TheBadgerLord t1_j19ah2l wrote on December 22, 2022 at 4:48 PM

Reply to comment by Environmental_Fly691 in Can NFTs Offer a Fair Living Income to Artists? by [deleted]

Nobody should buy NFTs. There is literally no actual value to it and it's been proved to be a con many many many times, despite the fact that environmentally anything like that is just an absolute mess. NFTs need to go the way of Betamax, and quickly.

Environmental_Fly691 t1_j19cbpw wrote on December 22, 2022 at 5:00 PM

Blockchain is relatively new and there is room for improvement. The aspect of energy being wasted with NFTs is a thing of the past as 99.9% of the energy consumption needed to create NFTs has been reduced.

I will not deny that there are thousands of scams in the NFT sector, but the music sector is not a category where you see too many scams. If you buy music from an artist (through NFTs) you do it to support the artist and have something special from him.

There is very little speculation with the buying and selling of songs, if you are an artist I recommend that you inform yourself about how other artists are doing it to take into account all the possibilities when it comes to monetizing your work. Although this is just my opinion, I understand that it is something that is not made for everyone.

ImActuallyGaryBusey t1_j19b05c wrote on December 22, 2022 at 4:51 PM

Which NFTs were proven to be cons? As a musician with limited crypto knowledge I'd like to research this a little more

urkish t1_j19chm0 wrote on December 22, 2022 at 5:01 PM

Here's a good 2-hour start.

https://www.youtube.com/watch?v=YQ_xWvX1n9g

Environmental_Fly691 t1_j19crg4 wrote on December 22, 2022 at 5:03 PM

In our substack we have a post in which we talk about the same topic and make a timeline of an interview that took place yesterday to two artists who distribute their songs exclusively through NFTs. I think it would be good for you to listen to the parts that interest you the most and from there you can find other artists on Twitter that are using this strategy.

TheBadgerLord t1_j19f5uf wrote on December 22, 2022 at 5:18 PM

No thank you. There are a huge amount of viable and real investments available that provide a tangible ROI and don't carry the same risk.

The reason I'm continuing to reply is that wherever people push NFTs in order to profit from people holding the bag, I want there to at least be a counter point of view. I know full well that musicians struggle monetising their creativity, but this is not the way to remedy that, in the same way that highway robbery isnt.

NFTs need to be left alone to continue to die off.

Environmental_Fly691 t1_j19ge36 wrote on December 22, 2022 at 5:26 PM

At no time of using the NFTs that create artist as a form of investment, you should not make this type of purchase with the intention of monetizing the money spent, it would not make sense to do something like that.

There are companies that are approaching artists to help them monetize their music in a fairer way, I do not know if it will work or not, if in 20 years it will still be used, but it is something that seems interesting to me and it is worth to continue talking about the different options that exist.

I'm not saying this to spam my substack, but in it I have published this same article accompanied by a timeline of a program in which two artists who monetize their content through NFTs have been interviewed. It tells the dynamics they do to interact with their community, the concerts they have done, how their fans are, the music drops they perform...it's quite interesting to know.