. Trading bots can even be used by beginners who want to buy cryptocurrency but they don’t have enough money or experience yet.
However, they can cause mistakes, causing you losses through gas fees.
The parallels between the early days of the internet and the early days of crypto are uncanny. Both technologies attracted initial skepticism and doubt, they both went on to see incredible levels of success.
Both technologies had a committed community behind them that believed in their potential and worked tirelessly to spread the word.
Just like with crypto, people were initially skeptical of using their personal computers to connect to other users on this new thing called “the internet.” But they eventually saw its potential and got involved in it anyway.
Similarly, early adopters of cryptocurrencies are often ridiculed for daring to believe in something most others consider ludicrous. But they continue to hold their coins and tokens, knowing that the potential for these technologies is limitless.
As the crypto community grows continuously, it will only become more difficult for people to get involved. The market prices for cryptocurrencies and other crypto products will continue to soar, making it harder and harder for new users to break into this space.
Let’s consider the gas fees increments on Ethex.market from 2017 to 2019.
In 2017, it cost around $.50 to execute a transaction on Ethex.market. The price was affordable for most people, as a result, the marketplace saw widespread adoption.
By 2019, the gas fees had increased to over $12 per transaction, making it prohibitively expensive for many people to use.
As competition between DeFi platforms increases, the gas fees will continue to rise due to the high demand for transactions on these exchanges. Thus, early adopters who could experiment and perfect their skills when the prices were still affordable are now at a distinct advantage over new users.
Dom Hoffman’s The Loot is a perfect example of this phenomenon.
The Loot is an online game that allows users to earn cryptocurrency by playing. It’s a great way for people to get started in the world of crypto, as it doesn’t require any technical knowledge or investment.
The Loot is a never-ending oasis where users can keep coming back for their reward tokens of Ethereum or other coins/tokens they own. However, this game does have its limitations when it comes to earning money from new cryptocurrencies that are not listed on exchanges yet.
New entrants would need to find a way to cash out their earnings, which can be difficult.
NFTs, or Non-Fungible Tokens, are a type of unique digital assets. They cannot be interchangeable, as each NFT is unique and has its distinct value. For example, in the CryptoKitties game, each digital kitten is an NFT with its unique genome and attributes.
It’s unlike buying an iPhone smartphone, which is replaceable whenever you lose or break it. NFT represents a distinct, one-of-a-kind digital asset that is non-fungible and can only be bought and sold as an individual entity.
One of the key features of NFTs is that they represent real-world assets. For example, a company could create an NFT to represent shares in the company. Investors of the company would then own these NFTs, and they would continue to hold value as long as the company performed well.
NFTs are also valuable because there is a finite supply. While new cryptocurrencies can be created at any time, NFTs have a set number that will never go up or down. This finite supply makes them an attractive investment option as they are less susceptible to inflation.
The first NFT was created in December of 2017 with the release of CryptoKitties. The game was an instant success, and quickly became one of the most popular applications on the Ethereum network.
CryptoKitties is a simple game where users can buy, sell, or breed digital kittens. Each kitten is represented by a unique ERC-721 token, which means each one is a unique item with no identical copies.
Since the release of CryptoKitties, there have been several new NFTs created on the Ethereum network. The open-source nature of Ethereum allows developers to create their tokens and applications that utilize them. Let’s go over a few of the most common types of NFTs below.
The most popular types of NFTs are those that are used in gaming. Games like CryptoKitties, Etheremon, and Cryptocollectibles all utilize the unique attributes of the Ethereum network to create an immersive and exciting gameplay experience.
CryptoKitties is perhaps one of the most popular games to come out as it utilizes ERC-721 tokens and allows players to buy, sell, breed, and exchange their digital kittens.
Since its inception in December 2017, CryptoKitties has become a worldwide sensation and often holds the record for the most transactions on the Ethereum network.
The game has even spawned several CryptoKitty millionaires, as some of the rarest and most unique kittens have sold for well over $100,000.
Etheremon is a 3D monster-catching game it was one of the first games to use NFTs. The game allows players to catch, train, and battle digital monsters. These monsters are represented by unique ERC-721 tokens, which means that each one is a unique item with no identical copies.
Players can also purchase and sell these tokens on various online marketplaces.
While internet memes may seem like a strange choice to be represented as NFTs, the creators of Cryptocollectibles don’t see it that way. They describe their game as “The first working project to show how blockchain can allow brands and celebrities to tokenize their intellectual property and create a market for it.”
The game allows users to purchase, and collect various internet memes. These memes are represented by unique ERC-721 tokens, which means that each one is a unique item with no identical copies.
Players can also purchase and sell these tokens on various online marketplaces.
Another popular use for NFTs is social media tokens. These tokens can represent various aspects of a user’s online identity.
Syscoin is one example of a project working on creating social media tokens. Their goal is to create a “complete decentralized ecosystem for social media.”
Thus, each user can have a unique SYS token representing their online identity. Besides using it for social media, the tokens can also be used elsewhere on the blockchain.
One of the most talked-about uses for NFTs is blockchain-based art. We’re already seeing some artists create pieces of art that are entirely digital and represented by a unique ERC-721 token.
Each piece of art is a unique item with no identical copies, making it very valuable. While some artists have expressed concerns about the blockchain replacing traditional artforms, others see it as another platform to explore their creativity.
One of the most crucial issues that many investors face when deciding to invest in cryptocurrency is identifying digital assets in which to invest. Many new coins and tokens come out every day, and it can be difficult to determine which ones will succeed.
With NFTs, you already know what you’re investing. Each NFT represents a particularly unique item, and the value will depend on the popularity of that item. So if you want to invest in something like CryptoKitties, all you have to do is buy one or more CryptoKitties assets.
NFTs are becoming increasingly popular in the blockchain world, and there is no sign that this trend will slow down. With the increase in games using NFTs such as Cryptocollectibles and Etheremon, we can expect to see more artists turning to NFTs for their art, which further increases the value of NFT assets.
While the future of NFTs cannot be predicted with certainty, there is a good chance that this trend will continue to grow.
A DAO is a contract that you enter into with the rest of the Ethereum community that controls a fund of ETH. You can join or leave at any time, but you have to be approved by 51% of token holders, usually through voting.
DAOs are democratized autonomous organizations, independent of any central parties. Instead, DAOs work via smart contracts that allow people to vote on proposals and issues.
There are at least 10 groups that say they’re launching an online venture on top of Ethereum. There is:
The DAO is a decentralized autonomous organization, and it’s the first of its kind. As such, there are a lot of questions about how it will work and what value it will bring to the world. But before we get into that, let’s take a look at what DAOs are and how they came to be.
DAOs empower people to form a new type of organization. The traditional model is for individuals to come together and work towards a unified goal, often through democratic processes. These groups are popular as corporations or companies.
In contrast, DAOs are more fluid groups that allow participants from all over the world to vote on issues related to their mission without having to go through a central authority.
DAOs are not new, but they have only recently come into the spotlight because of the Ethereum blockchain. The first DAO was created in early 2014 by Slock.it, a German startup that builds Blockchain-based IoT applications.
Slock.it’s DAO was called the Universal Sharing Network (USN,) designed to automatically secure connected cars, homes, and other IoT devices.
The USN had some problems early on. Slock.it held the keys to the DAO’s funds for the first several months, so many people didn’t see it as a true decentralized autonomous organization. DAOs are supposed to be autonomous, after all.
Fortunately, the DAO model has continued to evolve and improve. In April 2016, a group of developers launched The DAO. It was the first truly decentralized autonomous organization. The DAO was funded by a record-breaking crowd sale that raised over $150 million in ether.
The DAO’s goal was to act as a venture capital fund without the need for venture capitalists. It would allow participants to vote on which companies and projects got funding. Meanwhile, contract developers could submit their proposals and be voted in by DAO token holders, who were the only people with voting power.
The DAO functions like an unstoppable Kickstarter. It would send money to projects that people voted for, funded by ether contributions from people who believed in those projects.
Unfortunately, The DAO was hacked in June 2016, and $50 million worth of ether was stolen. This event led to a split in the Ethereum community and the creation of the Ethereum Classic.
Despite this setback, The DAO proved that DAOs were feasible for the first time, and it ushered in a new era of decentralized autonomous organizations. It also demonstrated that these organizations make crowdfunding more democratic and secure.
Today, the dollar value of all DAOs is estimated to be in the billions of dollars. This number is sure to grow as more people become aware of the power of DAOs, and the Ethereum blockchain.
There are a few key benefits that DAOs offer over traditional organizations:
DAOs are not centralized, which means they are less likely to be hacked or shut down. Decentralization powers the democratic processes, as decisions are made by the collective rather than a small group.
DAOs are autonomous, meaning they are self-governing and do not need a central authority to make decisions. It allows for quicker and more agile decision-making.
Since DAOs are decentralized and autonomous, all actions and decisions are transparent and can be viewed by anyone. It creates a level of trust and accountability that is not possible in traditional organizations.
DAOs offer a new way to crowdfund projects. Participants can vote on which projects get funding, they are not limited to projects approved by venture capitalists the way they are in traditional forms of crowdfunding.
Several different types of DAOs are useful in different contexts. Let’s take a look at each type individually:
The first type of DAO is an operating system, which enables the creation of smart contracts that can be used to perform certain tasks according to predefined conditions. These DAOs are used to create, also to manage decentralized applications (DApps).
Grant DAOs distribute money or resources to projects or individuals that meet particular criteria. They are often used to fund scientific research, charity work, or other social initiatives good.
3. Protocol DAOs
Protocol DAOs are responsible for maintaining the blockchain and ensuring that all transactions are valid. They also manage the network’s resources.
Investment DAOs help users to invest in various projects, often through a voting system. This type of DAO is useful for funding startups and other ventures.
Service DAOs provide services to the community, such as software development, marketing, or legal services. They are often used by smaller DAOs that don’t have the resources to provide these services themselves.
Social DAOs are designed to facilitate communication and collaboration among community members. They can be used for everything, from managing a wiki to establishing a social network.
Collector DAOs manage resources that are not yet scarce but will be in the future. They work by encouraging people to save these resources now by making them scarcer and valuable later.
Media DAOs are responsible for creating and distributing media, such as books, music, or movies. Anyone who contributes to the project is paid according to their contributions.
DAOs are constantly evolving as new tools, and features are added to the ecosystem. Evolving allows them to stay current and keep up with the ever-changing landscape of blockchain technology.
Some of the more notable DAO development tools include Gnosis Safe, ColabLand, RabitHole, and Github integration. These tools allow users to develop and manage their DAOs in a more efficient and streamlined manner. As more tools become available, the DAO ecosystem will continue to grow and flourish.
There are several DAO tools available. These tools help users create and manage DAOs, which mostly run on the Ethereum platform.
Some of these include:
Etherpad is a collaborative document editing tool that allows users to work together on documents in real-time. It doesn’t have any central servers or administrators, making it more secure than traditional collaborative editing tools.
The proposal system is used to make formal requests of the network, whether budgetary in nature or an official voting procedure for members of the DAO. Anyone who holds at least one token in the DAO can submit and vote on both kinds of proposals.
The voting system is used to make decisions about the direction of the DAO. It allows for both direct and weighted voting, depending on how important the decision is.
The token manager is responsible for managing the tokens in a DAO, allowing the creation and destruction of tokens. It also empowers users to change various token properties.
The reputation system is designed to assign a reputation score to each participant based on their activity within the DAO. This system incentivizes good behaviour, allowing more privileges to those with higher scores. Low scores attract restrictions.
This tool helps manage the accounts in a DAO, allowing the creation and destruction of accounts. It also supports making changes in various account properties.
The registry is a database that stores information about all the participants in a DAO. It includes things such as: their name, address, and reputation score.
The contract manager is used to manage the contracts in a DAO. It allows for the creation and destruction of agreements and changes in various contract properties.
The Explorer is a tool that allows users to explore the blockchain, and see all the transactions that have taken place. It also allows users to view the contents of individual contracts and also track the progress of proposals.
The Gnosis Safe is a decentralized application for creating, testing, and deploying smart contracts. Users access two keys: a public key visible to anyone, and a private key only visible to the user.
The snapshot and seed proposal allows users to pull all the information they will need from the Ethereum blockchain for a DAO. It includes: token balances, reputation scores etc. It is also able to create new accounts and wallets with these properties.
Github integration allows users to integrate their Github profiles with their DAO accounts. It can accurately record the amount of work someone has done on a project, it determines how much they should receive in payment for their contribution.
ColabLand is a DAO development tool with tools for the Dapp, including features like token management and voting. It also entails access to a virtual machine, with all the software one needs to work on a DAO project.
RabitHole is a tool that allows users to deploy contracts and manage their DAO on the go. It includes features like account creation, token management, and voting.
DAO Mercenaries is a company that provides services to DAOs. Some of the services they offer include:
They are one of the first companies to provide services specifically for DAOs, and are quickly becoming a leading authority in the industry.
The DAO and its derivatives free us from the stagnation of bureaucracy and centralized leadership. It is a system where people come together to accomplish great things without needing oversight. If done right, this could radically transform humanity as we know it, paving the way for a new paradigm in civilization.
The age of NFTs is still in its infancy, and as such, there are few global standards for their use. Early critics of NFTs thought this tech to be dead and obsolete before it even took off. However, projects such as CryptoKitties and Decentraland have shown there’s a great deal of potential for NFTs in the digital asset space.
The early days after the first NFTs launched were very rocky, with scalability issues and a lack of clear standards to govern NFTs.
In December 2017, the CryptoKitties project showcased the endless potential for these unique tokens as digital assets with its first big game on the Ethereum blockchain. It also highlighted the need for an open standard to govern how NFTs are made and managed on a blockchain.
As more NFT projects continue emerging, their use of standardization is becoming more necessary. In February 2021, the Decentraland team released a white paper on how NFTs can be used to create virtual worlds. The white paper provides a solid foundation for how NFTs can represent digital assets in virtual reality.
Projects are profusely coming up with lucrative applications for NFTS, they are also publishing compelling white papers. Ultimately, adoption is becoming more likely as people increasingly learn and appreciate the utilities of NFTs.
NFTs attract impressive prices, causing critics to argue that these digital assets could be overvalued. However, it could imply that the market is maturing and that people are starting to see the value in these unique tokens.
NFTs are unique tokens that typically represent a specific digital asset. In practice, they can represent things such as artwork, cryptocurrencies, crypto-collectibles, and other types of virtual assets. NFTs are usually comparable to limited-edition art pieces due to their strict uniqueness across the blockchain.
Similar technologies have been implemented in the past. However, NFTs have seen a recent resurgence due to the advent of blockchain technology. This new technology empowered the development of decentralized applications (dApps) that use NFTs as digital assets.
NFTs are valuable because they represent scarce digital assets. In other words, there are a finite number of NFTs that exist on the blockchain. It makes them more valuable than traditional digital assets such as cryptocurrencies and tokens.
Another reason why NFTs are valuable is that they can be used to represent digital assets in virtual reality. For example, the Decentraland team has published a white paper on how NFTs can represent digital assets in virtual reality.
NFTs could also revamp the art world due to their collectible nature. For example, you can own a unique piece of artwork that is not easy to counterfeit or reproduce. Thus, people are willing to pay large sums for these crypto-collectibles.
NFTs became an internet craze in 2017 when CryptoKitties launched on Ethereum. A simple cat gif NFT sold for over $100,000 in December of 2017.
Soon, developers came up with decentralized exchanges, and investors flooded the market to buy ERC-721 kitties. It caused the CryptoKitties website to crash due to traffic, and for NFT transactions on Ethereum to skyrocket.
In 2020, the NBA caused the popularity of NFTS to surge even more when they announced the incorporation of NFTs into its NBA 2K series (a popular video game.) This move caused several teams to consider using NFTs,
The NBA announced that it would be teaming up with Decentraland to create digital NFTs of their players. This announcement sent shockwaves globally, as many other teams began considering whether to follow suit or not. Due to the rise in popularity of NFTs, more dApps were also being launched every day.
As a result of the fad, many projects emerged to create their unique tokens. However, few standards are governing how these tokens are made and managed. It can also cause hindrances to the overall development of the NFT market.
In February 2021, the Decentraland team released a white paper on how NFTs can be used to create virtual worlds. This white paper provides a solid foundation for how NFTs can represent digital assets in virtual reality.
The white paper has been well-received by the community and could pave the way for broader NFTs adoption. Please note that the Decentraland team is not the only one developing such a standard, several other projects are working on similar initiatives.
The real estate industry is also starting to recognize the potential of NFTs. For example, in 2021, Kodak announced it would launch its platform for CryptoKitties on Ethereum. The news sent shockwaves through the crypto community once again, which was just recovering from the highs of December 2017.
Home owners are also beginning to see the potential of NFTs. For example, in 2021, a house was put up for sale in Japan that could only be bought with NFTs.
Though it is still in its early stages, the potential of NFTs is clear. Their blockchain they use makes them secure and transparent, enabling various applications. Additionally, their unique nature makes them enticing for collectors and investors. As the market for NFTs grows, we can expect to see more innovative uses for them.
Are NFTs expensive because the producers are brilliant at marketing? It’s more than just marketing, but marketing has everything to do with it.
The most expensive products in the world are not built out of need. Producers build goods for opulence, status, and bragging rights. NFTs have all these things wrapped up in one neat little package.
In other words, the real power of NFTs is their blockchain use, which makes them secure and transparent. The most valuable feature about NFTs is how they preserve your uniqueness. However, if you own an ERC-721 token, it is similar to owning a one-of-a-kind work of art.
For example, why did people buy Coca-Cola collectible NFTs for over $575,000? The auction was for Charity, and the buyers got evidence of their excellent social-corporate responsibility. It’s a status symbol, and it was expensive because people who bought these types of NFTs are doing so to show their friends that they are able to afford it.
That said, not all NFTs are created equal. Some digital items will be more valuable than others depending on the demand. Thus, some CryptoKitties bought for $100,000 are now selling for over $200,000.
The digital items that people want can be converted into NFTs, depending on the uniqueness of the product itself. Specialty products like CryptoKitties are more valuable than your average digital item because they’re hard to duplicate.
Companies are building digital assets and NFT strategies for a few reasons:
Companies that want to stay ahead of their competitors will likely invest significantly in NFTs and distributed ledgers. The companies that don’t will settle for less.
If you want success with NFTs, here are a few tips to keep in mind:
1. Make sure that the product you’re creating is unique and interesting.
2. Focus on creating a good user experience.
3. Promote your product through social media and other channels.
4. Make sure that your product is easy to use.
5. Be prepared to invest significant resources into NFT development.
6. Stay ahead of the competition.
7. Listen to feedback from users and adjust your product accordingly.
8. Make sure that your product is secure and trustworthy.
Quite simply, the low marginal cost of NFTs is one of their most significant benefits. You can perform more transactions with fewer resources using NFTs than you would with traditional assets.
The blockchain makes it possible for people to use and invest in digital assets without worrying about the security of those assets. The blockchain is a secure and transparent system that is trustless, thus trustworthy.
The blockchain also makes it possible to track the use of your digital assets. This transparency ensures that there is no corruption or manipulation of the system.
NFTs can be used to generate recurring revenue for companies. People will often need to buy new NFTs to keep up with the latest trends.
Yes, there are risks associated with investing in NFTs. However, you can manage these risks by researching and understanding the technology behind NFTs.
FOMO reigns supreme in this consideration. If you missed out on owning a share of the internet, it would increase your chances to invest in the NFT space.
The real power of NFTs lies in their blockchain use, which makes them secure and transparent. The most valuable feature about NFTs is how you can use them to create unique products.
If you’re looking to invest in digital assets, NFTs are a suitable option to consider.
With Bitcoin, Satoshi Nakamoto struck the blow that broke the spine of firms. Modern-day incorporation is on its deathbed, and smart contracts are taking over the throne.
Bitcoin is a decentralized digital currency, meaning that there are no banks or credit card companies involved in the transactions. The technology behind this digital currency makes it even more groundbreaking. Its blockchain technology enables smart contracts. So what exactly is a smart contract, how does it differ from traditional contracts?
The majority of people in today’s society belong to one or another organization. Whether it is a company, a club, or simply being part of a community, people are used to being part of something larger than themselves. There are numerous benefits to being in an organization. Organizations provide:
Organizations also give people a sense of identity and belonging. However, one potential downside of being a part of an organization is that it limits choice. People have to follow the rules and regulations set by their organizations to keep their membership.
They also can become more like governments than firms. Additionally, they may stray away from their core values as they grow and focus on issues not relevant to the firm’s mission or purpose.Firms are the most common type of organization they can be for-profit or not-for-profit. They have a clear hierarchy, with a board of directors or trustees who make decisions on behalf of the firm and employees who carry out those decisions.
Firms are good at making large-scale decisions and carrying out complex tasks. They can pool resources, ultimately achieving scale efficiencies. However, it’s also a crucial weakness of firms because the larger they get, the more challenging it is to keep everyone aligned with the mission.
Another vulnerability of firms is that they may lose sight of their initial mission as they grow. Meandering happens when an organization grows too large for the board members to monitor what is happening at all levels.
Firms have a bureaucratic structure with standard operating procedures. It can be a strength because it ensures that tasks go on reliably. However, this can also be a weakness because it can lead to stagnation and a lack of creativity.
Bitcoin is quite different from firms as it’s not under any centralized control. Instead, it is a software algorithm that is maintained by a decentralized network of computers around the world.
Each computer in the network has its copy of the blockchain. Each copy provides an accurate history of all transactions since the beginning. The public ledger of transactions makes it virtually impossible for anyone to modify or forge transaction histories.
Bitcoin has no physical form because bitcoins are just entries in the blockchain ledger. They are more like shares of stock than they are dollar bills. The main difference is that the blockchain ledger records how many bitcoins you own, whereas a company’s shareholder register lists of how many shares of the company you hold.
Trusted third parties like banks or credit card companies don’t process Bitcoin transactions. Instead, computers in this network have to “mine” bitcoins by solving computational puzzles.
These computers are incentivized to mine bitcoins by receiving transaction fees and newly created bitcoins as rewards for their efforts.
These features of Bitcoin make it highly resistant to control by any organization or group of people, which is one of its main appeals. There is no central authority that can be corrupted or shut down.
However, this also makes Bitcoin very different from firms. People do not go to work for Bitcoin to receive income or benefits. They do not earn wages or salaries.
While people can buy bitcoins on exchanges with U.S. dollars or other currencies, their primary motivation is probably the desire to be part of the Bitcoin community and use the currency for transactions.
Smart contracts are a recent development that could potentially change the way organizations operate. They are computer programs that automatically execute the terms of a contract, and they deploy on blockchain networks.
For example, suppose you wanted to rent an apartment from someone. You could use a smart contract to agree on the terms and set up automatic enforcement of the terms, including setting dates for:
Smart contracts typically render the notion of firms redundant and ineffective. Firms exist to coordinate crowdfunding and management of shared resources, but these functions can be handled more effectively and securely through smart contracts.
In addition, firms are often opaque to their customers and stakeholders. Smart contracts are transparent by design because all terms are programmed into the contract and enforced automatically.
Smart contracts could also support other activities such as voting, managing supply chains, and handling logistics.
The possibilities are endless, and we are still in the early days of their development. However, they could reform how organizations operate and eventually lead to a more democratic world.
The current financial system is centralized and controlled by a few people, making it ripe for abuse and manipulation. We have seen ample evidence of this in recent years.
Bitcoin is a decentralized system, and it is not under the control of any person or organization. Thus, it is more secure and less prone to manipulation. Moreover, Bitcoin is deflationary, meaning that its value increases over time. It’s in stark contrast to the current financial system of inflation.
Bitcoin is also a global currency that can be used for transactions anywhere in the world. It eliminates the need for traditional firms, which are limited to specific geographic regions.
Transaction costs are also much lower for Bitcoin transactions, especially cross-border transactions that usually require currency conversions and additional fees.
There is no need to debate or rely on the collective agreement when making decisions. Stakeholders vote, and the majority wins, eliminating the need for bureaucracy.
Bitcoin allows users to create incentive systems to motivate people to engage in certain behaviours. For example, miners enjoy newly created bitcoins as rewards for their efforts. The same can apply to carbon emissions trading, where businesses can be rewarded for reducing their carbon footprint.
Non-fungible tokens (NFTs) are a recent development that could have a tremendous impact on the management and protection of intellectual properties. They are cryptographic tokens that represent unique items or assets. For example, a music publisher could issue an NFT for a song, sell or license it to others.
It would allow users to securely and transparently track the ownership and usage of intellectual properties.
Bitcoin allows users to create decentralized organizations that collaborate to achieve shared goals. Collaboration can take place across different organizations, countries, and continents without the need for any middlemen.
DAOs could have a significant impact on how business is conducted. For example, an organization that needs help building or designing something could hire someone across the world if they’re willing to work for the right price.
Bitcoin has many advantages over firms. It can be used to overcome international barriers, minimize transaction costs, streamline decision-making, create incentive systems for behavior design, leverage intellectual properties via NFTs, and open up new peer-to-peer collaboration opportunities.
The music industry is a tough place to succeed today. The professionals you see receiving hits on YouTube, performing before large audiences at festivals, or being streamed by popular playlist providers represent only the tip of an iceberg when it comes down to what types of successful musicians are out there – they’re all working incredibly hard. Why should anyone continue to pursue a career in the music business after knowing all these odds? The love of playing music, tools, and technology for today’s digital age or even hard-working artists who have achieved success. This inspires plenty of people to try their luck as independent musicians with some great odds on your side. The odds might be against you, but why would anyone give up on their passion? If you’re intelligent, hardworking, and talented, you might be one of those lucky ones who achieve tremendous success.
There’s no specific set of rules or guidelines that will guarantee us a successful career, but here are 15 general tips for career success, from visualizing your dreams to being proactive. These tips will be helpful to you, whether you are a rapper, producer, songwriter, independent artist, band, or anyone pursuing a career in music.
When pursuing a successful career in the music business, the first tip, and most important is to have an idea of what you really want. You need a clear vision and belief. The importance of having a clear vision in pursuing your musical career cannot be overstated. If you can see where success will take shape, and believe that it is possible for this outcome to happen, then subconscious materials are brought into play which makes achieving these goals much more easily attainable.
Somewhere in the early 1990s, in a small club called the Button South in Fort Lauderdale, Florida. I heard an unknown artist telling the audience, “One day I’m going to be a pop star who shocks the world.” He truly believed that. His friends told me that he even kept drawings of himself with success mapped out precisely the way it would look like for him. After years worth of hard work, it finally paid off as each album became tour after another tour – all made possible by just one man’s vision that came true at last.
In his best-selling book, “The Power of Your Subconscious Mind”, the author Joseph Murphy defines this as “The mental-movie method.” In his own words, he says, “If I act as though I am… I will be.”
Another important tip for career success, is to consider why you want to pursue a music career. Is it for the lifestyle and respect, for money and fame, or artistic satisfaction it offers, or is it because of your passion? Or could there be something else going on here – maybe spiritual fulfillment that’s more important than anything in this world can give. Any of these things might sound like something that describes how you feel about pursuing your music career.
Think of it this way, your mind is like a garden. When you have the right tools and know-how things grow, they will definitely look their best – if these same conditions are not met, then all that work will go to waste because true motivation cannot thrive without proper nourishment or attention from someone who cares about its growth (You). You should surround yourself with people who share similar visions as yours so that together you can achieve great things.
Chris Arnstein, a tour manager-agent-promoter, calls it the approach to self-awareness or the “decision-making tree.” This is a theory that all your career decisions should be based on the core of who you truly are. Without this level of self-awareness, it’s easy for people to go astray in their business endeavors and mistakes may happen more often than not if they don’t stand for something.
So, if you still haven’t thought about what your real motivation for pursuing a music career is, then now is the perfect time to do it.
As a new artist in the music industry, you’ll come to realize how much media hype and glamour can be misleading. The expensive houses and yachts that artists post on social media are often leases or loans purchased just so they look like successful people, but it’s important not to get caught up with these things because there is more than what meets the eye when looking at your finances. You’ll enter the music business from a much stronger position if you refuse to be blinded by all of the media hype or glamour that is present in videos, magazines, and news shows.
Developing a realistic outlook will help you get through the ups and downs of your career. You’ll be better prepared for what lies ahead if you stay realistic. You should understand that it may take time to hone your professional skills as well as build up a fan base before getting noticed by people in the industry – which can also lead to rejection if they don’t like your work or personality. However, this journey takes its toll on those who dare go after their dreams without backing down from any obstacle put before them; because there’s no other way but through it.
So, instead of daydreaming about your dreams and goals, focus on the reality and the things that will actually help you achieve them.
One of the most unavoidable realities in the music industry is that pursuing a career will mean paying your dues. For many artists, this means sacrificing time, and hard work for little or no compensation at all.
However, keep in mind that as your experience grows, so will the value of what you offer. The day will arrive when you will be fairly compensated.
Focus on the bigger picture. It’s not always what you earn, but rather what it has taught you.
That’s right, friends, you’ve got to expect the worst to happen because it will. Don’t worry because being prepared for it will definitely make it feel less terrible than it may seem. Just remember that the good news is, you came prepared.
When pursuing a music career, you must learn to accept the negative aspects of it. Bloggers may write unfavorable reviews and singles can be dropped from streaming playlists without warning! All these events are an inevitable part of your success as well.
Being knocked down is part of being in this crazy business. You can’t control everything, but you do have a choice of how to react when bad things happen – so choose wisely! Be resilient and fight forward with positivity, because it will help change the negative experiences into something positive towards success.
Just like what Jon Kabat-Zinn writes in his book “Wherever You Go”, There You Are, “You can’t stop the waves, but you can surely learn to surf.” This is a perfect example of how one should react in difficult situations.
The authors of “No One Here Gets Out Alive,” Danny Sugerman and Jerry Hopkins wrote that Jim Morrison once asked, “If your life was a movie, would anyone want to watch it?” For many artists the answer is often a big ‘no.’ They take on projects with little commitment or interest in diving into their careers deeply.
Jared Leto, of Thirty Seconds to Mars, pursued various opportunities before moving out West to pursue his vision as an actor and rocker. Saving a couple of hundred dollars, he packed his backpack, bought a one-way ticket to LA. He won an Academy Award for Best Supporting Actor along with over 10 million records sold. And the rest as they say, is history.
What are you waiting for? Are you realistic, smart, and talented? If so then why not give your career the best shot. Don’t let fear hold you back from what can be an amazing experience in many different aspects of life but instead take advantage while it lasts with these positive thoughts! As Boxer Mike Tyson said during his years as world champion, “Fear is like fire. It can either cook for you, or it can burn you. Let it cook for you.”
To put it simply, giving your career the best means being confident in yourself, and what you’re capable of. You might not be successful today or tomorrow – but at least there won’t ever come any regrets about trying! So stop letting fear hold back your progress; learn to go for it even if things don’t turn out as planned – you’ll know that taking risks makes everything better.
Networking is both an art and a science. It is vital to establishing a successful career in the music industry. But instead of wasting your precious energy trying to break into an already established clique, you should recognize talented individuals that are ambitious like yourself or local musicians, seek out those with great potential, and form your own “clique.” Get involved early on so you can be part of things from day one. One great idea when establishing your network for the future will be joining other social circles of professionals at similar stages, build solid relationships that you could depend on and could last forever.
Two of my college friends from Berklee College of Music found me after I graduated, they helped get the ball rolling on what would eventually become a career in music recording. I got my first break in music at Jimi Hendrix’s Electric Lady Studios with the help of them. Because of that studio gig, I was able to move from Boston to New York City and was able to start my career in the majors.
The best way to get a good reputation is by doing excellent work. Build relationships with people who know what you’re capable of and let them tell others about your skills, because word-of-mouth recommendations are powerful tools in building up someone’s professional image.
There are plenty of great places in which you can make new connections and network. Some good examples include college courses, songwriting workshops or jam sessions with other musicians who share your passion for music.
Lastly, if you’re looking for a great read that will improve your ability to form solid relationships, check out Dale Carnegie’s best-selling book “How to Win Friends and Influence People”.
It’s not just luck that makes you successful, it’s also your ability to find opportunities when they arise. The best way to succeed in your career is by taking advantage of the opportunities that are presented. The key? Connecting the dots, also being clear about what you want from life; then seeking it out whenever they are available.
If you’re currently employed or in a band, use your situation to make new connections. People who see how confident and comfortable you are performing on stage might be able to help get you opportunities down the road for themselves. My friend Mike Inez (now playing with Alice in Chains and Heart) originally played bass alongside Ozzy Osbourne when he opened up for concerts during their days together, because of this connection made through performance alone – it led him into working many gigs over the years.
You know the music industry is super fickle, right? There are tours that get canceled or records getting postponed. Also, your band could be dropped at any time. It’s a tough world out there, so you have to stay on top of things and keep up with what’s going down not just for survival, but also because it never hurts anything either way. The music industry is tough, one wrong move can sink you. Be ready for anything, because nurturing new career opportunities while still working on the job isn’t always easy. But it’s necessary if you want to survive in this competitive environment.
In our modern world, it’s easy for young musicians to get caught up in the idea that their current band or musical relationships will always be there. However, just like what Miyamoto Musashi wisely points out in “The Book of Five Rings”: “The best time to prepare for adversity is when all appears calm.”
We all know the old saying that says, “The definition of insanity is doing the same thing over and expecting different results.” So, keep in mind that when the doors aren’t opening, then find a window and climb through it. You can only have a different result if you do something different too.
When you’re looking for a way to make your voice heard, it’s important that the people who need hearing from are receptive. To really show off your skills, instead of trying to get your recording into the hands of the high-ups, try something different such as – making friends with them. Get to know these people in higher-ups personally. This way when you are trying for a meeting or an interview with them, it will seem more natural and casual instead of difficult.
“It doesn’t matter whether you’re driving an equipment truck or sweeping studio floors; get yourself into the music business any way you can,” said Jeff Baxter of the classic group the Doobie Brothers
Working as an intern or writing for music magazines can provide the perfect opportunity to meet people in your area. You’ll have ample opportunities where people can get more acquainted with your skills and personality without going into desperate situations that make you look so needy.
When you’re looking at your goals, consider a variety of approaches. Because sometimes the simplest solutions are overlooked. Sometimes a change in perspective can lead to an entirely new outcome and sometimes all that’s needed is some encouragement from those around us. Be tenacious and don’t abandon the plan that got you this far – but be open to trying other things too.
Proactivity is the key to success, and it’s time you started taking control of your own career. You need a plan that will set things in motion for yourself; don’t wait around while others do all this work! To be proactive in your career, it’s not enough to just do well. You need to take control of the situation, create opportunities for yourself by first taking care of what you can handle on your own before looking for outside sources like employers or other people who may have influence over where your careers go to next.
Try considering the following:
Setting up a DIY movement in the music marketing campaign can be daunting, but it’s worth the effort. You’ll learn how to produce and market your own recordings so that you’re not dependent on someone else for success. Check out the book, “Music Marketing for the DIY Musician”, if you want to learn more about this strategy.
Your success in the music business depends on how much you’re willing to take risks and adapt to change. Charles Darwin said, “It is not the strongest of species that tend to survive; it is those that are most adaptable to change.” This quote has never been more important than now as we see an ever-changing music industry being faced with many challenges.
The drummer for the rock sensation Nirvana, now the lead singer of Foo Fighters, Dave Grohl, was able to transform his career after Kurt Cobain (Nirvana’s lead guitarist) took his own life. He formed a new band and assumed different roles from what we thought he would be able to do best. He became both the vocalist for Foo Fighters, as well as the guitarist, and the songwriter with several hit albums under his belt since then. If it weren’t for this occurrence that changed everything, we might not have these fantastic rockers today.
The question of how to diversify is something that every entrepreneur struggles with. However, there are some great ideas out in the world for entrepreneurs on this topic – from independent rapper J-Riv who operates his own production studio and entertainment company as well as running a clothing retail store (6th Ave Stylez). He says it simply but very accurate, “I had to find a hustle that was legit, but at the same time relevant.”
The life of a professional musician can be difficult, remember that when you make money in the music industry, it’s important to learn how to save and grow your earnings. Too often successful artists find themselves penniless after achieving their dreams largely because they were unprepared for what came next; not properly managing expenses or investing wisely left them struggling financially when fame finally caught up with them.
Scott Storch had $70 million dollars by 2006, but he spent it all on living an extravagant lifestyle. It didn’t take long for him to go bankrupt in 2009, that’s unfortunate.
Mark Zuckerberg, founder of Facebook, the richest man in America drives a humble Volkswagen Hatchback. He says that he wants to keep his life simple so he can think about how best to serve others with it while not being distracted by material things by what other people might find distracting them from their goals.
The right financial planning can help you avoid unnecessary debt, provide for your loved ones in case of an emergency or when the time comes to retire. It’s important that we invest wisely so our money isn’t lost on bad investments and instead used as a safety net should something happen unexpectedly tomorrow morning.
There are many ways to get smarter about finances. Try books such as “Think & Grow Rich” by Napoleon Hill, “Little Book Of Common Sense Investing” by Jack Bogle, or “The Wealthy Barber” by David Chilton if you want some inspiration on what’s possible. You can also check out magazines such as “The Wall Street and Businessweek Entrepreneur” before making any decisions with your investments in this volatile economic time period that we’re currently experiencing.
The problem of addiction is a serious issue in the music industry. Many artists have been destroyed by drugs and alcohol, leading to their downfall. One might begin drinking or taking substances casually, but end up spiraling out-of-control if not addressed immediately.
It can start with something small such as having one drink too many at parties then progress quickly from there – ending your career (for some, even life) before you even know what happened.
It’s important to keep yourself and others in check before things get out of control. If you don’t know what this means, consider the professional responsibilities that come with being a member of an established band or other collaborative acts; as well as how people have invested their time into your career by funding it financially. You need to be responsible for your actions. It’s not always easy, but the consequences of a train wreck can knock some sense into you.
The entertainment industry is becoming less tolerant of substance abusers in the workplace with other professionals waiting to take your place. The industry believes it’s not worth wasting time on personal issues when there are so many talented artists who need their attention.
So, if you or your bandmates think that they may have a problem with drugs and/or alcohol then it is worth looking into both Alcoholics Anonymous (AA) as well as Narcotics Anonymous(NA). Each group offers free meetings in the nearest city to anywhere that people live! Search online today for a nearby location near you so that you can get started on getting better before it’s too late.
As we draw near to the end of our list, it’s a great opportunity for an inspirational tip that will have lasting effects on your journey towards success. I encourage you all to take time from what’s going well, and consider this: Love can be found in many places; the purpose is something each person must find themselves before they’re truly happy or fulfilled at work (or any other area,) allow me to reflect on how much more fulfilling life can be when we have love in our hearts as well as purpose from above! I’m serious, continue reading.
In my younger days, I knew exactly what to do with myself. Every morning when the sun rose and evening fell – I was on a mission: practice, write or promote something; learning something new. And so here we are now – my whole lifelong adventure has been nothing but one big effort towards fulfilling this destiny of mine; there’s no wasted time or sadness for someone who knows what they want out of their life. I could never want my life in any other way.
So take heart, you are not alone. You have something that moves and gives your life a meaning. It might be a song idea or an unshakeable belief in yourself – it doesn’t matter as long as these things make up who we really want to become on the inside! And remember: In all of our endeavors there will always come a time when we feel lost, but don’t let those moments stop you, because this too shall pass eventually leading back into something new again with more strength than before.
The music business is tough enough without having to worry about all the little details. However, it’s important for up-and-coming artists and bands to not only remember these basics, but also use them in their overall strategy so they can make sure you’re focused on what really matters – your talent.
Try to focus on your craft first—put in some hours. Be great at what you do, from songwriting to performing live shows with a passion that will make fans love you, and kids want to be like you. Having self-doubt? Practice makes perfect, so keep going until those performances become flawless.
You know that feeling when you get a sense things are about to change? It might sound cliche, but it’s true. In fact, there really isn’t anything more important than getting aligned with the universe and your own soul on this journey of life. If we can learn how in order for those big changes we want so badly to happen- well then I say let patience be our guide, because everything will fall into place much easier than anyone could’ve expected.
Your future is in your hands, you can do anything! You have nothing to lose, except for all of those things that are holding back what’s possible. Hopefully, after all these tips, the rest, just like they say, will be history. Good luck on your journey!
NFTs, cryptocurrency, and blockchain technology are all terms that you’ve probably heard in the past but may not have known how they related to your career as a musician. Well, now we might be on the brink of evolution for artistic expression with these new technologies which could disrupt this industry such as streaming has been done before.
NFTs (non-fungible tokens) are a relatively new phenomenon that allows for the monetization of digital goods and virtual currencies. They provide an innovative solution in today’s world, where artists need to be able to expand their fan base without relying on platforms like Spotify or Apple Music which prioritize play-count over originality.
It’s no surprise that big-name artists are starting to get into the world of crypto. After all, it was only last year when Deadmau5, Grimes, Kings of Leon, and Steve Aoki were among others who made headlines in this space with their successful sales numbers – 3LAU sold 12 million worth of NFTs in February 2021 alone. Other big-name musicians are also catching on to this new trend.
What exactly are NFTs, and why should musicians care about them? Read this article to find out what they are. You might be wondering if it’s worth getting into the music business when there is so much competition already on YouTube, Spotify, or SoundCloud – but we’ll go over how you can start selling your own NFTs!
Non-fungible tokens, or NFTs for short, are a way to represent ownership of digital assets.
“Fungible” means interchangeable so you can replace it by something with equal value such as money.
It’s pretty easy to understand when it comes to physical items like paintings, baseball cards and Pokémon. You can buy a first-edition Shadowless Charizard card from your local grocery store (or even online) you are likely to be able to sell them for a fair amount of money on eBay or elsewhere as they are valuable because certain quantities were printed – meaning no one else will have exactly what you do. It is simple to comprehend how much something is due to its uniqueness, rather than being mass produced with many different variations made by other companies.
But what about digital items? How can an mp3 file of a song be considered limited and appreciated in value if it is easily copied or uploaded to streaming services for everyone to hear? That’s where NFTs come into play – the non-fungible token is like your own personal copy with added tags that say “this file cannot be replicated.” In other words, you’re getting more than just an original Picasso painting: with all things being equal, this way your favorite tunes will always have some kind of special quality because nobody else, only you will have the exact one that you have.
It has never been this easy to get into the music industry! This is such a game-changing moment for fans, collectors and artists alike. With all of these new opportunities that allow one access investment in songs, videos or digital artwork as they would invest with physical art. There are limitless possibilities on how we can experience our favorite content creatively – whether it be through collecting memorabilia from your favorite artists, listening while doing other tasks such as cooking at home together over a Spotify playlists curated especially just by them or buying exclusive merchandise directly from those who create it themselves via their own webstore portal or website.
You know that feeling you receive when someone hands over a rare, valuable item to you? It’s almost spiritual. Now imagine if there was an entire market for those items online and you could sell them again. Do you love vinyl records? The ones that are signed by your favorite band and can’t be duplicated? Well, now there’s a way to own physical media in 2021 with NFTs.
NFTs are an innovative new way for artists to monetize their work. They function in precisely the same manner as other types of digital rights management do: releasing 15 unique NFTS containing a special remix version of your song, only you will ever be able (unless someone else purchases them) own these pieces-of-demand; furthermore this license can’t copy or delete from either yourself or your computer. These clever bits allow creators greater financial opportunities also giving fans more access than they would normally afford.
You may be wondering, “Can’t everyone else still listen to this remix on Spotify or YouTube?” Yes, but it’s taking a photo-copy and printing them out. They’ll look exactly the same as the original painting; however they won’t have that authenticity tag which makes them less valuable in comparison due to their ability to simply replicate what was done before with no effort at all.
In a world where fans can now directly purchase music from artists, the relationship between artist and fan is changed forever. There’s no third-party gatekeeper in this transaction like with physical or digital releases—the people who produce your favorite songs are right there on every level. NFTs are a revolutionary way for artists and their fans to interact. This new type of digital currency allows direct transactions between the people who make the music, as well as those that listen to it – there’s no need for middlemen such as record labels or streaming platforms.
Let’s take a look at what this all means in more detail.
Artists always needed to find ways of connecting with their listeners, now it’s more important than ever. Artists can learn about their fan base by looking at streaming numbers and basic statistics- not knowing much else about the people who make up these numbers, can be challenging for some artists in this day and age, where marketing opportunities are few.
With so few opportunities for artists to learn about their listeners, no wonder the music industry is in such an uncertain state. But with NFTs – or “non-fungible tokens”– your biggest fan can actually show what they really care about, by investing in you and becoming part of a community where everyone feels like they belongs.
If you’re an up-and-coming artist, it’s important to give your fans a chance to tell the world how much they believe in your success. They’ll be able to buy NFTs, if they ever become valuable as time goes on,, then it will be worth much more.
Some of the best art is sold by artists who aren’t yet famous. They sell their work for pennies on social media, and then demand that people buy it or give feedback so they can grow in popularity – which can drive up its value. Great for both the buyer and the seller alike; this helps attract new buyers also making sure you don’t have any regrets once an NFT becomes more valuable than what was originally bought from them.
Lastly, NFTs can be used to fund your next project, the future of crowdfunding. If you’re unsure how much money it will take for an album, but have ideas on what songs should be on it in order to make a great record, then consider selling some NFT tokens in order to raise funds.
With NFTs being new to most people, it’s understandable that artists are hesitant about creating a significant amount of money for ownership. That’s why many digital products include exclusive perks or experiences buyers can redeem in real life.
For example, the Kings of Leon released an NFT that includes their new album, also four front-row seats to any concert in perpetuity. One 3LAU’s packages provides you with creative control over what song he creates for his fans.
NFTs provide buyers with many exciting perks, such as discounts on their purchases, and the ability to resell NFTs at a higher price. These benefits are passed along when an individual sells in-game items, so that they can get more for their money.
Have you ever wondered how much money an average musician makes from their music? Well, the truth is that most artists only take home 12 percent of streaming profits alone. Unfortunately for them this means it’s not worth investing in, due to low royalties and lack-of earnings on capital investments which were made when producing tracks or albums, because there will never be enough return into your pocket.
NFTs give artists a chance to have an open, direct transaction with their fans. They keep virtually all of the money they make from sales that don’t depend on how many people purchase items, for profit margins like those offered by Spotify at $0.0032 per stream or even lower than this in some cases.
Selling your NFTs at a set price, or setting up an auction can be the key to making more money. If you have 500 devoted fans with the means and desire to support your career, then it’s likely that an auction could result in higher profits. For example 3LAU made $12 million just one night by setting up ten highly sought-after NFTs for sale at set prices – all from their fan base.
You can also set up your NFTs to collect royalties when a new token holder purchases the cryptocurrency. 10% from every sale for all time? Not too shabby at all!
If you’re looking to invest in NFTs, it is important that you have a basic understanding of how cryptocurrencies and blockchain technology work. Cryptocurrencies like Ethereum, Polkadot and Cardano are necessary for the exclusive use of NFTs. They can only be accessed with these cryptocurrencies, in order to protect their value from being diluted on an exchange or hacked by someone else who may have gained access through weak security measures at another platform when you stored your tokens offline.
Ethereum is the most popular choice for cryptocurrencies, so it makes sense that your dollars will be converted to Ethers (ETH). You can then use those funds in exchange for NFTs. However before you do anything else such as buy or sell crypto-resources, make sure there’s enough tokens sitting inside an Ethereum wallet.. An Ethereum wallet is the most effective way to buy and sell NFTs. The conversion process will happen automatically, you have to wait patiently as they are being converted.
Now that you have your Ether, it’s time for some market research and excavation. Some popular places to sell NFTs are SuperRare, Rarible, and OpenSea.Connect your Ethereum wallet to the marketplace, you’re good to go.
Marketplaces have slightly different processes, generally each one will walk you through the process of uploading your files and mint tokens. You can select how many editions are created from this first release, as well as decide whether there is a fixed price or an auction for them; set any royalties collected during resale transactions as well. Once everything has been paid in full with transaction fees, then it’s time to make some new money.
The best way to increase revenue for your NFTs is to share the new ones with other fans. This will give them a reason to buy and attract new traffic of individuals who are looking at coins as investments or collectibles. The best way to get your NFTs out there is through social media. Share the news with all of your fans in order for them to see, also buy what you have available.
NFTs are creating a lot of controversy in the media, and it’s important we address why they use so much energy. We also need to clear up some misconceptions about their environmental cost each transaction uses as much or more electricity than your home. Blockchain technology will continue evolving with new advances like plasma channels, for slightly lower power consumption on average per day when compared against today’s blockchain methods. Hopefully by then, this article has helped you understand how these changes can help us achieve our future sustainable goals.
Blockchain’s security is one of its most important features, it can’t be hacked. Blockchain uses a proof-of-work method to verify each transaction on the network which consists of thousands racing against each other, in order to get rewards for solving complex math puzzles with their computer power.
The Ethereum network has an annual carbon footprint comparable to that of Lithuania. To put things into perspective, this involves thousands of very powerful computers that use up lots of coal, and electricity just so they can create what you want on your computer screen.
The media has recently been trying to calculate the carbon footprint of each NFT transaction. However, at first glance this seems as though you’re saving your environment by refusing any type or purchase with an exchange that utilizes cryptocurrencies. In reality it’s actually due to how many computers verify these transactions, which have a big impact on how much energy they use not necessarily because there are more total numbers across all platforms.
A lot of people are talking about blockchain and cryptocurrencies, not many know the full scope. For every transaction that doesn’t happen there will be another one to take its place in this ecosystem – for instance NFTs just represent a small piece of what’s possible with Ethereum transactions! Then you have Bitcoin which has an environmental impact all its own.
One way to encourage the use of blockchain technologies and reduce wasted energy is not discouraging people from using it, instead changing how all systems work. Even the Ethereum founder admitted that there’s currently a huge waste going on with our current system for mining Ethers (the cryptocurrency).
Ethereum is already well on its way to introducing an alternative model for verifying transactions called proof-of-stake. This new system drastically reduces carbon emissions by 99% it will go live in early 2022, this is a great alternative to the proof-of-work method that consumes so much energy these days.
So, are blockchain technologies wasteful? Yes, somehow it is. But will discouraging and stopping people from selling and buying NFTs help solve the issue? Not really.
The recent boom in the value of NFTs is causing prices to skyrocket. However, many people fear that when this hype dies down there will be no more gains, and buyers are warning each other that their cryptocurrency investments may lose money if they purchase now, whilst others say these digital coins were doomed from the start. Then again, there were also those people who said the internet would die within a few years but look where it is now? So, maybe this new craze isn’t quite as bad after all.
Are NFTs a fad, or are they the future? It’s hard to say right now.
If you’re seriously considering selling your music through an online platform that uses this new form of currency (NFT), there is one thing that you need to know: do research and make sure your fan base can accept them before pushing forward with any ideas about releasing physical copies. You probably aren’t Kings Of Leon or 3LAU, so don’t expect that you will be making millions overnight on these platforms; instead take into consideration the limitations in which creators may not reach all demographics across different geographies due to some fans who prefer owning records rather than streaming songs digitally like many younger generations seem inclined towards nowadays.
Minting tokens is not a cheap and straightforward process. Many people are actually losing money because they pay the initial transaction fee for mintings, but then fail to make any sales either due their prices being too high or having no fans who can invest in them as well. The world of cryptocurrency has been plagued with stories of massive gains and losses. It is not difficult to get started, but it still requires a lot in terms of investments – both financially and time wise. There will always be a success as well as failure story, even in blockchain.
At this point, it’s a gamble. But it definitely has all the potential for forever-changing how we monetize creative expressions. But only time can tell.
If you think this article is about a mind-bending collaborative single, you’re wrong! Instead, all these names that are in the entertainment industry have been mentioned above, each have earned millions of dollars in recent months by selling non-fungible tokens (NFTs), paid for with online cryptocurrency. Yes, the crypto craze has been good news for both musicians and producers as well. The media and music industry buzz has been generated from this, but many were still alien to these terms – causing confusion or disbelief when first reading about it.
The non-fungible tokens represent the digital certificate of ownership for anything a musician wants to put up for sale, from an album to single tracks. It can also come with a bundle of exclusive goodies that fans can enjoy within their purchase so that these items come equipped as bonuses – such as gig tickets or limited edition merchandise, images, videos, and digital arts that are not available anywhere else.
The future of the music industry is now at hand. Blockchain-based platforms allow fans to purchase NFTs that represent their favorite artists and bands, allowing them access into a world where records are not just possessions, but also form parts in an endless flow. By purchasing and selling NFTs, fans are able to monetize their love for their favorite artists as well. The crypto-currency makes online money with the ability to store who owns what on a shared ledger known as Blockchain – this means that they can set terms like embedded smart contracts ensuring part ownership in any resale value. Artists can now sell their work without the need for a middleman, as NFTs (non-fungible tokens) gives artists complete control and ownership of what they make.
This is the most interesting part of NFTs: although they are supposed to be unique, there can still be multiple copies with varying contents. This means that the value of an original NFT becomes higher due to its scarcity. It usually depends on how rare the content is, which makes it incredibly valuable for collectors who want a piece that nobody else has.
The perfect example of this is the Mona Lisa painting, it has been seen by millions of people, millions of clones have been made, but only one person can own the original displayed in Louvre. If you have a print or photo taken by them and sold on your website, it may be worth $500 dollars more than just an image from Google Images because there will always be someone wanting to feel as though they’re partaking directly with da Vinci himself – which is what makes this pieces so valuable.
In a single day, Grimes sold almost $6 million worth of cryptocurrency; Steve Aoki’s collection was valued at over $4.25 million and Kings Of Leon had their batch sell for less than $2 million dollars. 3LAU is an early crypto adopter selling his own NFT collections for $11.6 million.
The potential for NFTs to change the music industry is huge. Does it really have the power to help all musicians and fans in a safe and sustainable way, or it could just be another hype bubble waiting on its inevitable burst? Let’s take an objective look at the main points.
For many artists, the death of physical CDs and downloads have significantly reduced their profits. The music industry has been in flux for years, it is on the brink of a major change. With more people listening to streaming services such as Spotify instead of buying albums or singles every day, artists can no longer count on making money off their album sales alone; or even in streaming these days which has little or no profit margin per play.
More than 150 musicians, including Paul McCartney and Kate Bush, have written to UK Prime Minister Boris Johnson calling for an updated legislation in order to protect artists better. They say that “songwriters earn 50% of radio revenues, but only 15% from streaming.”
Recognizing the scale of the shift from traditional, physical formats to streaming services, the UK government is currently gathering evidence on how much money is generated by services like Spotify, Apple Music, and Amazon Prime.
Even singer Nadine Shah, whose latest album Kitchen Sink was named one of BBC 6Music’s albums of the year, has been forced to move back in with her parents because according to her, “Earnings from my streaming are not significant enough to keep the wolf away.”
Prior to the pandemic, artists have increasingly relied on touring as their source of income. With live music continuing its uncertain future and unknown for how long it will continue at all levels, the potential for NFTs in providing income holds huge appeal. This is especially true because it offers artists a chance to bypass the swathe of intermediaries, it saves time by selling directly to their fan base, as well as avoiding expenses that result with so many rights holders along producer-distributor lines (labels). Finance professor at the University of Sussex Carol Alexander agrees: “NFT allows bands to avoid all these costs which are risks associated due to process.”
After receiving a $10,000 bid for one of his NFTs (non-fungible tokens), Linkin Park co-founder Mike Shinoda reflected this in an insightful series on Twitter. “Even if I upload the full version of the contained song to DSPs worldwide, he tweeted, “I would never get even close to 10k by myself – after fees from label/marketing.”
With an increased profit share, the artist has a chance to direct where the money goes. For example Kings Of Leon’s NFT haul saw $600K (£425) directly benefiting Live Nation’s Crew Nation fund and support rose during pandemic times; while Shinoda similarly funneled earnings into charity causes.
Despite all the potential, it’s still nothing new, artists can sell copies of their music on a website without using NFTs. However, we can’t deny the fact that using NFTs offers more than what the traditional industry offers.
While it is true that the value of an NFT depends in part on-demand, with big followings such as those from bands and artists you might expect them to stand a better chance at making more money. It’s no wonder that heritage stars such as The Rolling Stones and Janet Jackson have announced ventures into NFTs.
While it is not a guarantee that smaller artists will be able to make enough money with NFTs, they do have potential as an additional revenue stream. The key here lies in maintaining loyalty from one’s fanbase, and generating artificial interest for their tokens – something which only those who are truly devoted can hope to achieve.
Marketplaces such as Open Sea, which provide a platform for independent musicians to find an audience. Musicians from all demographics can advertise their work, with selling it directly on the site in exchange for feedback or money from buyers who are looking specifically to commission this artist’s style – whatever they may be.
“Big artists are currently dominating the ‘low-hanging fruit’ in NFT markets, but I still see a future for musicians,” says Tobi Okandi from O Children. “As an entirely independent musician and producer who builds his own art alongside its rise – rather than relying on traditional channels like labels or publishers — he’s able to find new ways with what others perceive as being uninteresting.”
Jean-Hugues Kabuiku, a technology and culture writer, describes how NFTs are not the solution to artists’ struggles. He states that when we look at it from a holistic perspective rather than focusing all of our energy on getting tokens or coins into these new blockchain platforms; by pushing for “a rental union” where mutual aid can build between creators who deserves money they have rightfully earned but do not receive enough.
It’s not surprising that the most connected crypto investors have been dominating purchases of high-profile collections. After all, these are people who know what is going on when it comes to cryptocurrency prices and trends.
Cooper Turley, a 25-year old crypto trader from Los Angeles who handles strategy at music streaming/sharing platform Audius; he is friends with Tim Kang, a 28-year old software engineer who made his wealth in cryptocurrency Ethereum. He invested in NFTs by Grimes and Shinoda and so far have spent $2 million dollars on NFTs including $333k for 3LAU’s multi-millionaire sale.
The co-founder of Blockchain Music, Jimi Frew, who delivered music producer deadmau5’s first digital collectibles said to Billboard that 90% of crypto holders are very wealthy individuals. This leaves out most fans as they can’t afford these high ticket items for sale with cryptocurrency funds on Blockchain Music’s platform.
The rise of blockchain technology has led to accusations that music is being assetized, or with authors, Kean Burch and Fabien Muneisa calls assetization, they argue that the focus now lies not in appreciating art itself, but prioritizing financial ownership.
The good news is that you don’t need to be a millionaire in order to access some of the best investments on earth. There are many NFT entry points for everyday listeners outside the millionaires club.
The Kings of Leon made headlines by giving fans the opportunity to buy their latest album “When You See Yourself as an NFT”. Alongside digital download and a limited edition physical vinyl release, it can also get you one lucky ticket into a VIP concert seat with other perks available for a $50 token.
Jamie Parmenter, a music fan, also a journalist has made the standard token his first NFT purchase. He told BBC that the process currently feels “too cumbersome and time-consuming for average music fans.”
He says that “In today’s society of instant gratification and consumption, having to transfer monies into crypto-currency, then log into different online wallets and accounts for different fees and processes is too expensive and complicated for many,”
The cost of NFTs can be expensive. This includes unexpected transaction or “gas” fees to cover the computer processing power. Combined, these additional costs meant that while my original purchase was around £48 (not including any gas prices yet), in total I ended up paying about £100 more than expected solely because of how fast blockchain transactions happen- which isn’t cheap at all.
Parmenter says that while the company Yellowheart, who set up for Kings Of Leon’s NFT purchase tried to make it easier by providing some guides and a Discord message board there is still plenty of confusion and frustration.
“It’s nobody’s fault; the industry is still young. Everyone – both consumers and marketers – are still learning,” he says.
The idea of the NFT is still new, there are many practical considerations to take into account. First and foremost, if a marketplace hosting server goes down then all those assets become lost forever with no legal framework in place for them at this point. So it’s important that they’re protected correctly now while we work towards finding solutions – especially considering how much computer processing power these types of transactions will require.
Why deal with all the hassle of certificates when you can copy music?
The music industry has been changing rapidly, and there are already structures available for fans to directly support artists. Bands such as While She Sleeps, who have introduced a more traditional tiered subscription model to enhance the fan experience. This is akin to Radiohead’s decision in 2007, In Rainbows album which they offered online they also allowed people to pay for what they liked.
“There are thousands of other solutions to ‘cut the middle man,” says Kabuiku. “The question we need to ask ourselves is this: “How are we going to support people to make music, and prepare ourselves for a world where only the wealthy can participate in culture?”
It seems that some music fans have turned against the influence of NFTs.
The popular UK rock band Glass Animals announced that they would be getting rid of NFT collectibles, and replacing them with a physical card after receiving backlash from fans.
Parmenter says that as a music fan himself, he can see how NFTs “are not going to be for everyone. Not everybody sees value in digital assets many would rather pay for something physical”.
“The great thing about the Kings Of Leon NFT was that it was the best of both worlds: you got the NFT and a physical product – a special vinyl edition version of their latest album,” he added.
With the future of NFTs depending on how they are accepted and adapted, Parmenter is optimistic about what’s ahead.
According to him, “There is potential for NFTs to be more accepted in the future if they are used to benefit both artists and fans. This could just be a transition phase like we’ve seen in the music industry time and time again. When MP3s first came along, there were people saying they’d never buy or use them. The same goes with streaming, look at the streaming industry now.”
“The industry is at a crossroads at the moment. There are myriad directions it can go, especially digitally. Many artists want to be represented more for their work, whether it be financially or creatively. Royalties are big news at the moment, how to pay them quicker and fairer. Crypto-currency and the blockchain have the potential to solve this problem,” he added.
Although NFTs have a place in the cryptocurrency world, it is important not to get caught up in their hype as they do nothing new that cannot already be done with existing systems.
“This technology is still in its very early stages, but the potential is there. It just has to be adopted and improved.”
Conventions are an opportunity for musicians to network and make connections. It’s also a chance of meeting your favorite artist from the music industry, as well as other creatives who work behind the scenes in various capacities such as photographers or booking agents! Many conventions offer free items such as convention passes that can give you access to panels with artists talking about their craft. The only negative side maybe the price of admission, travel, and accommodation expenses may seem excessive; unless this will ultimately lead towards increased revenue streams.
The music industry is all about getting your name out there also making connections. As an independent musician, you may not have the budget for expensive promo campaigns, playing at a convention showcase show can be a way of doing just that! Some offer free admission into these events (maybe even money towards travel expenses), selected acts will get more exposure than they would otherwise.
If you are planning on attending an event like this, it is important that your act stands out. A competition to play at these events can be stiff, for those who don’t get chosen they might still go ahead, as long as they can afford the expenses.
It’s not always easy to decide if a showcase show is worth the money. Attendees of a showcase show are not always guaranteed to get their money’s worth. It is important to consider the factors before attending these events:
When the event is over, many people are left with piles of promotional items they never touched or used. Promotional CDs tend to be thrown away after one play, while flyers and other paper promotions often get lost in the shuffle, along with a huge stack of business cards.
If you plan on pitching your demo at a convention in hopes of getting signed, know that it’s not usually the best way. You’re likely to make it uncomfortable for everyone involved, there are very few labels who want unsolicited demos from musicians delivering them anyway so they can be in the spotlight, with nothing but an awkward exchange behind them – which ultimately hurts their chances of getting a recording deal.
The music business is a competitive, fast-paced industry. The events are a place where professionals can meet and network with other musicians, or record label executives in the same field of work to form relationships that could lead towards future collaborations for projects they’re currently working on. Also for these individuals, work always comes first, so there’s little or no chance to get an impromptu demo meeting, you can try your best but do not set your hopes up too high.
The odds are not in your favor if you book a show at the same time as the music convention. The trade shows promote their sponsored events to attendees, so unconnected musical performances will be overshadowed by those who do have connections with them and can benefit from being formally introduced to audiences on-site.
If you are a musician and plan on attending music conferences or trade shows, it is important to understand the considerations behind each decision. The advice below applies specifically for people in this industry who will be attending these types of events, so they can prepare themselves appropriately with knowledge about what’s expected from them at every turn.
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