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Why Beats, Loops, and Sample Packs Need Crypto and Web3


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Background

Mint Season 4 episode 23 welcomes two-time Grammy award-winning producer !llmind who shares his motivation for launching Squad of Knights and argues why beats, loops, and sample packs need to be on-chain.

In this episode, we discuss: 

  • 00:40 – Intro
  • 09:24 – Understanding IP On Chain
  • 12:23 – How to Eliminate People Sending Files to One Another; Sending the NFT and Integration
  • 15:56 – !llmind’s Point of View on Web Three and Web Two
  • 19:08 – Why do Beats, Loops, and Sample Packs Need to be On Chain?
  • 25:00 – How to Track Payments On Chain?
  • 27:09 – Who Does Web Three Work Against in the Music Industry?
  • 29:13 – Why !llmind is Starting Squad of Knights
  • 45:23 – How do People Gain Access to !llmind as a Producer and Mentor?
  • 48:03 – Community Building in Crypto Around NFTs
  • 52:16 – Roadmap Project Launch
  • 01:02:39 – Outro

…and so much more. 

I hope you enjoy our conversation. 


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!llmind Welcome to mint my friend. How are you doing? Thank you for being on

!llmind: My G. Adam. Appreciate you dawg. It’s honor to be here, man you already know.

Intro

Dude, I’m excited to have you on. You’ve been like, you’ve been pretty loud in the NFT space for quite some time talking on the music side of things on the general NFT side of things. So, genuinely a pleasure to have you on let’s dive right in. Okay, for those who don’t know, you, okay, which I find hard to believe. But for those who don’t know you, how do you introduce yourself, but more specifically, tell me about your journey into crypto.

!llmind: Cool. Yeah. Well, first of all, it’s honor to be here always. Um, man, how do I describe myself? I’m just a kid from New Jersey, who’s curious about a lot of things. First thing I was curious about was music and took matters into my own hands. And like dove right into the art of music production, was inspired by guys like J Dilla. And Pete Rock and Dr. Dre and timberland and Neptunes, and went from took that curiosity and started in mom’s basement. And you know, almost 20 years later, I’m thankfully still around and doing what I love and, you know, it’s a new adventure every day, and I got into crypto. You know, you what? I want to say my entry point into this whole thing was probably October of 2020. So, a good friend of mine, Jan Silva, who is an amazing artist, amazing photographer. He actually told me about NFT’s back in October of 2020. And, and at around that time, I was kind of like, looking for a way to, just something different to do in terms of like, the little side businesses that I was running, so like selling drum kits, you know, I have a very long-standing history of, of interacting with like, digital media and selling digital goods, sound, sound packs, stuff like that. And so, when I heard about blockchain technology, and a way to authenticate digital files, I was like, immediately blown away and intrigued. So that was kind of like my first introduction, NFT’s. But I didn’t really start getting fully into it, until around January of 2021. And that was when, you know, shit really got real for me. And I think for the rest of the world, I kind of you know, it changed everything, right? And when you combine that with the pandemic, and everything that was going on, it was an eye opener. So that was my kind of entry point. And since then, I’ve been doing a lot of homework and studying and getting into discords, and interacting with different people in the community and learning a bunch. And I’m still learning right to this day, I’m still, I still consider myself very fresh and very new to the space. But we’re here now. 

We’re here. Now, can you walk me through your first few drops that you actually issued? And like what you learned from doing them? Because I remember in the beginning, I was doing some research on you, you focused a lot, like you said, On the Beat side of things and the music side of things for the first few drops. Walk me through that, how they how did those come to life? What were some takeaways, lessons learned? and whatnot?

!llmind: Sure. So, I’ll take you to the beginning of like, what it is, and then what we did. So back in 2011, I don’t know a lot. I don’t know if you guys know.

Damn. 2011.

!llmind: Ten years ago, right, I released my first sound pack, right. And if you don’t know what a sound pack is, a sound pack is basically a zip file containing different types of audio sounds that are original, you know, snare drum sounds, kick drums, high hats, drum loops, melodies, original melody loops, stuff like that. And they’re basically tools for music creators, music producers. And back in 2011, this wasn’t a thing at all, like if you wanted to purchase sounds, you had to go to Guitar Center, or very, very few online retailers sold actual, you know, sounds. And it wasn’t really, there wasn’t really a market for it yet. So, 2011 I told myself, I’m like, I wonder if there is a market for me to sell my own original drum sounds and Melody loops that I created from scratch. And I’m wondering if there’s other music producers out there that would want to use them. And so, I did that in 2011 You know, on my blog site, and ended up blowing up and then from there, I migrated to a Shopify account and created a Shopify, and it turned into a whole thing, you know, and, you know, 10 years later, it’s become a multi-million dollar a year business. It’s grown to about a $10 billion a year market cap globally, which is huge for my industry. And so, in 2019, no, early 2020, okay, it was January 2020. I decided to release a sound pack on eBay. Right? So, I told myself, I’m like, instead of selling the sound packs individually for like, $20 $30 each, and sell, you know, an unlimited amount of them. What if I sold a one of one, right? And so, I was like, I’m going to create a one-on-one sound pack and sell it on eBay. And this was the beginning of January, or the beginning of 2020. So, I did it, and ended up selling for like $12,000 for one sound pack, right? So exclusive one of one, you know, kind of similar to like the Wu Tang album, The one of one type thing, but it was a sound pack. And so that was unheard of at the time. So, I did that. And then October hits, like I said, 2020, October hits, I hear about NFTs. Jan Silva puts the puts a battery in my back. And I’m like, Dude, this is crazy. We might be able to do an NFT sound pack. So, I think it was February of 2021. If I’m not mistaken. February 2021. I release a one of one NFT sound pack, which is the first of its kind. No one’s ever done that before. I did that in January of 2021. On mintable. Right. And I did it and it sold for 4.5 Ethereum. And, and back then it was 4.5 I think was like $8,000.

And that and that was for one buyer. Right? Because it was one

!llmind: That was for one and mind you these are going for $20 $30. 

Right.

!llmind: In the market. So, I sold a one on one for I mean, I don’t know what that is. 8,000x.

Yeah, yeah, crazy.

!llmind: Right. So that kind of created like a bit of a shockwave. And it definitely woke me up to how powerful NFT’s could truly be. If you associate them with like the right utility. And here’s a little fun fact. So, the person, I want to put them on the spot, the person who purchased the sound Pack NFT for $8,000 for pro five Ethereum. They actually recently used one of the sounds in that sound pack and got a placement on Migos his album, and they’ve since 20x their investment.

Wow. And were you able to recoup any of that? 

!llmind: No.

Was it an exclusive outright buy, the one of one?

!llmind: It was exclusive 100% ownership. And so, from there, I told myself I’m like, that’s, that’s, at least to me, that’s what makes the most sense with NFT’s is, you know, and this is not taking anything away from other types of utilities and use cases. Sometimes, an NFT is meant to be a work of art. But for the NFT’s that aren’t meant to be a work of art, you got to ask yourself, what kind of value am I giving to the person? Like, is this something that they’re going to make money off of later or hang up in their living room or, or actually use for something and maybe make money from it in another way. And so, I love the idea of giving intellectual property to the person that invests or purchases the NFT. And that’s exactly what I did with the with the sound pack. And I’m super happy that you know, the person that bought it has since like gone on and done some cool things with it. So that’s the part of the NF T’s that I really love.

Understanding IP On Chain

Got it. Can you walk me through like your journey of understanding like IP on chain? Because when you sell something outright, something that’s traditionally done through paperwork and a ton of middlemen, right to kind of make a sale online, you actually just did that one transaction. Right. So, was there something in like the unlockable content that was able to provide like a legal contract to sign to make it official off chain? Or how did you kind of walk through those problems?

!llmind: Yes, so I I think that we’re kind of still in real time figuring that out. I don’t know if there’s like a foolproof method on deploying that. But from the one of one pack that I released a year ago, what we did was I had my attorney write up, you know, an exclusive contract that pretty much grants full usage forever to the person to use all of that IP that they purchased in the pack. So that’s one way of doing it is a natural just like web two you know, contract that comes with it. But in terms of having that actual you know, information in the smart contract, I think that would be probably the next step is if I were to do this again, it would be the contract, but in the smart contract so that whoever owns that piece has those rights. But again, you know, it’s very still very new.

 Yeah. Yeah.

!llmind: You know, that’s what my instinct tells me, but I think it’s something that we need to figure out collectively.

You know, it’s really cool. Like the evolution of the marketplace, you started selling that one on one on eBay, which is something like when you look back and you try to use eBay today, you basically use it for like physical items, right? And it makes you think, like how early the concept of NFT’s were without the buzzword of NFT’s, right? And now come to today, now you’re releasing your own sample packs on chain that, like have exponential more value than if they were off chain. Right. And you’re doing in a very curated one of one way to keep it super legit super scarce, which outright has its own value within itself, right, setting up that dynamic. So.

!llmind: Exactly. Yeah.

Yeah, keep going, keep going, you’re gonna say something?

!llmind: I’m gonna say, you know, it’s, it’s a little bit different from like, you know, an artist selling an mp3, right, which is also I think, you know, something that we want to talk about today. But, you know, if I’m a rapper, and I have a song, and there’s a million things I can do to turn that into an NFT. But essentially, my NFT’s, my sound pack NFTs are like, I’m selling the shovels, I’m selling the shovels to the people, right? For them to use, I’m selling tools to create music. So, it’s a little bit of like a, there’s like an additional like, layer underneath that, which is what I think makes some of my stuff a little more unique, because it’s very much more of a person. But all of it excites me, man, anything that has to do with like music and chains and NF T’s like, I’m super fascinated. You know.

How to Eliminate People Sending Files to One Another; Sending the NFT and Integration 

It’s interesting. For the last few days, I was learning more about like how the producer industry works from like a grain of salt point of view. And you see, like, up and coming producers, uploading loops, sample packs, beats whatever, on Dropbox, right? And sending like files to people in their inbox, and basically defining the terms of the usage of the file in the text file itself within the email. And it makes you think, actually, how outdated and how old a 2022 music industry actually works with the advance of technology that we have today. And it makes me think like, could NFT’s actually be the new standard for ownership for beats, loop samples, etc? And what does that look like unlike when you scale that process? Right? How do you actually eliminate people sending copies of files to one another, more so sending the NFT as the actual example of what they want to integrate into a song or sell to a producer or whatnot? Do you have any thoughts around that?

!llmind: Yeah, I think I mean, the whole thing is so interesting, man like, I feel like on one hand, it’s a golden opportunity for us to potentially, you know, create a brand-new way of doing things, which I think is at this point much needed. With that on the other hand, you have to be realistic about the idea that there’s a system in place in music business, that’s obviously skewed to benefit one party and one type of person. And that needs to either be completely changed, or it needs to be completely obliterated and replaced. And that’s a really, that’s a really a tough battle. That’s a very, very bold adventure to go on. But I’m all for it, like I’m with the smoke, right? Like, I’m with the smoke, but you know, that in my opinion, that’s what needs to happen. Because when you think about performing rights organizations, right, PROs ASCAP, BMI CSAC. That’s just America alone. You’re not Europe, Asia. So, you’re talking about all the PROs have to be on board with this. All the major labels have to be on board with this. All you know, Harry Fox agency, and all the royalty collection agencies have to be on board with basically saying, Alright, cool. We’ve been making billions and billions of dollars every year. But, you know, let’s just switch everything up and go with the web three route because the artists are fighting for it, and it’ll help them and it’s just the right thing to do. Like, no, that’s not gonna happen. Yeah, that’s not gonna happen, like you have streaming services like Spotify. Like they’re not gonna bow. They’re not gonna just say, Well, okay, cool. Well, I guess we’re web two and the web three community. They got us we’re done. That’s not gonna happen. That’s not gonna happen guys like and trust me as much as I want that to happen. I do as a producer, as a songwriter, like, of course, I want that to happen. But we have to be realistic. Like, there’s so many innovative forward-thinking people that are creating amazing technology in web three. But we have to really be mindful of exactly what we’re up against. It’s either we have to work with them, or we have to completely obliterate them. And so, it’s your choice, right? Like, it’s gonna be interesting to see what happens.

!llmind’s Point of View on Web Three and Web Two

You know, you know what is interesting? You see startups actually saying, the new payment rails, the new system needs to be completely on chain. And there’s some that believe the thesis that there needs to be like a collaboration and build rails between web two and web three, right? There needs to be a way to work with Spotify, bring streaming data on Chain, make royalty payments via USDC or whatever, then get Airdrop to all the contributors and their wallets associated through splits. And it’s very hard to tell which one would actually win and which one will actually work, from your point of view is the way to completely go web three and build an entirely new streaming platform, distributor, publishing platform, royalty, everything, like the entire operation is it is it better to just redo that, or work with web two and build rails from what to two, web three?

!llmind: I think that the better way, like if it was, if it was like, our choice, like if we were, if we had the Infinity Stones, we can snap our finger and make it happen. I would program my Infinity stones to completely get rid of all the streaming services and create a brand-new web three thing. Like, the entire industry needs to be replaced, I’ll be honest, like, you know, this is me, like trying to be, you know, because I know a lot of really good people that work for, obviously, for labels, and these are good people. But we’re all doing a job that we were assigned to do, right? Like, you can’t blame the good people that work at Spotify for what’s happening. You can’t blame all of them. So, this is no direction to any one of them. But at the end of the day, if we’re keeping it really transparent, we need a brand-new system guy, like we need a complete overhaul. Like we need to, we need to replace the idea that like music producers, typically get four points per song per album on royalty. You know, a four-point royalty is, I mean, for every 100 million streams, I’m making $4,000, that makes no sense. Like, we need to redo the numbers, we need to redo the process of how songwriters, producers, artists get paid. We need to redo how publishing works. I mean, there’s a lot of amazing people that work in publishing, that are creating new systems like MDRC deals are no longer really a thing, you have term deals. Now, you have co pub deals, you have admin deals, those are all really great. And they’re working for a lot of people. But to be honest, we need it, we need some new energy, we need to overhaul and if we want web three to be the thing. Like you said, I think having a railroad like a railway to kind of bridge the two together and maybe segue into some different partnerships that might make everything work and have it all kind of coexist, that’s probably the most realistic way to go. And it could work that way. But again, I think only time will tell. And again, that’s gonna take time. You know.

Why do Beats, Loops, and Sample Packs Need to be On Chain?

Yeah. You know, it’s interesting. All these streaming platforms were very much intended to benefit the record label in their large catalog of work, right. And I think we can all agree like the revenue models and the royalty models behind Apple Music, Pandora, Spotify, etc. Don’t really value music, the way it’s supposed to be properly valued. And hence why we’re seeing like this entire new wave of music NF T’s where you have platforms like catalog, sound dot XYZ, Mint songs, etc. Treating music as a collectible, as if you were to collect the fine piece of art, right? And it’s interesting, because like, back in the day, you would collect vinyl, right? Sure, they had utility of playing them. But these were physical objects that people enjoyed collecting. We’re seeing that same mindset being applied in the digital realm as well. But one thing that I find super interesting behind beats loop sample packs is that these assets, these on chain assets actually have genuine utility. They’re the molecule, the atomic unit of a song, right? And being able to actually purchase these things and create utility and make a song from them, actually introduces a whole new layer and like building blocks, and now I start thinking about defi and how this entire kind of ecosystem kind of bridges in to one another. So, seeing what you’ve done so far in producing and creating genuine value from a producer’s point of view on what you want to sell sample pack for, not necessarily plugging into let’s say splice or beat stars etc. Letting them define whatever it is that art is worth on their platform, is just interesting to see. And I guess from like your point of view, okay. Why do beats, loops, sample packs actually need to be on chain? Like, what is the problem that’s solving? I know you touched upon it a little bit earlier, but just to give more clarity to the audience that doesn’t really have true familiarity behind it. Yeah, what was like the aha moment for you? Was it the provenance? Was it the ownership layer? Was it the royalties on chain, like, walk me through more of your mental model behind that?

!llmind: So, the number one issue it solves is ownership. Right? And so, think of it this way, think of it like you said Legos, right. So, let’s say these sound packs are Legos. And let’s say for instance, I have a Lego set. And I want to sell it, right. And so, let’s say I placed this Lego set in Toys are us, there’s, you know, 50,000 units that are shipped that are expected to sell in all these platforms. And after a couple months, all 50,000 of those Lego sets are sold, right. And it’s the same Lego set. So, you have 50,000 different people that have this Lego set. Now, let’s say they put the Lego together, and they create what was intended to create right from this Lego set. And now they want to resell that Lego set to other people, well, it’s going to be difficult to do that, because you have, you know, 49,999 other people that have the same exact Lego set. And if you sell your Lego set, you’re not selling, you don’t, you don’t have that ownership to sell that Lego set, because there’s you know, tens of thousands of other people that have the same one. And you, you really have no way of proving that you own it, right, you just have a receipt that you purchased it. So that’s sort of how I look at these sound packs, is, it’s a way to transfer true one on one ownership to use this one Lego set for this one purpose for this one person, right. And so, it just kind of solves all those issues of like usage, what you’re able to use, and create with that sound pack. And it gives that person that freedom to be able to take advantage of using that sound pack the way it was meant to be used. So that’s number one problem it solves. And this is guys, by the way, this is a huge problem in our industry, you know you have, I mean, even me personally, I’ve run into cases where you know, one producer will use one of my sound packs. And then there’s another music producer that uses the same sound pack. And now Drake has a song with one piano, but then Travis Scott, just recorded to the same piano. And now, you know, who gets to release what, who owns it? Now I’m in the middle. And I’m like, who do I give this piano pack to? Do I give it to Drake? Or do I give Travis because they want to release it as a song. And they can’t both release it? Because it’s basically the same thing. So, you know, it’s a big problem. It happens all the time. And I felt as though the sample pack NFT was one way of potentially solving that problem. Yeah.

So, do you imagine Drake or these other artists that are kind of like, fighting, quote and unquote over the same sample pack? Do you imagine them going onto a platform and buying that? And then underneath the hood, there’s like some verifiable standard, like an NFT. That would prove outright because x person bought it and it’s in their wallet, and they outright fully own it. Is that how you imagine the process kind of coming into play?

!llmind: I do. I do. Okay, I’ll give you an example. Yeah, and this has happened. Okay, my one of my good friends, music producer, Boy Wonder, one of the best to do it. I don’t know if you guys are familiar, boy wonder as produce all of Drake’s hits. Let’s say he, he calls me and he goes, Hey, !llmind, I’m in the studio with Drake. Send me some sound packs, right. What I can do is AirDrop him sound packs, with the smart contract already on the thing. Be like, Alright, use those. You’re the only one that has them, because I just AirDrop them to you. Simple. And then the usage, you know, the smart contract, the contract is in the smart contract in the airdrop so 

How to Track Payments On Chain?

Right. Yeah. No, but then. So then once they get it though, okay, let’s, let’s say once they get in their wallet, and they actually use it. How do you actually track payment? How do you actually like integrate the licensing and the splits in the points everything else that you kind of talked about that make up your contribution on the song? That stuff still happens off chain? Right? Yes. How can we bring that process on chain?

!llmind. Well, I think.

It doesn’t need to be on chain.

!llmind: I think it does. I think it speeds the process. I think it, it’s a very different way of doing things as opposed to traditional contracts. I mean, you have to keep in mind, like, every every transaction in the music industry is still lawyer, lawye,r redlining, you know, contracts, going, going to, you know, the printer to like, print out the contract for 50 pages and physically redlining stuff with a highlighter, like, that’s still happening, right. And so, I think you still have the challenge of lawyers having to negotiate and I think there’s no real, at least to my knowledge, there’s no like web three solution to solve that issue. So, it’s still gonna take a while, like, it’s not gonna just be this like, quick. All right, like, we’re in the smart contract, like, one push of a button, and we’re all good. Like, you know, we still have to figure out like, how many royalties do I get? How many royalties does boy wonder gets? If we hire an additional musician, which that person also gets, you know, royalties on this or publishing? What kind of publishing agency Am I signed to? What are you signed to? So, it’s still, like I said, and it proves the idea of having to redo the whole system, right? Like, we still have to, we still have to figure out the publishing, the writing, the royalty. So, if we redo, we need to redo the, it’s almost like, do we renovate the house? Or because it has like good bones? Or do we fucking destroy the house and start from scratch, and we have to destroy the house and start from scratch?

Who Does Web Three Work Against in the Music Industry?

I agree with you with that, because there’s too many incentives in the house that already exists, right? And, like, let’s be real, like people feed their families with a model that exists, currently exists, right? There’s no need to generally fix something that isn’t broken for the people who are running it, right. But what’s interesting about web three is like, artists, creators, creative entrepreneurs are really realizing the potential behind these web three primitives, these crypto primitives to actually be able to build, to monetize and own their audience without needing to basically rely on these big middlemen that kind of run the day to day of how things work today. So, you know, part of recording season four and making all about the music industry’s kind of dive into what does the current process look like? And how does crypto change them? And one thing we haven’t really touched upon yet, which I’d love to hear your point of view is, who doesn’t want web three to work in the music industry? Like who does it work against?

!llmind: I think it works against people that are making a shitload of money. People that are making a lot of money from the system that’s in place right now. And those people not wanting things to change too much. Right? I think if you, if a web three opportunity presents itself to an executive that’s making $1.5 billion a year, and you tell that executive. Hey, check out this web three system where you can make $3 million a year, I think that person will be open minded to hearing that person out. But until that day happens, I think there’s too many people that are in too much control, that control many things. They’re not bad people. They’re just in control and their money and they’re comfortable. And it’s just what it is. And until there’s a solution where everyone is happy. It’s either, you know, we create something where we can coexist, or we try to revolutionize something. And that’s just the rock and the hard place that we’re all in.

Why !llmind is Starting Squad of Knights

Yeah, makes a lot of sense. So, part of revolutionizing things. Okay, here comes squad of knights. Okay, I want to talk more about that. A revolution within itself led by a revolutionary Okay. Walk me through more of like, your thought process behind starting squad of knights. What do you actually try to do with squad knights right now all I see is a landing page. I see records on the back. I see horses like it’s sick. But walk me through like what can we expect? What are you trying to do? Give me the whole thing.

!llmind: Cool. So, this is an exclusive, so by the time this goes live all the info will be out there. So, like this literally, first time.

Okay, let’s go. 

!llmind: Excuse me. So, back in April of last year. I immediately that was when I got into board apes. And I started collecting PFPs and did pretty well honestly, I sold my ape a while ago, took profits but we can, yeah. Paper ill mine. So back in April, I was like super fascinated with like, the PFP idea. And I never wanted to jump into it. Just to do it. And I’m very, very humbled and blessed that I’m able to like, have continued to make a living off of what I do. So, it was never a money play for me. All of this stuff is strictly excitement. And wow, new technology, what can I do to contribute? So, I was thinking to myself, I’m like, what kind of project can I create that actually contributes to the community? But also, again, just like the NFT, the sound pack, NFT did something that solves an issue that I have experienced myself, along with other people that are sort of in my similar situation, right, as a creator. And so, after many, many, many iterations, and changes and evolutions, back in October, we landed on an actual use case, for a really good project that I want to release. And so here we are, it’s called squat of knights. And it’s 8888. Programming. How do you say that word programming?

Programmable.

!llmind: Programmable generated. NFTs, that are basically pixel style, and their chess nights, right. So, the reason behind the chess knights is because I’m a huge chess fan, I’m not going to sit here and say, Oh, I’m the best. I’m pretty good, right? But I love the game of chess. And the knight is one of my favorite pieces. And so, I wanted to go with the knight, I’ve always wanted to do something with the chess piece knight. And so, it just like felt good. And I’m a retro guy, like, you know, I love Sega Genesis, so like, pixel all day, like, I’m like a pixel head. So, they’re randomly generated. And so, the whole idea behind this NFT project is, and I really want to apologize ahead of time for saying this, because it’s like such a buzzword right now. But it like really is about community. Right? And so, I’ll tell you why. So, back in 2011, when I released my drum kit, that was the beginning of what, what I didn’t anticipate to be a series of just like, different things that I would do in my career that would just like, bring people together, right? So, like, I sort of became really fascinated with utilizing my influence in my voice to bring creative people together. So, it started with like my podcast 2012, which was a music producer podcast, it was the first music production podcast to ever exist, to my knowledge. That was before people even knew what a podcast was right? 2012. So, we did, we released that it was called blab on the radio. And then I used to do these like a live producer event where I would, you know, rent out like a club or like a studio space. And then a bunch of producers would come plug in their laptop and play beats basically. So instead of a DJ, you would have a set of like five to 10 producers that would just play original beats all night. And then you had people networking, like, at the bar again. Yeah, so it was like this really cool community event. I did these at this venue called contra in New York City. And we used to do those once a month. So, we started doing that in like 2011, 2012. And then in 2015, I started doing these events every month, called pass the ox, where I would go to a different city every month, and I would rent a very like intimate recording studio space. And I would sell tickets and I would invite 20 music creators to come through network, each person would be able to play their music, like plug the oxygen, hence why it’s called pass the ox. Yeah, each person will plug their oxygen, they will play their music. I would give them constructive criticism, you know, rappers, singers, music producers. And we would all just get to know each other. And I did those once a month. And I did those from 2015 all the way up until 2020 Right before pandemic. yeah. 

Wow. Wow.

!llmind: So once pandemic hit, we started doing them virtually. I ended up building a Metaverse partnering with a platform called spatial.io. I built a Metaverse studio, where we can do some networking and get to know you know, get to know each other and to do networking. And so, I hosted a few of those events in my Metaverse last year and sold NFT tickets for those. And we did two of those and those were really amazing. And so, I say all that to say that a lot of what I’ve been doing for the past 10 years has been all about bringing people together. And that’s exactly what the squad of knights NFT project is. So, if you’re a squad of knight older it’s basically this idea of being able to meet your peers and being able to collaborate with your peers, and getting rewarded for doing that, right. And so, the whole idea is this, you purchase a squad of knight NFT. And then from there, you get into the discord. And you get to meet other musicians and other, you know, people, creative people, basically. So, you get in, and you basically, the first thing that happens is you choose a role, right? So, we have six different roles, right? So, if you’re a rapper, you choose your role as squad of voice, right? Or, sorry, Knights of voice. And then we have a knights of rhythm role, where, knights of rhythm role is basically drum programmers, right beat makers. And then you have knights of melody role, where you’re either a musician, you play guitar, or you like to make sample loops, sound packs, your knights of rhythm, or knights of melody. 

But then you have knights of audio, which are audio engineers, right. And so those are the people that are mixing the actual songs, engineering, the actual songs, stuff like that. And then you have knights of vision, which is basically graphic designers, audio, you know, our visual artists, wants to make album covers stuff like that. Those are the knights of vision. And then you have Ambassador knights, which are aspiring, and ours, aspiring executives, aspiring music industry executives, people that are just like forward thinking in the industry, those are Ambassador knights. And so, you take all these different categories. And what happens when you put them together? Well, you have beatmakers that are, you know, creating music with rappers you have rappers that can now find producers to work with, you have singers that can collaborate with producers and musicians. And when you put all these different people together, you can create some really amazing, fresh energy, new music and create some new IP. And so, what squad of knight does is it solves the problem of finding people to collaborate with and you know, you know, very much as much as I do, how difficult it is to find people to collaborate with. I mean, social media is cool, but like, you can’t just go on Instagram, and be like, okay, cool. I need a rapper or if you’re a rapper and say, okay, I need music. Like, you can’t, it’s still so hard. And you can go beats stars, you can go to YouTube, you can get beats that way. But I’m talking about real connection, Adam, right, like, talking about, how about, like, we really get to know each other. And maybe you can be my producer, just like timberland and Missy. Just like, you know, Forelle and the Neptunes and just like Dr. Dre, and Eminem, like, so that requires access and requires like real human to human interaction. So being part of the squad of knights, not only are we going to do a lot of Metaverse related squad building, but we’re also going to host you know, a lot of different things like live events where we’re doing networking parties, we’re hosting parties, you know, across the globe, we’re gonna offer free studio time for squad knights, squad members, where they can book studio time. And you know, get in studio with people they’ve never worked with, that are other squad members as they can get to know. 

And then we have a knight token that we’re going to distribute for people and reward our members for collaborating, right. So, imagine, the more you collaborate, the more music you make, the more knight tokens you earn, which you can use for studio time for, you know, a budget thing up. So, I’m super excited. That’s like a super like, sloppy, quick explanation of what it is. But that’s the idea behind it. And I didn’t want to create an NFT that was about me. Nothing about squad of knights is about your mind. It’s all about the people. It’s all about me and my team, utilizing our resources and our knowledge to curate events and to bring people together. And that’s literally what it’s all about, like we want to like, my idea is to just like spoil every single squad of knight member for the next 10, 15, 20, 30 years as long as I do this, because that’s just what I’ve always wanted to do. And the fact that I can now do this with web three, and do it as an NFT project is like a match made in heaven for me. So, I’m like super excited about it.

Exciting. But let’s talk about the value for a minute. Okay. There’s value in curation. There’s a lot of value in curation, right? There’s musicians, there’s producers, rappers, beat makers that exist all over the world. But there’s only so many that understand the value of web three, let alone building and creating in the environment of web three. within itself, like finding a group of people that understand that is difficult. It’s very difficult, right? I’m personally, I love social clubs, like I love buying into projects that give me access to a network of people of other like-minded people. Because at the end of the day, if you strip everything away in life, it’s just people, right? It always comes down to people. So, what better way than to congregate, everybody and like-minded people under a unified theme of music, where you can bring a lot of these talent heads under one roof. So, I love that. Yes, that’s really cool.

!llmind: Exactly. And, you know, in our industry, like, if you’re a musician, or you’re a beatmaker, or a rapper, singer, like, you’re a very creative person, and creative people are different types of people. Like, we’re not just like, super outgoing to where, like, we know, like, exactly what to do to, like, meet other people, like, you know, it’s still hard man. And like, I’ve spoken to, I would say, like, more than 10,000 at this point in my life, like, upcoming music producers, beat makers, rappers. And dude, they tell me the same thing. They’re like, I’m not really, like, I make music. But like, I don’t know where to find people to, you know, work with and like, I don’t want to force people to fuck with me, because like, I know I’m good. Like, I want to just work with like producers that are willing to help me, right. And so that’s where the issue is. And we’re still facing that issue today. And I feel as though the squad of knights project is, to me a really, really great starting point, because it means stepping in ill mind, stepping in and creating curated experiences, legitimizes and gives a lot of them the confidence to say, you know, what, I am going to go into that studio session, or, you know, what I’m gonna, I’m gonna go deep into this NFC project, because I know that !llmind and his team has the ability to bring people together, and see what happens, because that’s what music is, right? That’s my job as a music producer, I step into the studio, right? If my job is to make a smash record for Adele, let’s say, my job as a producer is to not only create the beat, but to also bring people together that makes sense, where we can maximize our chances of creating the best song possible. So, I’m going to go and call a horn player, I’m going to call a jazz pianist so we can access different chord progressions that I don’t know how to play, I’m going to call my best engineer to come in and track the vocals. So, when Adele is there, she knows she’s in good hands. Right? So that’s my job as a music producer. So, knights of, the squad of knight’s project is really that times 8888, right? Yeah. So.

Yeah, you know, what’s interesting, it’s a social experiment at this point, because I wonder what can happen when you put all those like-minded people under one roof, what can come out of that? Right, through from the creative process, the production process, the public, like the recording the beat making everything. So, it makes me think like, actually, you’re really cultivating an environment here, that will be like a hot spot and a hotbed for, like a lot of interesting stuff to come out in the music scene, the future.

!llmind: And by the way, all the music that’s being that’s going to be created within the squad of knights is all going to be 100% owned by them. Imagine the different types of opportunities that we can explore in web three, and also web two. But in web three, all the all the music being created, we can partner with, you know, different companies, mint songs, audience, and now we’re creating momentum that way in web three, using all this music, right? Or imagine a scenario where you have a particular squad that’s been making amazing music. Now, we’re pipelining that up and creating label meetings, right? With executive for distribution. Now, all of a sudden, they’re getting, you know, opportunities and like, maybe getting a record deal if they want an old school web two record deal, right? Like there’s, believe it or not, there’s still people that want those. So, any type of opportunities that my team and myself can bring to the table for the squad of knights is, that’s the utility. That’s the roadmap. The roadmap is, this is a problem it solves, hey, you love making music, join, you know, a community of thousands of other people that are just like you, who love making music, that fill in those sorts of, you know, puzzle pieces that you’re looking for, while also being part of this really cool community, and also get rewarded for collaborating with people and creating music. And from there, it’s kind of like, sky’s the limit, right? Like, it’s really going to be an exciting time. So, I’m really looking forward to it.

How Do People Gain Access to !llmind as a Producer and Mentor?

That’s exciting. I’m curious. A lot of the value out of joining a group like this is obviously, it’s spearheaded by you and you’re curating a group of like-minded people, bringing them together. What level of access will people have to you as a producer? As for mentorship, from tracks from samples, etc? Like, how do you how do you manage? Imagine, excuse me, cultivating that type of experience around you?

!llmind: Yeah, I mean, it’s pretty crazy. Like, I kind of see myself partaking a lot. Um, I mean, I kind of already do like, on my Twitch, if any of you watching, watch my Twitch stream, so I typically stream on Twitch every Monday, Tuesday, Wednesday, from 10am to 4pm. Eastern, so it’s like, it’s almost like a, you know, a full-time job making beats. And so, I’m there literally making beats. And when I’m on there, I’m literally collaborating with different producers that gets us submit their, their melody loops, their sound packs to me. So, on Twitch alone, I’d say I’d probably collaborated with probably three to 400 different producers on twitch in the past two years. And I’ve created definitely well over 1000 beats, that are all collaborations with other, you know, musicians and producers. So, um, that being said, that’s just one example of like, how involved I like to be. But in terms of my own involvement, yeah, absolutely. Like, you know, we have, we’re gonna, and this is, I don’t want to speak too early, but I am, but I don’t give a shit. Because I’m excited. We’re imagining a scenario where, you know, I’m booking a three-day studio lockout, !llmind inviting, you know, guest producers, I don’t want to name names. Because you know, I don’t want to speak too soon. I’m inviting my you know, famous, platinum, selling whatever producers that are, like genuine people that genuinely want to be there. And you throw us in with our top, you know, squad of knight performers, or just how, whatever the system ends up being, for entering that opportunity. Or we’re going to extend those opportunities for our squad of knight holders to come in, create music with us get constructive criticism. So, it’s almost like the events that I used to do but like times 10. Right. So yeah, to answer your question, I know it’s a long answer. But to answer your question, I’m 100%, looking forward to being super super involved with all of this shit, because it’s what I do, I’m a produce like, I wouldn’t, I don’t want to I didn’t grind for 20 years, to create a project that I don’t want to do. Like, this is something that I’m looking forward to doing for like the rest of my life. 

Community building in Crypto Around NFTs

You know, what’s interesting about your, your background, !llmind is like you, you are a community builder, like from doing all the meetups that you’ve done, the podcast that you’ve done, you’ve you understand the value of bringing people together, and NFT’s are just the way to kind of solidify value around that. Right. And for everyone to kind of a collective share and what that can look like in the future. When you’re trying to build an online community, it’s different than building a physical community, right? It’s different than traveling and moving from place to place promoting a venue to come together. How do you think about community building in crypto around NFT’s? And also, maybe tackle like, what are some of the challenges that you’ve faced starting off trying to build a community online? And what does that look like?

!llmind: I think, you know, I think the two things are very important, they coexist. I think we’re still kind of in the trenches figuring it out. But when I think about community building online, which is basically omitting real, anything that has to do with real life, you know, I think discord, I think social media, I think Twitch, I think, you know, any type of video communication, zoom, and the metaverse, obviously, right? So, one really cool thing we’re going to have is our Metaverse, right, so the virtual reality studio that I built last year is sort of going to be our meeting place for all the squad of kights, so and based on spatial technology, we can fit 50 people at once, right, so that’s going to be sort of like a 24/7 revolving door open access to everyone who is a member of the squad of knights. And so, everyone and anyone can just be in there at any given moment, you know, playing each other music, sharing, talking to each other, building relationship with each other, getting to know each other. Um, that’s what I love about spatial. And so that’s going to sort of be like a virtual reality pass the ox session that never ends, which is pretty cool. So that’s going to be an interesting experiment. And !llmind is going to be popping in there every once in a while. You know what I mean to surprise people. I might pop in there with some other friends too. So that’s on the metaverse side of things. That’s what we’re doing. And then discord. You know, we have two amazing moderators in there. I’m in there every day, and we’re keeping it pretty simple tight knit in the discord like, you know, we’re gonna have catered rooms for all of our squad members on that’s going to make it really easy for them to be able to network with each other. So, everyone’s gonna choose their roles in discord. And so, let’s say I’m a rapper, and I’m looking for beats, all I have to do is click on, you know, knights of rhythm, knights of melody, and I can access all of different knights that are, that produce music. And from there, I can just start talking, start networking, right? If I’m a graphic designer, and I want to create or if, if I have a song, and I need some visual design, I need a album cover. I can go to the Knights of visual and or knight vision and you know, collaborate with someone on some artwork, right? So again, all the components are going to be there, it’s all gonna be on Discord. So that’s kind of how I see the community stuff happening. So, discord, Twitter, which is obvious, and then Metaverse.

And I can attest to that too by the way, I know you’re in the discord yourself, because I reached out through discord and in less than 20 minutes like you hit me up and DM me. And I was honestly impressed. I was like, wow, someone like !llmind who’s probably has a million things to do as a family. He also has time for a lot of these like strangers online that he genuinely feels like in love with, you know, in a connection. So, I can attest to that.

!llmind: Yeah, dude, I’m super excited and there’s some good people in there already. Like, like, these are the discord community right now. Like, is super healthy and like I want to, we’re gonna try my best to, like maintain that, that energy in the discord because I don’t want it to turn into, you know, I mean, I don’t want to talk down on any of the discord communities. But like, I don’t want it to turn into like a shill community, you know what I mean? So, we’ll see what happens.

Roadmap Project Launch

Sure. So, give me some context. When does the project go live? Okay, so I guess we might end up actually publishing this after the project lives. We’ll decide behind the scenes. But when does the project go live? What are the first few things that you have on the roadmap, if any? Walk me more through that?

!llmind: Yeah. So, minting, the whitelist minting happens March 28. Public mint March 29 and then the reveal March 30. Right. So, we have about 30 days from the time of this conversation. And the first thing on the roadmap honestly, Q1, or I’m sorry, the stage one of the roadmap is all community building. Right? So, it’s, I know that sounds cliche, but it’s our label. Lay motherfucking rug for us now. But first order of business is squad members getting to know each other, getting to know each other in the discord. We’re gonna host our first in real life, kind of kick off networking event. I’m probably in Los Angeles. There’s some exclusive news right there. In Los Angeles, probably in either April or May. So yeah, so about 30 days after mint. We’re gonna have our first in real life on really big in real life event happening. And you know, from there, we’re gonna open up the metaverse is, everyone’s gonna get, to all our white listeners are going to get AirDrop to VIP pass to be able to access our Metaverse 24/7 Metaverse I was talking about and from there, it’s really the phase one is everyone getting to know each other. Collab starting to collaborate with each other and then starting to form groups, right? So, one of the first tasks in the beginning of the roadmap is to find squad members that you can collaborate with, and create a group, right? So, in one group, you want to have you know, a producer, musician, you want to have a rapper, or a singer, you want to have an audio engineer, you want to have a visual designer, and you want to have an ambassador. Right? So, I’m gonna, I’m gonna reward our knights’ members. For creating squads, we’re gonna call these groups squads, right. So, first order of business, create your squad sent to know each other. And then from there, the real fun begins, right? We’re going to do a series of, of gamified experiences, to allow for knight members to earn knight tokens. And then we’re going to start opening up studio sessions where members could redeem their night tokens to book studio time, or going to give studio time, it’s all going to be for free. So, we’re never going to ask knight members to pay any money to do any of this shit. I mean, the only money you’re gonna have to spend is like travel and lodging, depending on that. But in terms of studio time and events, it’s all gonna be free. We’re gonna have you know, we’re gonna launch our merch, and yeah, it’s just gonna be fun times, man. It’s gonna be a lot of cool things we’re gonna do.

I’m excited for you. I’m curious, like, I feel like I’m gonna end up buying one of these things just because I’m a drummer, and I want to be in that environment. Oh, my gosh. So, let’s go. My question is like, do you imagine a world where you actually have a disproportionate amount of producers to visual designers, to beat makers? Like on the community? Like, if that happens, Is that a problem? Does that, like, interfere with the vision? Or how do you think about that?

!llmind: I think it’s kind of like the fish tank behind me. Right? We know the fish are there, we’re not really in control of how many of one type of fish, I think you kind of have to let the people sort of decide that, right? I know, we’re going to attract a lot of music producers, we’re gonna attract a lot of rappers, a lot of singers. And I think naturally, you know, we kind of let it happen organically. So, I think that’s just one thing that we kind of crossed that bridge when we get there, right? Like, if we end up with, you know, 1000 rappers and 1000 producers, but we have you know, 100, graphic designers, then, you know, we utilize those 100, to do what we have to do you know what I mean? So, it’s, it’s very much and I want that I don’t want it to be like, robotic like, okay, 100 of this type of person, 100 because then it doesn’t feel human, right. Like, the whole idea of this is to feel energizing, and human, and exciting and weird. And I don’t know, who I’m going to collaborate with. And I don’t know, if they’re going to like my, my beats, but I don’t give a shit. Right. This is how I have; this is how it is. And this is, this is what it’s like to be a musician, right? I mean, you know, out of your drummers like you, you can’t predict everything. Like, it’s not.

Music is very feel thing. It’s a very in the moment, when you’re when you’re trading force is in a jazz band, it’s like you’re training force is based on feel like that’s all it is. You’re echoing what the guitarist plays to what the bass player plays like. It’s all in the moment, I feel you.

!llmind: Yeah, that’s the perfect analogy, dude. Like, you know, I might be a great producer, but like, I might not be the best producer for a specific person, right? Like, I might go in there. And I got my squad of knight pass, and I’m good to go. And I’m starting to network with people, I get into studio, and I ended up not really hitting it off with them. And that’s okay, that happens to all of us. But that’s something that you’ve never experienced before. Yeah. Right. Have you not, you know, so again, like, those are the types of things that you want to experience and, and I’m excited to see this community grow. And I’m, you know, I’m betting that there will be, you know, a cool little handful of success stories that come out of this over time, and I’m just happy to be, you know, the guy in the background to help these people make it happen. Like, I tell people all the time when I do my events, I’m like, this is not about me. Like you didn’t come here to meet me like you did. But that’s not what you, you’re gonna walk away. Understanding that it’s not about meeting your mind. Right? The fire I tell people, the fire is inside of you. And it’s been inside of you. My job is to just fanned the flame. My job was to add more fuel. Yeah, my job is to bark whatever is already inside of you. Like yeah, I’m your guide, but you’re the hero, right? You guys are the hero, like so, that what I’m really excited.

I love it. You know, it’s cool tying back our beginning of the conversation to what you’re doing now with, with squad of knights is you start off dropping sample packs. Now I’m thinking you put all these hats in the same room, producing, creating stuff together, there could also be a scenario where they create their own sample pack. And then you use like a splits protocol, where they sell the NFT they all collectively earn from that. And it’s all because it was a curated environment, right? And like the optionality is endless. As long as you get the right people in the right room in the right creative energy synergizing with one another. That’s it. You’re taking off. I love it.

!llmind: Adam, you’re taking the words out of my mouth, right? And I don’t want to speak too soon, but I’m giving Adam all the exclusives right now.

 let’s go.

!llmind: A percentage, it’s inevitable that we’re gonna have a percentage of people that are going to buy and flip right, we can avoid that and people are free to do what they want. Like, you know, I’m not expecting every single person to like purchase a squad of knight NFT and like Huddle forever and like you know, collaborate with everyone, we’re gonna, we welcome everyone to purchase squad of knight NFT but here’s the cool thing, Adam, a percentage of the initial sale and the secondary sale is going to go right back to the knights to basically fund the entire operation. So, you know, all the studio time that we’re going to spend money on, all the you know, curated events and all the get together and whatever else, you know, we implement for the empowerment of the community of the squad of knights, we’re all going to be funded, right? And we’re also going to leave it up to them too, so I don’t want to say like, I don’t want to, I don’t want to put it out there and say we were going to make it into a Dao necessarily, but it is going to feel very Dao like in terms of, hey, guys, what can we do? What do you guys want? You know, in addition to what we’re doing, what do you guys want to see happen? And how can we see that happen? So, all the flippers on the secondary are essentially funding, you know, our operation, of the people that really want to be there. Right. So hey, we welcome you if you want to, if you want to buy into.

Slip away way

!llmind: Slip away. Flipping means you get what you want. And, and the people that are here that want to partake. We get to help them by doing that. So, thank you for your contribution.

Yeah. I love it. Dude, look, I’m excited for you. I’m excited for the project. I’ll be definitely tuning in. Before I let you go and we wrap this up. Where can we find you? Where can we find more of the project? Give us the takeaway.

Outro

!llmind: So, you can find me on every social media it’s @!llmindproducer, one word that’s I L L M I N D producer. And that’s, you know, Twitter, Instagram, all the social media, and then squat of knights. So, it’s knights with a K. So, squadofknightscom . That’s our main website, Twitter @squadofknights. And I’m sure over time if you Google squad of knight, you’ll find our Twitter, our website and all that good stuff. So yeah, follow me on my producer, follow squad of knights if you want to get into discord all the links are on the website. The website should be live at the time of you watching this. So go to squad knights right now. It’s going down, get on that whitelist, get on the discord. If you’re a musician, if you’re a beatmaker, rapper, singer, a visual designer, an aspiring, you know forward thinker in music and web three, and just want to be part of a community where you can actually build something cool and creative. I think the squad of knights is a great place to start. So, look into it and we’ll be here man, we’ll be here crushing it. So.

Amazing, bro. Amazing. Thank you for being on. We’ll have to do this again soon.

!llmind: No, Adam, my boy let me know anytime.

You got it. And I’ll put it there. Good shit. That was awesome.

Categories
Podcast Transcript

Why Cooper Turley Spent 100 ETH on Music NFTs


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Background

Mint Season 4 episode 22 welcomes music NFT collector and crypto OG Cooper Turley (aka Coopahtroopa) who rationalizes his conviction for spending 100 ETH on music NFTs to date. He came by my hotel during Eth Denver for our first in-person conversation, making this session the longest episode in Season 4. There’s just too much alpha in one sitting, I hope you can handle it.

In this episode, we discuss: 

  • 00:36 – Intro
  • 03:56 – Music Projects Dominating The Space
  • 07:08 – How to Price a Music NFT
  • 11:17 – Why Treat Music NFTs as Collectibles
  • 14:18 – How to Get Started as a Music Creator
  • 15:34 – Understanding the Music NFT Movement
  • 21:26 – Web3 Protocols in the Music Industry
  • 24:58 – Getting Started at Audius
  • 28:18 – Building Funnels to Grow Your Collector Base
  • 35:04 – What is LA’s Crypto Culture Like?
  • 37:46 – Web3 Music Platforms and Opportunities
  • 48:26 – How to Create Digital Emotional Experiences Around Collectors
  • 50:29 – End Goal with Collecting 100 Eth Worth of Music NFTs
  • 58:30 – Open Sourcing The Entire Music Industry
  • 01:03:22 – Music Streaming in Web3
  • 01:04:46 – The Consumption Layer of Music NFTs
  • 01:08:31 – Tokenomics: Risks Associated with Overwhelming Artists and Fans
  • 01:21:19 – Daniel Allan and Designing Overstim’s Tokenomics
  • 01:24:13 – Building Bridges Between Web2 and Web3
  • 01:28:18 – Outro

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

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Cooper, welcome to mint. How are you doing my friend?

Cooper Turley: I’m doing wonderful. Thank you very much for having me.

What a pleasure. Eth Denver.

Cooper Turley: Yes, sir. 

What is this your fourth Eth Denver?

Cooper Turley: Yeah, fourth one?

How has it been different? 

Cooper Turley: It’s a lot bigger now. 2017 was like peak of the last bull market. That was my very first crypto conference ever. And so now we kind of saw this law 2018, 2019. 2019 was epic, but it just wasn’t really talked about much because it was kind of during the bear market. 2020 It was virtual hackathon. 2021 was virtual now we’re back. So it’s been a long time coming.

Intro

We’re back. The virtual was pretty sick, though. I prefer to be in person. But TBT to the virtual one. Alright, man, welcome to the podcast. This is your second time being on mint, I think is our fourth conversation having, is our first in person conversation, right? You are a part of season one, iconic season, the Genesis season, for season four on all things music, what a better person to have. Alright, dude, dive right in. For those who don’t know you. What does the world need to know about you? How’d you get into crypto? We can start there.

Cooper Turley: Cool. Hey, guys, my name is Cooper. I’ve been in crypto for about five years now music for closer to 10. I’d like to say I’m a curator. You know, I’ve been spending my whole career trying to find trends early on help people contextualize that. So what that takes the form of is an operator and investor, I help creators learn how to use technology, specifically web three, I invest in the platforms that allow them to do so. And so the last couple years of my life, been working with crypto projects, launching tokens, you know, helping to start companies helping to start Daos and really just making sense of what’s happening. And these days, I’m really excited about music and NFTs. It’s a passion of mine I had long before crypto graduated with a music business degree. And so now taking all that same culture and community ethos that we had in web three, and applying that specifically to music as a canvas.

Nice. So you’re really big on music, like really, really big. If there’s one thing that you should know about Cooper, if you’ve seen him publicly online is he shows music a lot, we are in a group chat with a bunch of other DJs. All we do is share playlists and songs with each other. That’s more internally but externally also collect a lot of music NFTs. At one point you were the biggest collector on sound.XYZ. And prior to sound, you’ve just been super supportive to new creators and new artists coming into the space. So I want to take this conversation from different angles, but primarily focus on music X crypto, okay. And I think a good place to start is really understanding what’s the current state of music X crypto, you got started on audience. Yeah, right. And you also move to LA from what I remember, with this vision of getting really involved in the Creator economy getting infused in the music scene over here, you had a big, big, big vision and audience was a big part of that. Yeah. So talk to me more through your early days at audience and how that kind of played into you understanding the current state of music NFTs.

Cooper Turley: I started to see that music offered a very new lens into web three, you know, most people that are interacting with it do not have experience with crypto, you know, most of them don’t have a wallet, most of them have never used open scene, most people don’t know a uniswap is. And so it forces you to think about crypto in a very different way. I think that opportunity for me to come to LA and have conversations with creators who had large followings, but have not been active in web three, really challenged me to think differently about my own experience, I started to realize that Meta mask is a really difficult while to get set up with, joining a Discord server is very difficult to most people. And so when you start having these conversations around onboarding, you focus a lot more on the fundamental layer of buying your first NFT joining your first community, I think through that a project like audience was really exciting to me, because they really were focused on mainstream adoption. You know, today audience has 6 million monthly active users, I was fascinated by the idea of being able to use a crypto app with an email and password and never knowing that there’s crypto under the hood. And so, I guess just to round that out, I would say that was the very first, you know, music crypto project that had a fundamental impact on my career. And since then, we’ve seen sort of a blossoming explosion of 50 plus projects, all focused on music times, crypto, you know, a big influx of this sort of NFT wave. And I think that’s kind of the current state of music. NFT landscape is a lot more tokenization of audio files.

Yeah, makes a lot of sense. I’m gonna quickly pause to step a little bit back just so I’m seeing the wave files are there like hitting yellow. So speak again, really quick.

Cooper Turley: Check, check, check.

Music Projects Dominating The Space

Solid. Cool. So on that topic, okay, understanding the macro landscape. What are the current projects kind of dominating the space right now that are empowering musicians, empowering, empowering artists? What are you seeing?

Cooper Turley: I’m really excited about catalog and sound as kind of the to premiere on chain collecting projects. So this is a ability for you to basically collect a tokenized audio file. I think that in and of itself is very innovative. For those who don’t know, catalog is a one of one NFT marketplace. You take a song, you upload it and you tokenize as one of one, sound is more of a release platform for new music. So instead of one of ones you have one of 25 typically but just music additions, you know it’s a little bit more social in nature, you can leave a comment, and then more broadly, Royal has started to ramp up they’ve had two drops so far, but I’m really excited about their platform because it allows you to collect music at scale, you know, their entry price on a music NFT is somewhere closer to 50 or $100. And it comes with ownership rights to. So, then NFT not only is a collectible version of audio, it also has some of the master rights from that song tied to it too.

Do you prefer ownership or pure collecting?

Cooper Turley: I don’t think it’s and or question. Okay, I think that ownership is a premium, but I don’t think it’s required for something to have value

When do you prioritize ownership? When do you prioritize collecting?

Cooper Turley: I prioritize ownership, if it’s someone that’s not very tapped into web three, you know, if they’ve had a legacy brand that’s performed? Well, you know, there’s going to be consistent cash flows. I think that’s a strong signal. But I actually prefer collecting new artists who are going to make a career on the back of web three, because I think that is fundamentally more important than ownership rights to legacy streaming applications.

Yeah, you know, one thing that’s like, very, very vague, and we talked about this yesterday, when good karma put together showcasing Eth, Denver, this topic of ownership, right, and you’re obviously very vocal on the whole thesis of the ownership, economy, in everything that kind of funnels underneath that. And a lot of what we were talking about, a lot of what Jeremy CC Grady, Daniel, yourself, a lot of you guys were talking about the sake of collecting music NFTs, for the sake of appreciating that art as art the same way you collect a piece of art, a Picasso, whatever it may be, right? And do you think society has like a weird understanding around? Okay, why do I need to collect an audio file? Like I understand the concept of collecting physical piece of art, I may be more in tune with understanding of what it means to collect a digital piece of art, but an audio file? How do you make sense of that?

Cooper Turley: It’s really no, you know, I think we’ve all had experience collecting trading cards, we’ve all had experience playing video games and collecting digital assets, we’ve never really had the opportunity to collect audio, I’d say the closest analog to that is vinyl. And even that’s a very small segment of the consumer population. Most people when they listen to music, they just go on Spotify and stream it, they actually don’t even know what artists they’re listening to. But for someone that has a very strong affinity with music, they’re going out there buying records, they’re buying vinyl, they’re having people over to have listening parties. And I think that demographic is what’s best suited for music and NFT. And as we start to make that price point more accessible and show more of the social experience that can come from collecting audio together, I think that’s when that demographic will make a lot more sense to a lot more people.

How to Price a Music NFT

What’s an acceptable price point? Like, how do you determine how to price a song from a creator, an artist point of view?

Cooper Turley: I don’t think there’s a broad stroke way to do it. I tell creators, you should always list something at the lowest price that you feel comfortable selling something at.

Because there’s platforms like mint songs, for example, where you see, like prices for beats, loops, single editions, one of one, whatever,  going anywhere, anywhere between like 99 cents to $7 to $100 to $2,000. And you’re kind of just trying to understand, like, What the hell is going on. Me as a collector, and I feel like many other collectors that maybe want to start accumulating more on chain wav files, right? They find themselves maybe in a position where I don’t know, what’s an appropriate price for what I want to kind of collect. Right? So you see like sound kind of standardized, either you do a point one drop with 25, editions 30, editions, 100 editions, catalog does very much the super rare model where you have one on ones and like the canonical format of a song starts as a one of one. But I don’t know I’m trying to make sense more from like an artist point of view. Like if someone wants to jump into the space right now, how do they think about price psychology? How do they think about what they should price their work at? Should they do additions? Should they do one of one’s? should you know what I mean? Like it’s like, it’s a very gray area and part of it like surely people are experimenting as we go. But give me more context on that on that train of thought.

Cooper Turley: Yeah, it’s a great point. To start off, I would say there is no standard around releasing music and web three right now, you know, there’s no tried and true model. And there’s no sort of expectation on how to price your work, I think we’re starting to see a little bit more standards emerge around one of ones and additions. So on catalog, you’re seeing one Eth is a pretty standard list price is just like a starting point. And on sound, as you mentioned, point one is sort of a base spark, entry price is important. I think something that’s really interesting to highlight there is we both called that out in terms of Eth and not dollars. And so pricing these assets in the native chains that you’re releasing on, I think is going to be more of a standard. So if you’re releasing on catalog, you’re thinking what Eth price, am I releasing this at, if you’re starting to release music on slot, I think we’ll see people doing music NFTs in terms of one soul. And so when you start to not think about dollars, and instead think of Eth, I think it becomes a little bit different. But I would say for any artists that’s getting started today, you know, don’t be afraid to start lower and build up your floor over time. You know, I think it’s actually much better for you to start with a lower price point get a couple collectors under your belt and slowly start raising that over time rather than come out of the gate swing in with a five Eth sale and probably not have any bids for a long time, which is more difficult for you to kind of conceptualize why this is valuable and you know build a relationship with collectors that I think is so important.

you know it’s really cool. Verta was on a Verta was on Season Four as well. Okay, we talked about basically how do you price a song and she put out this like macro point of view blog post of her journey in crypto and how she kind of got around the challenge of okay, what is my art, what is my wav file? What is my song worth? The best answer that I’ve heard today is let the market decide. Let the people who enjoy music who enjoy collecting let them decide on what to buy and collect your art for. The way you kind of start with that is just leaving an open bid and putting a timeframe on that right and seeing what the market will kind of like take it for, right? Is that like a model that you’ve seen kind of prevail? I know Verta is like she  introduced that model to my head. Who else? Have you seen kind of experiment with that? What is the success been around that? Taught me more through that.

Copper Turley: Yeah. So I think reserve auctions are important, because you have a minimum price that something starts at, I think that’s just fundamentally important from an Artist to fan relationship. Because if you have an open order book, you know, when I just go in and put a one Eth bid on something, there’s a world in which that artist is really offended by that bid. You know, if I say I think this is worth one eth, like, oh, wow, Yeah, like, Fuck you like this should be at least like a five Eth record, you know, and I’ve had experiences like that collecting crypto art, you know, where I put out a bid for something like, Oh, hey, my floor is actually five. But that’s not stated, because it’s not in an auction mechanic. And so using that auction mechanic, I think allows them to be a lot more realistic price discovery. And to take that a step further, the best way to have that happen. In the case scenario, we’re talking about, you know, Malik, Mader. This was his last two records, he started them at point one, and just let the market do its thing. You know, and he’s had some sales at some pretty high price points. But starting from a point of saying, go figure it out yourselves. Like, I’m not trying to ascertain what this is worth. I think it introduces some interesting game theory where, you know, the market will self affiliate. And to your point, I think that’s actually a really beautiful thing.

Why Treat Music NFTs as Collectibles

Yeah, you know, I try to still like wrap my head around the value between collecting to collect and collecting to own and really make money off an asset, which one has a lot of regulatory uncertainty, and the other one is just like, really fun. Like you’re collecting a baseball card? Yes. I’m personally in favor on the side of like, being able to co own something right? In Sure. Maybe I need to upfront a lot of money to actually see some valuable return from it that you cannot for the economics to make sense. But I’m curious to hear your point of view. Like, did you participate in the both blow drops? 

Cooper Turley: Yeah, I did.

Okay. And you participated in sound.XYZ, catalog, mid songs, etc. What was more like impactful experience?

Cooper Turley: Definitely the one of ones I purchase on catalog.

That are purely collectibles?

Cooper Turley: Yeah, those are the ones where I’ve had the most direct relationship with the artists, you know, they’ve gone out of their way and reached out to me and expressed how much that meant to them. I think a large part of that was because of the price points at which I was collecting. But I think that that felt the most real to me, you know, and I think what we’re starting to see now is music. And NFTshave not had a secondary market, really, because we haven’t really seen the form factor for that to happen. But now with the emergence of sound of royal and sort of these platforms that allow you to collect additions at scale, we’re starting to see more of that come to fruition. And so just as a blanket canvas, I don’t collect any music NFT right now to make money. You know, I think most of them are illiquid, and I couldn’t sell them if I tried. But I have such a sentimental relationship with them that I think it was worth every penny that I’ve spent.

You know, it’s really cool buying a music NFT. And then being able to see that person perform the song that you own or CO own.

Cooper Turley: It hits so much different.

Complete different, there’s an entirely new emotional connection to that, specifically at like, the catalog event, okay. And seeing like, my friends, collecting different pieces of art on there and seeing how they are kind of just vibing and experiencing that live performance, for example, from like, dot. Yeah, and the list goes on and on and on. And I know you and Brad are also like very vocal about that stuff as well, like you collect to support an artist and then watching them perform live. , and it’s, it’s a completely different experience. How would you explain that experience?

Cooper Turley: So it’s funny, my first experience with that was actually way sooner than people would think. So I remember Mike Shinoda dropped a song with EMDR. And he put out 10 NFTs on Zuora, just like open auctions. And I won one of them, and you got a signed poster. And it was two days before the song came out. So I won this auction, and then the song came out, and it was number one on my release radar. And when that song played, I had such like an emotional relationship with it, I was like, this is going to be such a thing. You know, just like collecting a song early in advance, and then hearing your premiere, you have so much incentive to promote it and be a part of it. And I think live shows are just the next level of that, you know, like when I hear songs in my release radar, I’m sure all of us can attest when we have a friend drop some new music and you hear it for the first time and you’re like sharing it on your story or something like that. It’s that experience times 100, you know, to where you feel like you have a real financial investment in this, you have a social affiliation with it. And I think that opportunity for more fans to feel directly attached to the music that they’re consuming. Is the exact market that I’m really excited about tokenizing and unlocking.

How to Get Started as a Music Creator

Yeah, when  a creator comes to you or a musician comes to you and they ask you, how do I get started? What do you tell them?

Cooper Turley: I tell them spend some time in the community, like get to know the people around them. You know, don’t worry about tokenizing, your first record today, go into the chats go into these community calls, figure out who the people are that are involved in the space because right now there’s probably less than 500 artists in the world doing music NFT seriously. And if you take 10 hours out of your week to go and invest in this, you’re going to become much more active part of that conversation than you think. That’s your leverage. You know, once you have a couple of people in your corner who are going to bat for you, they recognize that you’re in these conversations, when you tokenize you have the support of those people. And that’s what these platforms are looking for. You know, I think the sad reality is right now the platforms we talked about, catalog, sound, royal, they’re extremely curated. You know, there’s 10,000 Plus artists on the backlog, but only a select few that are getting in through the door. And if you look at the commonality amongst them, it’s the people who are going out of their way to build relationships in web three, you know, we’re not looking for what their stream count is on Spotify, how many followers they have on Instagram, it’s how closely connected are you to this source of like this music NFT movement. And so if you’re looking to get started today, don’t worry about trying to make a splash or trying to get any sales or anything like that. Just put in the time and meet the people that you see really building this movement from the ground up. And I think very quickly, you’re going to become a part of that conversation.

Understanding the Music NFT Movement

Yeah. Cooper, where are we right now in the in the music NFT movement?

Cooper Turley: I’d say like second inning. You know.

What does that mean? Exactly? Second inning.

Cooper Turley: We have the ability to collect tokenize audio, you know, that is a primitive where you can go out and collect a piece of music from an artist you’ve heard of, you know, no one too crazy. But an artist you’ve probably heard of if you’re tapped into music, that’s kind of the fundamental piece of it that I think is important. I feel like if you start to make an analogy to like early SoundCloud era, you know, we haven’t had that viral moment. Yeah, we’re everyone’s on SoundCloud. You know, sharing everything reposting everything. We’re in like the very early formation of that. And so I think if we take a step back, we still need another year or two to enable collecting at scale, where I can go and buy music NFT for $5. And feel like that’s a sentimental thing. But right now we’re seeing the early adopters, really taking advantage of that. And it’s something truly beautiful. You know, if you’re in web three, you definitely need to pay attention to.

How do you think about price psychology as a collector between buying something for $5 versus buying something for $4,000? Is there a different connection like sentimental connection you have to it? Like, how do you think about that?

Cooper Turley: I am fortunate enough to be in a position where I can buy music NFT for $4,000. And I have to think a lot about that. That’s extremely rare. And I think that’s not something that’s the same across the board. But right now, I feel confident that if I buy your record for one ether catalog or more, there’s a more than 90% chance that I can have a personal relationship with that artist. And so having just a ticket to a direct relationship is like unlike anything I’ve ever experienced in music, my job been in this music for 10 years, you know, I’ve done curation, I’ve done touring, journalism, artists management, and every other way you could think about it, getting the artists to see you as a fan is so difficult, that you can see them 10 times at a show, you can write about them 50 times, but you’re just sort of someone that’s kind of like in their orbit, it’s not until you have like a way of seeing them eye to eye in a very direct way that they actually realize who you are as a person. And so when I’m collecting something for eth Plus, I’m going in and saying, like, Hey, I see you using this technology. But my hope is that you’re going to see me back to, like, when I collect your work, you’re gonna want to build a relationship. Talk to me about this. And that’s what I’m doing. And to your point about the difference between that and a $5 collectible, I think the $5 collector was more for the social experience, it’s less about you thinking you’re going to have a direct relationship with the artist, it’s you think that you’re gonna have a direct relationship with the other fans of that artist. And I think that piece is really important because we’ve never had great social channels for music. We had Facebook groups back in the day, which was really active, we’re starting to see discord servers, but music discord servers aren’t that active across the board. And so we need a new pocket to allow fans who are deeply affiliated and connected with these artists to be able to meet one another and see that they’re going out of their way to use new technology to show how much they love this act.

You know, we haven’t seen yet. Bits, loops, samples, stems kind of like hit the mainstream for the most part. I know Apergy labs is doing a variation of this. But you can imagine that maybe a bits, a loop would actually go for more around the dollar, the $5, the $10, maybe the $20, $100 price range, it would actually have different utility. Yeah, most part then a fully complete song, right? When you think about like music composition, okay, and you think about like, creating a song and actually extracting audio files that are on chain, whether it be a drum track, since etc, and forming a song and then minting that song. How do you think about the price psychology around that around beats, loops, samples stems, because again, those have a completely different utility around them versus just collecting something on catalogue sound, for example.

Cooper Turley: it’s interesting, I used to price catalog quite a lot back in the day when I was messing around with producing. And so their model is basically just buy credits. And then every song is just like, or every STEM is yours to consume, essentially, we’ve seen a lot of beat packs, where you basically have a fixed price for a pack of beats or something like that. And so I don’t think there’s one try and shoot model, I think the important thing to recognize is in the future, all stems, and all aspects of every song will be tokenized down to their finest unit, you know, like a kick drum, a snare, you know, a Mini Vocal, all of that will be tokenized in some way, shape, or form. And so it’s impossible to say what one kick is worth versus a vocal stem. But the important thing to take away there is that all of that is going to live on chain. And there’s going to be pricing mechanisms where it’s not about paying a subscription fee and getting unlimited access to all of it. It’s about all of those source files being connected to one another. So as there are usage and cash flows of them, they all flow back to the original owner.

Yeah, I’m kind of curious to see how that that part of the music landscape kind of plays out and what that really looks like from a price standpoint, from a composition standpoint, from an IP standpoint, and the list goes on and on and on the topic of IP Okay, how do you think about the legality around like, music NFTs, bringing song wav files on chain, and the purchasing the collecting of that, and how that pertains to people who helped create the song help pertains to people who helped publish the song. And that entire lifecycle? How do you kind of think about that?

Cooper Turley: So the reality is music as an industry is one of the most convoluted from an IP standpoint, there’s so many different people involved with it. But what you’re seeing right now is independent artists are largely thriving the most, because they have the least red tape around them. You know, they typically have a very few collaborators with them, maybe it’s just themselves producing all audio themselves singing on it, whatnot. And this is going to be the biggest roadblock, you know, and the biggest hurdle to try and get around for music, is if you are a major songwriter who has 10 writers on it, three producers a label associated with it, making sure all those people are properly accounted for is a really scary ordeal. But what I get excited about is the fact that this technology we’re using has never been better suited to, you know, affiliate and help with those scenarios. If I have 10 songwriters on something, being able to ascribe them to a smart contract with automated splits is the exact reason why this technology exists. And so right now, the process is basically trust the artist to distribute the earnings to the people who deserve it, that’s just the v1, you know, we’re going to get to a state where all this is automated, everyone’s gonna have a wallet, everyone’s gonna know where to plug themselves in. When we get to that point in mind, it’s going to be less about trusting the artist to make distributions, and more about it all just going exactly to who owns the rights at any given time.

Web3 Protocols in the Music Industry

Does the music industry need its own protocol?

Cooper Turley: I mean, I think that everything needs a sound protocol. I don’t think music is any different, I think that we need a different way to be able to see who own what different parts of a music asset, you know, and I think we use the word NFT to describe tokenized audio, but like, you know, music will just become an evolution of NFTs like when you think about a song, all that data is going to be ascribed naturally into a token, who owns what percentages, who has what affiliations with it, and we’re going to read directly from that asset. You know, right now, if I’m on different PRO’s, or I’m trying to get collection, I need to put that information into many different sites. But in the future, it makes perfect sense to me that you have one source file that has all that information ascribed into it, and everyone’s just reading directly from it. And so protocol, yeah, I think metadata standards are the first practical usage of that, you know, shout out to catalog and mint sounds are thinking a lot more about this. But beyond the protocol standard, to try and address all music, which is a fucking huge vision. Let’s just talk about how to actually read data on chain. Let’s talk about how to have better standards around playing back a music NFT and having a good experience with it. You know, I think those basic questions get us along the line. And I think we’re going to wake up in five years and see that there’s an entirely new way that music being consumed under the hood, and being routed to all these different parties. And that’s when we’ve actually won as an industry.

So is the end goal to build like a trustless music industry? Is that even possible?

Cooper Turley: I don’t think any industry can be entirely trustless. Always, I think that the  end goal is to always have market opportunities for someone to be able to release music trust Lessly and for there to be better standards around the way that it’s consumed at scale. And so if you’re going through a label system, you being able to have more transparency around the way payments are working, you know, when someone streams your track, you being able to get paid directly. You know, the one of the caveat, and I think the funny parts about web three is people are really big on decentralization. But the reason why centralization wins, because it makes things easier and cheaper. And so we kind of have this balancing act between like maintaining the core tenants of trustless permission less technology and making a successful someone for $5, who has no clue what’s happening under the hood. And so I think, you know, maybe just to kind of round that out, we’re going to see really big companies that are not fully decentralized. You know, some of the biggest players in music, NFTs will be a little bit more centralized than we would like and web three, but I think that’s okay. And actually important, because it’s going to allow this technology in the hands of 1000s and millions of people.

So when you say it’s, it’s cheaper, right? Take that with a grain of salt, right. For those who don’t understand they think of making a transaction minting something on chain, there’s an associated gas fee that is depending on what they’re minting very unaffordable, right, so elaborate more on what you mean by cheaper as you kind of approach decentralization.

Cooper Turley: I mean, the cheapest way of doing it is there is no gas fee, you know, the protocol or the platform is covering it for you. You’re using a custodial wallet where you don’t have to worry about cussing your assets or losing your private key. It’s a fixed price point. It says $5 you press one button you buy for $5 Yeah, that’s a centralized solution. You know, decentralized, you’re paying the network fee, all this kind of stuff. But you know, that’s why I’m excited about other ecosystems outside of Ethereum for music NFTs because while I think all of the most valuable music NFT will live natively on Ethereum, I think there’s going to be a vibrant economy of assets live outside of Ethereum. And those are going to be the solutions that allow you to collect $5, $10, $20 music NFT at scale.

For example, Solano polygon, what else comes to mind?

I think those are two great ones to start with. You know, I don’t think that, if our demon say those are like the final ones. Yeah. Like I challenged myself all the time to think like Ethereum and like, the end all be all. Like, I don’t think that people thought Apple would be what it is before we started. You know, I believe that we’re still very much in like the Myspace era of crypto as a whole and I still think there’s an opportunity for those new ones to emerge.

Getting Started at Audius

Talk to me more about your time and audience Okay, I think Cooper you have like unique insight into music x crypto Getting Started at audience and audience being one of the leading platforms for music in the space. Quite frankly, a lot of people, a lot of artists, they get started in music and crypto start an audience. Yeah. So your target audience, what were some of like the aha moments you kind of realized prior to joining that kind of allowed you to see the space from a different.

Cooper Turley: Yeah, it was that build and that architecture that I talked about. So really abstracting away the need for a noncustodial wallet to get started was really, really important to me. Audience built a standard called hedgehog, which was an email and password login solution. You have an ERC 20 capable wall under the hood, but you never need to use it to be able to do anything. You don’t pay gas to play a song to do anything like that. And that approach of saying, like, Hey, we’re built on crypto, all this content is stored in a centralized system. But it’s not necessary for us to use the product, I thought was really beneficial. A lot of my work was around sort of the token side of things. So launching the audio token, doing a lot of stuff around staking and delegation and governance, I saw that there is a very big distinction between artists who are using the platform every day, and node providers that are making it work under the hood. And that relationship between sort of the creative side and the technical side is a really difficult bridge to walk. And so I think for all of these platforms that we mentioned today, there’s going to be a really big challenge around maintenance, you know, and around decentralization and recognizing that not all artists are going to know how to participate in governance, or want to do anything around decentralized file storage. And it’s really important for us as leaders to be able to build systems such that people conceptually understand what’s happening, but they don’t need to be core participants to make it work. And so I guess really, just to finish out that thought, audience to me was the first opportunity for me to see what artists were interested in web three. And what I think is really beautiful about that is many of the top selling music NFT artists today are the ones who are really early on Audience. They got that Airdrop, they’ve been in the trenches for a long time they’re charting on the playlist, and that growth of going from uploading a song having streams to then tokenizing that song and having a sale of it as a music NFT, is a really beautiful journey to watch.

You know, one project that comes to mind specifically is Wilkie and Wahlberg, yep. Right. And he started on audience. He’s also doing really, really well on tick tock. He also has the wobble bug project where he like created like this Metaverse DJ and sold NFTs associated to that to that character. And I think there was some like IP Association as well, terms of the music streaming, royalties and whatnot. Who else comes to mind?

Cooper Turley: Well, also just cosine wiki real quick. He has a social token on rally called walks that was really early on, that’s doing a lot of stuff with pixel ban, you know, super active under the collecting lot. And I think the caliber of what you’re seeing was successful web three artists is, it’s not just about their artists project, you know, like they’re doing stuff in different communities. They’re helping to write music, they’re helping in community management and talking about them at shows. You know, Steve Aoki, I think, is doing a great job with this. He’s building out the Aoki verse now and has this really wide ecosystem to get involved with. Camouflage is one that comes to mind from the early audience days. So it was doing extremely well on audience, now as a bunch of sales on catalog and sound. Oshie is another great example of this. You know, Daniel Allen is kind of more of like the music NFT native caliber acts, but you know, I could list dozens and dozens of acts that I’ve been impressed by. And the commonality amongst all of them is they didn’t have a huge following prior to web three, you know, they’re making some noise and local communities, but they’ve been able to use web three to really leverage themselves into a new position. And I think that’s the model that you want to follow. If you’re listening to us today.

Building Funnels to Grow Your Collector Base

Yeah. Let’s talk about funnels. Okay. And building a community of collectors for a second. Okay. I think a lot of newcomers that enter the music NFT space, always have the question, like shit, how the fuck do I find my first collector? How do I find someone to take that first bet on me, and something that we talked about yesterday at the good karma showcase during the panel was actually don’t really focus on finding in like, trying to get someone to buy something. Rather try to give? Right. Talk to me more about that funnel of giving, and how can you really build a community collectors around giving?

Cooper Turley: Yeah, you need to find opportunities to be value added within different communities. So being able to go and, you know, show up to a call consistently, week after week, just answering questions and being active in the conversation. Asking questions is actually productive, you know, showing that you’re here to learn, you don’t have all the answers. I think for me, I don’t love it when people just like cold DMing and be like, place a bid on this. Like it actually is kind of a turn off. 

You don’t like that?

Cooper Turley: I don’t like it. I respect that they’re out there. And they’re tokenizing. And they’re telling me about it. But I think it’s better to just sort of like show someone that you’re on cataloger sound, but then show that you’re like active in the community. And so before we started recording, we were talking about how she played this catalog show. And after I saw her set, I went home and I collected my NFTs, you know, and so I think putting yourself out there where you’re just immersed in the web three culture, you’re playing like an F3P part of your plane, you’re playing a catalog party, you’re doing something eth Denver, and just getting yourself out there with no expectation of making a sale. People see that you know, and like people are looking for like who’s really tapped in and gets this out the source. And so if you see crypto comments as around, go hang out there, if you see local meetups about web three, go hang out there. Don’t say to people come and buy my NFT and just be like, Hey, how can I help you? You know build a mutual relationship I think for people like myself, I can really see when someone’s putting in the time and effort. And if I see that you’re consistent over a month, two month time horizon, there’s a very high likelihood you’re gonna see a bids sooner versus later.

You know, it’s really cool. The artists Queen George, I think you met her, right? Yeah, we did something really cool. Were April 2021, we tried to do an NFT concert, online during COVID When you couldn’t do performances in person. And we actually created like an entire drop page, we had like, different tickets that we had a one of one, an additional 25,5100. Each at different price points, each with different utilities. And we’re like, Okay, let’s try to throw like a live performance for this new artist who does have some credibility and is up and coming is solely independent, and try to use like web three primitives as a foundation to kind of bring that thing to life. And it flopped. It completely flopped. And we ended up reverting to Eventbrite because a lot of our audience wasn’t like crypto native, they didn’t have Meta mask. They didn’t have Ethereum. They actually couldn’t even like, understand and comprehend why the fuck do I need to pay $40 on top of the $200, I need to pay to just come see you perform. Yeah. And the takeaway was like, Okay, we need to like restrategize. So eth Denver came around, we’re like, okay, how can we actually build an interesting funnel where we give, right, and we use this platform called impish to basically set up like a concert in person. But the cool thing was, is we basically we did in the way, we’re one all the tickets for free to mint, it’s on Polygon, the platform impish kind of ate all the transaction fees associated with minting and two off the bat, she was able to garner anywhere between 150 to 200 collectors in the Ethereum community, right, that not only already collected something from her that had the Queen George logo on it that was sitting in their wallet, but then they were able to come to the show and watch her perform in person. Right. And at the show, we had QR codes everywhere. Like you couldn’t miss it both for joining her discord, and for bidding on her one of one. Yeah, so the cool thing was, she makes like the  URL with like the IRL. Right. And she did in a way where she wasn’t really asking for anything. But providing a good time. Yeah. And based off that we got like, I think like 50 people to convert back into our Discord out of the initial people that came and collected her NFT off the bat. Right. And then on top of that, during the performance, you like, play two songs, introduce herself. And then she’s like, Okay, this next song, I actually just meant it prior to launching, if you feel compelled, I invite you, if not join the discord. Right. And off of that anonymous addresses that she would have otherwise not have had with emails, she started to build her database. And I’m curious, like, one thing that artists don’t have in web two is all the data that Spotify collects Apple Music, etc. But now she has 150 addresses where she can see what are the tokens are they holding? What other communities? Are they a part of? What other governance forums are they voting on? What other PFP projects are they collecting? And they she’s able to actually build a data profile? You can be like, okay, 75% of my collectors that attend the show are also an FWB. Yeah, maybe I should do a collab with FWB because a lot of FWB people collected by stuff. Yep. Right. How do you think about that funnel? Like, sure there’s the ability of like starting a minting something on chain, but like, how can you create more experiences beyond just like trying to sell something to collectors?

Cooper Turley: Yeah, I think the important takeaway there. And I really want to underscore this as most people hate NFTs right now. If you’re a musician who’s doing music, NFTs you need to recognize that 99% of your audience does not care. Yeah, I don’t want to be told about it. You know, and so you’re almost speaking to a very small segment of your population. And the thing I really love about that example, is when you started to give away things for free, people become curious about it. You know, when there’s not a financial price point or financial barrier to join, people start asking questions. And so I thinking find more opportunities to give away po ops just for coming to a show. You know, giving people some little trick get a reward for joining your discord. I’ll give a quick shout out to a platform called medallion that’s launching soon to tokenize fan club platform where you can come and sign up with an email address, get a free NFT and then be able to buy tickets early on have discounts on merch, I think what a lot of fans need is just a way to see that NFTs are not only about like collecting high profile assets, you know, we spent the first half of this podcast talking about one of ones and additions, but most fans would never spend more than $100 on any anything from the artists that they love, you know and so we need to have better opportunities for them to join. And I think, you know, the two things I really loved about what you said is one giving away those NFTs for free, spamming the QR codes everywhere that were free. There was nothing that was like you had to buy something to get involved and then doing that locally here at eth. Denver, which is going a level beyond, you know, a normal concert you would do to being in a spot where people are receptive to this technology. You can put stuff out there, but like the one thing I don’t like is when artists come into web three, they’re like, here’s what an NFT is, you know, I’m gonna educate like, you know, here’s how to make a wall and all this stuff. It’s like most people are just turned off by that, you know, I think what’s actually better is just to do your thing and assume that people who know about web three will pick up on it. And don’t worry about like overly converting the rest of your fans. We’re gonna have better standards for that and as you start to find different ways where people don’t need to be super knowledgeable on web three to be able to join. I think there’ll be more receptive to it.

What is LA’s Crypto Culture Like?

Yeah, that makes a lot of sense. I want to talk to you more about like you moving to LA embedding yourself in the LA culture and what that kind of means for where your head’s at in crypto. Yeah. LA is obviously a very vibrant scene from Arts Culture, the list goes on and on and on. What is the current state of LA when it comes to crypto, because you’re in every pocket, like, I was born and raised in LA, and I still feel like I’m stuck in my inner circle with my friends and my family. But you came over here, and you’ve managed to kind of like plug yourself into all these different communities, become friends with everyone provide value to a lot of people. I feel like you have your finger on the pulse. Okay. So what is the current state of LA culture? When it comes to crypto when it comes to music NF T’s and related topics?

Cooper Turley: I absolutely love LA right now, you know, I think if anyone is listening to us, and is remotely in the crater sphere, I highly encourage you to spend time out there. This doesn’t mean go out there for one weekend and expect to gain the world. But the conversations happening are really, really productive. And they’re really inspiring. You know, I think most people are misguided. They don’t really know what to do or they don’t really know what’s going on. But it’s in their you know, field of interest. They’re asking their friends about it. They’re buying a couple NFTs on open sea, they’re going out to crater houses and just asking questions. And so I think it’s a very much like a sign of the times right now, where this, you know, mainstream mania around NFTs is sort of the topic of conversation. But while it is that topic of conversation, being able to be a guide and educator for crypto is extremely, extremely important. You know, the role I’ve been playing is, if you want to get into web three, let’s go get an AAS a wall, let’s run through everything you’re working on, let’s find one fundamental way for you to join the space in a meaningful way. Now, it’s everything from fashion, to art, to music, to photography, whatever it might be, you know, the creative lens of web three is becoming so clear now, but that’s exactly why I think LA is becoming such an epicenter for these conversations.

Dude, you love our site?

Cooper Turley: I fucking love it.

Like, what’s up with that? 

Cooper Turley: It’s a great food, man. I mean, all it is all saying sushi. I’ll be honest with it’s only two things I eat. But um, if I didn’t, if I didn’t have to eat, I would not eat but I like the social experience around it. I don’t drink coffee. It’s I’d say Aussie bulls are my closest equivalent to grabbing coffee. And the benefit of that is I can leave that conversation recharged. It’s a fun little brand thing. And yeah, I actually I highly cosign for anyone else that’s listening.

If you don’t get a say with Cooper, have you ever even met Cooper? Like is that even a thing? Like, I don’t know. I see like on your store, like three to four to five sessions aside.

Cooper Turley: Eat dude, it’s so hard. It’s gotten bad to the point where I just have like.

Like sugar rushes I’m like, how the hell does this happen.

Cooper Turley: Bad rating if you get too much sugar rush. But I have like 100 Plus, like request glass ables, just like, we need to grab a bowl. We need to grab a bowl. And I’m like shit, like, what have I done? 

Web3 Music Platforms and Opportunities

 I love it. All right. Back to music NFTs, okay. What’s on your radar right now in terms of platforms, in terms of opportunities in terms of mistakes? Walk me through, like, where’s your head at right now?

Cooper Turley: I’m kind of in this middle ground of advancing the platforms that exist today. So being a leading collector on catalog and sound, you know, working closely with teams like Royal and helping them to figure out how they’re growing and scaling their operations. And something that I’m really excited about is bespoke projects for high profile creators. So people that have done NFT jobs in the past, but when actually make those more meaningful now, you know, they’re asking questions about how to tap their fan base into tokenized communities with free to earn NFTs. And then the fundamental question I keep asking, What does it look like to release music and web three? There’s this project I’m working on called Roki that I’m really excited about, you know, we’re toying around with this season pass model. And we were released this EP, we’re going to release every single as music NFT So we’re gonna have editions probably somewhere around 500, you know, experiment with rarity games to encourage secondary market activity, a lot of people that have that season pass to get the right to mint early on, I think challenging the notion of like, dropping on catalog and sound or royal can not be the only way to release music NFTs, you know, and we need sort of more experimentation around secondary markets. And so outside of just utility, you know, allowing bigger artists to allow their fans to use their NFT to come to a show and building a product around that. It’s like, what does it mean to be a web do native artist project where you have, you know, the sale of all your singles going into a community treasury, you know, have a system where all of your tracks are being prioritized in web three. And even if they exist on Spotify, people know you because of the fact that you have a high floor price or a lot of secondary market activity on open say.

So this project that you’re working on, you launch that on mirror, right from what I remember, okay, so, talk to me more about that. Like what is the music who’s behind it? What’s the end goal? Are you just experimenting and throwing shit at the fan? Is there some type of an excuse me objective behind it, like, walk me more through that?

Cooper Turley: So I had some Grammy Award winning producers come to me and say we’re really sick and tired of the way that music works today, we’re being encouraged to make hits for tick tock, pop bangers to throw up the chain. We don’t feel like Ross anymore. We’ve been collecting NFTs we’re really active in a lot of these deeper communities. So what does it look like for us through a web three native artist project, as we started to ask common question we started going to like, Okay, let’s do a project release on cataloger sound, let’s do something we’re on glass protocol. But we quickly realized that like, taking that ownership into your own hands becomes really, really exciting. You know, building a team around making season passes, you know, having this incredible creative design around like your key into the community, you know, building a website that allows you to have a custom smart contract where you’re doing different rarity games around minting, you know, there’s a lot of exciting things there. And what I’d say just to help people contextualize this, no, Roki is a web three Native artists project in every sense of the word, the music is not going to be on Spotify. 100% of all sales are going to community treasury. I think the reason why I’m so fascinated by that is a lot of artists are really scared about giving full ownership to their community. You know, they’re tokenizing, their back catalogue, they’re keeping 50%. They’re putting 50% into the treasury. But I believe the most valuable web, the projects are the ones that fully embrace that. And every sense of the word, be able to have a canvas to explore that with producers that as are as talented as the guys behind Roki is an absolutely phenomenal thought experiment.

So one thing that I wrote down that I wanted to ask you is like, how do we get to a place as an industry where artists can one fractionalize, their back catalog and future catalog? And to do it in a legally compliant way? Because the way we’re doing right now is not scalable. Not everyone’s a daredevil, not everyone wants to say, Fuck you, suc, not everyone wants to do that, right? Because they have kids, they have this, they have all these different reasons. Me for one, like, I’m also interested in doing that for mint, right. But I want to do in a way where I can find a model where other creators can kind of replicate, right, and use mint as the foundation in the example to kind of do that. But I keep getting a crossroads. Right. And there isn’t one lawyer that I haven’t talked to and trying to figure this out. Okay. How do you get to a point where you can actually do this in a scalable fashion? And do it? So, you don’t have necessarily that fuck you Daredevil mentality that a lot of people in crypto have?

Cooper Turley:  So the short answer is, I don’t know, I’m trying to figure this out every day, what I’d underscore there is it’s not about saying fuck you, the systems that existed before, we need to be highly collaborative with those systems that this is going to work. And so when you think about fractionalized assets, I think challenge yourself to think more about additions instead of fractions, you know, like an addition is basically a fraction, it’s just kind of pivoted in a different way, when it comes to actually giving ownership rights to those assets. My belief is putting all of your income into a treasury and giving NFT owners the ability to govern that Treasury is fundamentally different from giving those NFT owners dividends directly. It’s a very small nuance, but it’s something that cannot be understated. And so if you are thinking about tokenizing back catalogue, and giving people ownership, put it into a shared community pot, you know, get people to really start thinking about governance and making that system be effective, because you’re going to create so much more value out of onboarding people into your community and getting them in paid roles, than you are just going to be giving passive income to collect your NFTs once and never come back or do anything in the community again.

Well, what you’re explaining right now is like such an arbitrary model, it’s such a new model for starting a community, right? In the sense, the buzzword that we like to use is a creator doubt, right. But again, like that’s still super scary, let alone trying to open up a Meta mask, let alone buying your first cryptocurrency, let alone trying to find your first collector and put a lot of your content on chain, whatever that content may be. Now you’re talking about a whole new community format to actually build, participate, monetize, eventually scale in own what’s yours? How do we get to a state from overcoming opening up a meta mask to actually establishing a creator doubt?

Cooper Turley: We build better products that allow that process to be much easier. And so I’ve been investing in a lot of doubt tooling. To that I’ll call out here, coupe Kayop and Castle, as Castle would be spelled there making it easier to start collaborative doubts, you know, like, you don’t need to be able to know how to use a Gnosis safe, or how to be able to, you know, make a contract call or anything to get off the ground. I think products will make it a lot easier for us to do things with our friends on chain. And that’s the way that we get there. I really, really, you know, resonate with your feeling that this is incredibly difficult to understand. I think that’s why when people ask me. How do I get like a Post Malone or Justin Bieber and a web three? I say we’re not ready for that. 

It’s not there yet. 

Cooper Turley: We’re years away from it. And the things that are gonna work are the extremely niche communities that are willing to go through those hoops. And so that’s why when I have conversations with larger artists, I’m like, yo, just tap into something smaller, like your time will come but like, you’re not gonna onboard your whole fan base to web three. And in fact, if you chatty you’re gonna get crucified so like, figure out how to build legitimacy in the space so people trust you when that time does come and just be active and make a footprints that you can be a meaningful voice when that time does come for you to actually start tapping in.

So but let’s say Justin Bieber or Post Malone, or one of these big names actually wants to jump in, they’re ready now like, fuck what the industry thinks, like I’m ready to go. Is the best way to approach it by creating like, an alter ego, like synonymous type of character and releasing music through there, or do you do like, what was that one artist that sold like a million copies and went platinum? Toy lands, right or do you do like the Toyland’s approach? Right? What do you like? How do you how do you strategize that?

Cooper Turley: I think you approach it with everything but the financial incentive in mind you ask yourself. How can I do something in this space that I make $0 off of? And when you start from that principle, I think you start to strategize differently. You know, tactically what that looks like, I think doing a drop with royal feels really awesome to me. Yeah, as if you are an artist with a really successful back catalogue, your tokenizing your masters. And if you’re in a label deal, there’s a high likelihood that they could be receptive that conversation, but I would say more broadly, don’t worry about trying to make a million dollars off of selling like 10,000 PFPs of your fan base. Instead, just go ahead and be like, How can I release one PO OP for one of my headline shows, because that in and of itself, getting people to claim a free NFT is such a bitch that you’re going to learn so much from it. And starting from that principle sets you up for so much more success than it does dropping something in raising millions of dollars and having no clue what to do with it after.

See within that that’s like forced to kind of like change the mindset of like, oh, wait, if I’m Justin Bieber, and I’m releasing something, I can’t publicly only sell like $9,000 of it, or else I’ll be like, Justin Bieber failed at it. Yeah. Right. And then the media will shit on them. And the list goes on and on.

Cooper Turley: So the question becomes, Why sell anything at all right? And I think that’s a good question to ask. And I think one easy answer to that is give it away for free. And the important thing here is I believe that the primary market is extremely oversaturated right now, you know, people are getting upside in terms of selling $20 million worth of NFTs right out of the gate. I think it’s a terrible model. I think you should price your assets as low as possible and see all of your upside off of the secondary market, because that’s gonna determine whether or not people actually fuck with what you’re doing.

Yeah. Makes a lot of sense. I’m trying to think like, you know, a lot of a lot of what’s happening in music  NFTS right now is, again, people are just trying to figure it out. People are trying to understand, again, how do I find my collector? How do I actually get on catalog? How do I get on sound? Do I just go on mint songs and just like, like, throw shit at the wall and mint on Zora because there’s also a niche collector base over there. Part of me feels like we’re just like scratching the surface. Right? And like you said, we’re in our Myspace moment. A lot of people may think, Okay, I’m obviously like, we’re so early. But I want to paint a picture of like, what’s next? Like now that there’s 1000s of NFTs being collected sitting in wallets that each respectively have their own value? Is there going to be a decentralized Spotify that comes into the picture that allows us to basically license the collectibles that we bought to start earning royalties off of it through a governance token of some sort? Again, I’m thinking out loud here. Yeah, but okay, you collected a bunch of vinyl, like digital vinyl, what’s next? What happens after that?

Cooper Turley: Yeah. Tactically, I think it’s better social communities around collectible assets. So if you are someone who’s collected an NFT, from an artist, we have better social spaces to make friends. I think focusing on the social layer first is most important because that’s the integral glue that holds us all together. But if we step back a little bit, I think there will be creator markets where if you find any artists at any song of theirs, you have a direct opportunity to invest in them financially with economic upside. And the world that I want to see is where NFTs are sort of the primary engine for larger crater dolls. Or if I’m selling an NFT on chain, it’s going into a Dao and that Dao is backing a crater token that lets me invest in that artists brand. So if I find Jack Harlow, three years ago, I would invest in his upside, I don’t have to go and buy one of one of his own catalogue. He has a jack Harlow token. And I can just buy $10 of that. And so I think the first order of magnitude is, let’s figure out how to tokenize music and sell that because that’s the underlying glue that allows us to have on chain cash flow. Let’s put that all into a Dao and then let’s tokenize all those assets and open up this huge market for  collecting and curation at scale.

How to Create Digital Emotional Experiences Around Collectors

You know, you mentioned Jack Harlow, there’s one video that comes to mind. I think he performed recently at the first venue he ever performed at and there was this guy in the in the audience who collected that initial t shirt that he sold at that first event.

Cooper Turley: Incredible. 

And he came back, that listener, that fan came back and was like holding it up in the air and Jack notice he’s like, wow, you know, like he got super emotional. And it makes me think like, how can you actually create more of those emotional experiences, but digitally? Yeah, because there’s something physical behind a t-shirt has sentimental value to it. Ensure values abstract one man’s trash is another man’s treasure and everything has meaning to everyone else, right? It’s like it’s arbitrary. But to see that, like emotional connection of the guy holding the shirt in the stands and Jack Harlow is like wow, like that was the t-shirt. Yeah, that’s like an emotional connection that’s like unmatched. Yep. And you try to think, Okay, that should be the foundation, the goal of every community on chain, in my opinion, right, developing an interconnected emotional relationship between the talent and the fan supporting the talent, right? How can you get more of that emotional experience on chain digitally? What does that look like to you?

Cooper Turley: I think it’s tokenizing every aspect of the creative stack. So we talked a lot about collecting audio right now. I think digital merchandise is really important. I think digital tickets are really important. You know, I collected wristbands and show and stubs of tickets for many years, you know, emotional experience around music varies. And I remember having such a profound realization at this new year’s festival like a year or two ago where I was like, there are 10,000 people here all like the same music and I have no clue who any of these people are. I was like how cool it be to be able to flash my phone at someone and see like their XP score or see that the fact they’ve seen Skrillex 10 times that they have like a ticket from the show like a long time ago. And I think in the same way that Ready Player One kind of depicts this, you know, world where you can see everyone’s public inventory and assets and what they’re wearing, like the same things gonna happen from music, you’re gonna rock up to a venue, you’re gonna see that person who’s at the front row level 99 Plus artists, with all their most badass merch. And when you think about all the economic opportunity underneath that, it’s so impossible for me to think about working on anything else for the rest of my life.

End Goal with Collecting 100 Eth Worth of Music NFTs

Yeah, Cooper you obviously collect a lot of NFTs but you don’t just throw your money like that shit. Like, I know you, I’ve known you for a long time, we’re very strategic with your investments, you’re very strategic with who you spend your time with. And you’re very analytical person. And with that makes you sharp, right? And not to like hype you up, but more. So take it from the point of view of like, you’re not just buying to buy, you’re not just buying to collect right. Now funds, labels, etc, have been listening to the season, thankfully, right? They’ve been hitting me up. They’re like, I want to open a music NFT fund that sweeps entire floor, and I want to be the beast collector behind that. And they’re like, they continuously come back to the same question. It’s like, okay, now that I collected everything, despite the ownership being very fuzzy and gray, what do I do with this next, right? You as someone who like you buy multiple ones every single day, from point one eth, to 0.5;to 1 eth to 2.5? Like, you’re all over the place, like it doesn’t matter to you. But there must be some end goal, some end state for you, you’re not just throwing your money out for the sake of collecting, right? Sure. There’s value in collecting. But how do you justify spending so much money on these collectibles? Okay, you can impact the artists life you give him his independent him her their independent creative freedom. Okay, there’s a lot of purpose behind that. But you think about incentives, you think about you as an investor, right? You as a contributor, you as an active web three member of voice in the space? What is like your end goal behind collecting all these things?

Cooper Turley: It’s a great question. I’ll start by saying I’m fighting for my life out here every day.

 I know, I know.

Cooper Turley: I’m putting a lot of my eth into this stuff, because I’m so passionate about it. And I think what I’m buying is social capital, you know, I think I’m buying the ability to have highly influential conversations with highly influential people, you know, and that in and of itself is worth all of the money I’m spending, you know, to really underscore again, I don’t think any of my music NFTs are liquid today. But I believe if we see the same growth and music NFTS that we saw with crypto art, there is going to be exponential returns for these early assets. Now, I have a lot of my friends, you know, Brad being a great example of this huge collector on Super in 2018, now very vividly describes collecting these works, and no one having any idea what he was doing, you know, buying works from the likes of X copy and coding, people being like, Who is this random crypto artists, and now the same works are selling for millions of dollars? You know, I think there’s going to be a chapter of generation of artists who are made entirely on the back of web three. And my goal with my collecting is the plant enough seeds to have that come to orbit and have ownership stakes in those creative projects when they start to blow up.

So ownership stakes in those creative projects when they start to blow up. Okay. That’s a lot of incentive for I feel like a lot of like, outsiders looking at this from an investment point of view. Okay. But again, ownership is very gray. Right? The  fine lines, the  onion, the layers of the onion, it’s not defined as it, as it is, in more traditional music industry, for example, right? Again, it comes back to that question of like, understanding how do we get past the securities laws? How do we get past through the boundaries that web two in traditional world imposes on the internet? Right? How do we get to that state where the ownership stake actually ends up prevailing itself and you see outsized returns in the things you actually make an investment in? Because for a lot of people, they like to be frank, like, dude, a lot of people don’t care about helping the artists, they see things as a financial investment, right? They don’t care about okay, sure, the outcome is helping and liberating the creative artists, right, and giving them independent freedom. But a lot of people they’re gonna put their dollar and trying to get 10 back, because that’s the stigma in crypto, right? So in any new attractive asset, that’s going to be the mentality for a lot of people. And you talk about music and NFT is having its viral moment, a lot of white defi tokens have their viral moment is because they’re outsized returns, right, without a doubt, infuse a lot of institutional capital, a lot of private money, how do we have that same moment for music NFTs with all the legality issues and all the gray area ownership issues around that?

Cooper Turley: We create more rarity games? You know, I think as a core standard, I think right now we’re having struggle finding out what makes music rare. You know, music doesn’t sound rare to me, like when you hear a different kick drum, I don’t think you’re like, oh, that’s extremely rare. You know, the visual wave that we saw with NF T’s now, I think is going to play a big tie in to this music NFT movement as well. At its core, you’re always going to be tokenizing an audio file and collecting an audio file. But I think the rarity in the secondary market will come from the visual association with those assets, which is gonna be really exciting. I think one thing I’d like to highlight on the ownership question, as we’ve been really zooming in on the individual assets and artists that I’m collecting, but we’re not talking a lot about the ownership stakes and the platforms that are enabling this, imagine if you could own a stake in Spotify. If you could own a stake in SoundCloud early on, you know, these things have gone on to be multi billion dollar companies and there was never an opportunity to invest. No large reason why I’m investing so heavily in something like how long in sound right now is they will be tokenized in the future. That’s the fundamental reason why I’m investing in them and why I’m so active. And when that becomes a reality, I hope to be a major player in the governance conversation around that.

Yeah. No, I hear you, it makes a lot of sense. A lot of the models that kind of prevailed in defi or have kind of like proven a grain of salt of credibility, definitely makes sense for I feel like any any platform that’s consumer based, right, any any infrastructure, any protocol, for the most part, and make sense to be co owners of everything that you participate in, will your time with your money. In all the above.

Cooper Turley: I want to add a quick point in there. Yeah, no, for anyone that’s listening to this and is in web three, ask yourself all the questions that you’ve been, or all the platforms you’ve invested in prior to having a token. And what that netted out is when they initially dropped their token and had an airdrop, you know, if you’ve been active as a collector, as a user of the protocol or whatnot, you are seeing outsized returns from ownership stakes through an airdrop. And I feel like that model is no different for music, NFTs there’s going to be a day when all these platforms tokenize. And so if you’re looking for somewhere to allocate your eth into a new ecosystem, there is literally no place better to do it than music NFTs right now, because none of them have tokens, and all of them well, and I think that’s a huge reason why you should spend your time and energy on that.

Yeah. You know, another thing I want to talk about is kind of like the timeline of music and streaming music. Okay. Yeah. And we talked about this yesterday during the good karma panel, but it wasn’t recorded. Unfortunately, I should have brought my mics but I digress. So, you use LimeWire?

Cooper Turley: Yeah. 

You use Napster, right, you also used the next kind of evolution of that, which is the iTunes store and buying songs for 99 cents $1.20 $1.30. You also use Spotify, right? Each have their own value model. And now we’re getting into the wave of tokenizing, wav files, right, and being able to provably own, or fractionalize that process right? It feels very reminiscent to the period of buying songs on iTunes except different price points, of course, right? And you’re not letting iTunes diffs decipher what the value what the artistry is actually worth. Right. How do you explain that we went from like pirating songs to like sharing songs for free through Napster, to then moving to like an iTunes model where you’re gonna have to buy a song to earn it to now a streaming model where, you pay a flat fee and get abundance of songs. And now you’re collecting music? Yeah. How do you explain that evolution?

Cooper Turley: all music will be free. At some point in time, you know, at its core, if I want to listen to a song, I should never have to pay money to do that. I think we’ve been constantly challenging what that model looks like. Now we started out with, we want to listen a song, you buy a CD for $20, that if you wanted to listen to a song, you bought it for 99 cents, then if you want to listen to a song, you paid 999 a month, eventually, if you want to listen to a song, you don’t pay anything, you’re just going to stream it for free. But I think what’s going to happen is we’re going to create better economic incentives on top of collecting that music. So if you really resonate with it, and after you play it, you want to have an economic upside in it. That’s where NFTs come into play, the artist is able to say hey, here are the economic ways that you can get involved, go and can see what all you want, share with your friends, you know, posted on these different sites, here’s a Creative Commons license. But if you want to actually get involved in this ecosystem, come and put your money behind it. And let’s go ahead and you know, grow this thing collectively. I think that’s the next chapter that NFTs are really unlocking.

Open Sourcing The Entire Music Industry

Do you believe in transparency in crypto? 

Cooper Turley: Yeah, to a degree.

 Okay. Do you believe in like, open sourcing everything? 

Cooper Turley: No.  

No? Okay. How come?

Cooper Turley: I think it’s just impossible. Okay.

But when you think about like platforms that are actually providing Pivotal, I guess potential for artistry, let’s talk about, let’s say something like royal, okay, who seems to unlock the securities issue around actually tokenizing ownership, and providing a more direct fan relationship experience that was has never been able to be done before, I guess in a legally compliant way. How can artists kind of tap into that avenue and that that financial freedom that Justin Blau is doing for other gated artists, right, and curated artists? How can they tap into that without actually being on Royal?

Cooper Turley: Yeah, I think eventually those token standards will be generalized. Yeah, like Royals model will become an open source contract that you can use into yourself. So if I want to tokenize my master rights, I don’t need to go through royal to do that. Royal would just be a distribution platform to get more eyes on it, you know, in the same way anyone can release on Spotify. But if you get added to a Spotify playlist, it’s gonna perform better. We’ll see those systems exist. The reason why I answered that question and said no to everything being open source, I fundamentally believe that everything should be open source and all open source all my work, but I just know for a fact it’s not everyone thinks and I think it’s never gonna happen. And so I think we need to take what we can get, you know, we need to look to leaders like Blau and like the founders of catalog and sound and push them to be as you know, generous with their IP and with their You know, kind of findings as possible, because the reality is we’re gonna get to a saying crypto or not everything’s gonna be open source, you know, early internet was open source. And then we saw competition among social media platforms. And so we’re living in this golden age where I think, you know, trustless technology and open source primitives are kind of the standard. I think as the space gets bigger and more competitive, people are going to bunker down, and you’re going to need to be selective about who you’re spending your time with, because that’s going to tell you who’s gonna win.

So that gets me thinking, are we just going back to web two, but we’d like co-ownership?

Cooper Turley: Yes. I mean, I don’t think we’re going back to web two. I think that we’re just democratizing.

I guess, like my gated platforms, right. Yeah. But with CO ownership. I guess that’s I got to rephrase that a bit.

Cooper Turley: Yeah, I think that the curation layer is what’s going to be the most difficult part to decentralize. I think that there will always be opportunities for curators to make money through their services, which is what I’m really excited about. But I think the most premier platforms for curation will always be a little bit gay kept. I think that there’s value in exclusivity for that exact reason. But I think the difference there is we can’t only have gay cat platforms, that’s where we exist today’s everything is only gate caped, if you want to be successful on Spotify, you need to know the dude at the playlisting site, you know, want to be successful on YouTube need to have editorial support or something like that, you know, right now, with web day, we’re noticing that there are new channels where you don’t need to be, you know, gate caped to be successful. And we need to unlock better systems like Zara, where you can go and tokenize something and people actually see it. So, we’re not only looking to sort of like the whitelist, that artists for the ones who are actually going to be successful.

Yeah. Yeah, you know, I just see like, where we are right now with music NF T’s and I’m trying to think like 10 steps ahead of like, what are some, like obvious plays? What are some obvious roads that we can kind of go down, that bring more value back to the musician beyond just a collector? Yeah, right. Any other value models that come to mind? So, let’s say you collected an NF T, like what happens next? Okay, so you started cratered Dao? Now you issue a governance token around that, right? And you can tokenize that on paper on paper will be worth much more. Okay. But actual money coming back to the artist that stems from their initial one of one, their addition, whatever may be trying to think of like work, can it go from here?

Cooper Turley: I think streaming being on chain is really, really important. You know, right now, instead of paying 999 a month to listen to Spotify, being able to allow artists to say, hey, please pay me 50 cents every time you play the song and it going directly into my account is a huge step forward. Even the notion of having.

 But could that happen? Do you think that’s actually plausible? 

Cooper Turley: Yeah, I think that will be live on audience within the next year. That exactly situation.

Like from a consumer’s point of view. Okay, from everyone listening to Spotify, they’re so used to paying a flat fee and getting access to everything. Honestly, like, will people psychology around consuming music actually change? 

Cooper Turley: Like, yes, I think if there is exclusive music that can only be listened to, if you pay an extremely small price, people go out of their way to listen to it.

So, it comes from the exclusivity element back to what you said earlier.

And it’s not everything, I don’t think every song will have that standard with it. I think they’ll probably be a bass streaming, right, that’s applied under the hood where you don’t need to think about it, you know, like, you’ll have a balance in your audience account of $100 that’s just sitting there. And every time you play a track, you’re paying like, literally a penny. A penny is three times more than you get paid to listen to a track on Spotify. But think about how much music I listened to every month. And how much value I’d get if I was spending a penny on every song, I’d probably save money. Spending 99 a month, you know, we just need to rethink that.

Music Streaming in Web3

Yeah, yeah. You know, when you and Justin Blau were on Blockchain & Booze. Yeah, a year and a half ago.

Cooper Turley: Fire episode. 

Fire episode, shout out to Blockchain & Booze. But that was like, way before Justin Blau had his iconic drop the $11, $12 million drop in clubhouse with origin protocol, that kind of set the precedent for a lot of other conversations around NFTs music etc. You know, one thing we talked about in that conversation is what we just brought up is like, what if the artist can dictate the price per stream? Right? How would that look like? Is that an appropriate model? And from what you’re saying it’s slowly gravitating towards that. But what you’re saying is like, audience, a platform might control the price per stream. Is that counterintuitive to what web three is about? We’re giving creative freedom, financial freedom to the musician, should the should the musician and the artist dictate the price per stream? Is that even plausible? What do you think about that?

Cooper Turley: I don’t think they’re mutually exclusive. Okay, I think there’ll be a suggested model where it’s like, hey, every track should be one cent here. I think there’s a protocol wide, you know, global streaming rate that can be decided by token holders. I think that every artist should have the ability to say I want this tract cost $1 to stream I want this tract cost $20 a stream. I want this tract to be free. But I don’t think it’s applied across the board. I think it’s kind of a freemium model, where it’s like, you can allow anyone to listen for free, but if you want people to upgrade and listen to more exclusive content, then you have more, you know, economic rails around that.

The Consumption Layer of Music NFTs

Yeah. You know, another interesting conversation around music NFTs is actually the consumption layer, the enjoyment Yeah, like it’s not just buying to collect and to flip or to hold. It’s also to listen and enjoy right, as more things exclusively Come only on chain and don’t get distributed through web to audio platforms. There isn’t really a consumption layer now. Yet, like the first thing that comes to mind is an application on the iOS store, we can connect your wallet and all your music NFT kind of populate, you can listen to them. And not only that, listen to other people’s music, NFTs as well. Yep. And it makes me think like, what’s the current state of consumption? Everyone’s just buying, buying, buying, buying? Everyone this like there may be like 2000? Collectors, Like it’s so small. Yeah, but what like, how do you actually start enjoying beyond buying?

Cooper Turley: So, I usually listen to my music, NFTs on catalogue or sound directly, you know, I go to the sites that I’m playing music on and just go back and listen to them. I’ve been building out an on cyber-Gallery, which is like a 3d NFT gallery. That’s only for music NFTs. So, you walk around this, like big 3d space, and you see the giant cover image, you walk up to it, and you have like a cylinder around you that you can hear the audio in. Gallery is also a fantastic platform. They’re currently thinking through how do you have a playlist view for your music, NFTs instead of just a fixed static cover art. And, you know, even here at Denver, I ran into someone that’s building music NFT Player. Oh, just underscore. We don’t know what that looks like yet. I think it’s extremely important. And I think that music, NFTs are vastly different from NFTs you have on your open sea. And so, we need different ways to enjoy them.

Yeah, I try to think like, if I’m about to take a flight, how do I actually enjoy? Yeah, the songs that I collected? You know, sometimes I’m on a flight and a song doesn’t download fast enough. Yeah. And I get so fucking angry. Yeah, all I want to do is listen to that song. And I’m thinking, wow, it probably gets even worse now that you collect music, and you can’t really enjoy music on the go. Again, with time.

Cooper Turley: Two things there. One, I also want to give a shout out to club BPM, I think they’re doing a fantastic job around, you know, playing music and NFTs. And back to my point about all music being free. I think if something’s released exclusively in web three, that doesn’t mean that it can’t be heard elsewhere. You know, if I’m releasing a song that’s being tokenized, as a music NFT, and it’s released with creative comments, people will put that on Spotify, they’ll put that on YouTube, they’ll put that on these other platforms, there’ll be ways to hear it if you don’t own that music NFT. But I think the difference there is that it starts from the source of the first way Listen to this, is you have to buy the NFT or you have to be coming to the place to buy the NFT to listen to it. And from there. I think as it gets more successful, the more proliferates elsewhere into the, you know, consumption experiences that we’re used to.

Yeah. So, there’s the collectible layer. There’s a consumption layer, there’s infrastructure layer. What other components Haven’t we really, like tapped into yet? Again, consumption was one, we are talking about infrastructure, we see platform plays, we see what’s happening underneath the hood, we haven’t really seen too much consumption again, what else are we kind of lacking? You think.

Cooper Turley: Just community, you know, like some of the governance standards, we’ve seen around bigger defi protocols around like social Daos, I think cratered as a really early on. And so, I think for artists that are brand new to the space, finding out ways to pay your fans to work on your project full time is extremely important. You know, I challenge artists that started thinking from the view of a CEO and not just as an artist, where there are many different roles that you need to fill. I think the reason why those cater stock markets will come to exist and why Jack Harlow token will have value. Like it’s not only just like an asymmetric fan bat where it’s like, oh, cool, here’s this jack token that he cares nothing about. It’s like no, that token is Jack Harlow equity, you know, and like, he’s gonna have to start operating from a standpoint of being a CEO, just as we see with like all major companies, the artist is not always going to play that CEO position, they might just sit on the board, they might have like a very creative position where someone else is operating it. But I think challenging the way that artists products are structured, and thinking outside of the box in terms of ways to be able to capture that ownership is gonna be a huge unlock for the way that we start to invest in these assets.

Tokenomics: Risks Associated with Overwhelming Artists and Fans

So, you know, that tells me, it shows me like currently Jack Harlow, again, on the subject of him, he I don’t know what his like current like situation is in terms of like, record label, whatever. But I’m guessing he has a team a record label behind him, right, that has helped him get to where he’s at today. Right now, he’s under the precedence of basically pleasing them, right? And kind of like making sure that they get a financial return on their investment, right? Probably indirectly, it’s probably not as direct as them saying it. But now it makes you think, when you tokenize, your work, and you tokenize yourself, and you play more of the CEO role on chain through different assets that you kind of sell and distribute to your fans. Doesn’t that bring in a lot more pressure on the artist, because now not only does he have to like fulfill the needs and wants, and the expectations of a single entity, but now he has to do it with 1000s of people that have a financial stake in him. And if his ticker goes down, then everybody’s angry. If his ticker goes up, everybody’s happy. Yeah, and you’re introducing an entirely new psychological element to kind of like an artist fan relation. Now. I’ll get I want to hear your point of view on this, but like we also see craters like Dave, Dave Young with Dave Coin. And he was a part of season one like you were and we talked about when the market took a dip. All of his fan’s kind of like felt more aligned. Like they all lost money together, you know, and they were all in the shithole together. And when it went back up, like everybody was happy and like they went through that emotional financial cycle together. But again, that’s a very like small like minimum viable community type of like approach, right? What does that look like? On a macro point of view? We don’t know yet. It hasn’t gotten to that point. But I’m thinking like, Will that get too overwhelming for the artists where now they’ll be focused more on community management and policing their audience financially and less on creating? Will it actually have the opposite effect? How are you thinking about it?

Cooper Turley: I mean, I think as teams get bigger, so does the delegation of responsibility. You know, as these artists start to scale, it’s not just going to be them at the helm, they’re going to have people around them that have equal exposure and responsibility in that system. So, in the same way we invest in Ethereum versus Elana, it’s the same way invest in Drake versus Jack Harlow. You know, I think it’s gonna take a while to get there. The one thing that I’d underscore too, is like for these artists that are in breakout positions, you know, being on a label is very different for very different artists, you know, if you’re a priority artist on a label, they’re gonna do whatever the hell you want, like you’re in the driver’s seat, you’re controlling all those conversations, it’s a great relationship. If you’re on a label, and you’re not a priority artist, you’re fighting to even get a voice in that conversation. So, what I think we’re seeing now is that independent artists are thriving in the web three space, because they have that creative freedom that party artists do on labels with the financial backing that a label typically provides. But what this is going to evolve as is the label is going to be another corner in this conversation in the same way all of your fans are, we need something done, you’re not only going to go to your rep at a major label, you’re going to go and you’re discording, gonna put out a bounty. I think that democratization of artists opportunity is exactly what makes these exciting opportunities possible. And how you get to a point where we can start to ask the question of what is the market cap of Jack Harlow? And the people who can ask an answer that question are not only labels and catalog buyers, it’s the people who listen to that music every single day.

You know, it’s an interesting factor of like, pre tokenization, pre financial incentives and just seeing like what fan clubs look like today, look at Facebook groups, look at Instagram pages, look at these everyday artists that just love keeping up with the with the character with a fan, whatever may be in posting and creating content on their behalf and some pages have millions of followers. Yeah. And you think like, okay, now it’s time to issue a token, align incentives, bring wav files on chain, sell my artwork as one of ones or additions and sell tickets on chain like you start building all this like financial capital, right and social financial capital around you. And you think okay, who can I empower off the bat to kind of manage and delegate? First thing that comes to mind? Is those people Yeah, the people who manage the Facebook groups for free, the people who manage the Instagram pages for free, the fan pages, etc. Give them some social capital now give them the incentive, empower them, and bring them even tight knit even closer into the community. But I haven’t seen that kind of like prevail yet.

Cooper Turley: No. 

And what are we missing? Like? Why? Why? Why isn’t it happening?

Cooper Turley: It’s not one concrete thing. You know, I think it’s a mix of things like people understanding that ownership exists, understanding that they can have higher social capital, you know, my earliest entry into music was through those exact same Facebook groups. The reason why I became so bullish on Daos because I spent time in grid family, pretty lights family, or does a family like all these like electronic communities, STS nine lotus, like, I would go to these shows, and I would see people that were so passionate about these artists projects with zero financial incentive, we’re giving the artists money, but spending all our free time talking about them. So, when you build that into a two-way street, I think people are gonna be so empowered, where you can just work for your favorite artists. Now, if I want to work for my favorite artists right now, I need to be like, their agent, their manager, their label rap, or just like nothing, you know, like there’s not ever been a way for me to be like a low-level contributor to an artist brand that I love. And I think that ability for us to offer those opportunities is what’s going to make not only music NFTs valuable, but also the creation of these larger crater dolls at scale.

But look what you just said right now, you did it because you love doing it. You love giving them money and getting access to these experiences. Yeah, without the expectation of getting anything in return. That’s how people have been doing it now or years. When you introduce money into the picture, it starts getting a little bit weird, right? And if you start building a big enough community where everybody has money, everybody’s financially incentivized. It gets even weirder, right? And again, we haven’t seen these models like prevail in theory just yet in practice, but you know what I mean, you know, what I’m getting at?

Cooper Turley: Web threes opt in; I think that’s the important part. Like there are people who will choose not to opt into these systems and just enjoy it possibly, I think that’s fine. That’s not to say you need to be like joining the discord to be able to like be a part of an artist community. But when you reach a certain level you like see that as like the next step up, I think we just need to make that door a lot more accessible. Because right now, if I go on, like, find an artist that I love, or something like that, you know, I said earlier an episode, most people when they listen to music, they don’t even know what artist they’re listening to. Yeah, but I when I’m listening to an artist, I love I could tell you where they’re from, what label they’re signed to, you know what their rollout process looks like, how many catalog records they have, that’s a drastically different artist profile. And so, we need to recognize that these systems are not being built for every single person that ever listens to your song. It’s being built for the people that really want to tap in and actually have an impact in the future of it.

You know, what’s interesting about you, Cooper, it’s like you’re one of the 1000 true fans. You’re like one of the 100 true fans like you classify underneath that funnel. Me personally, like I’m a drummer, I’ve been playing music my entire life. I can’t tell you where Steve Gadd is from, I can’t tell you how many like, records he’s played on. I can’t tell you his most iconic drum solo like I can’t, you know, because I consume it, I enjoy it in a different way. But does that make me different? Like, could I still qualify within that funnel? Will I still be, you know, while I still participate? I don’t know. I’m like, I’m like processing like you as an individual. You as a user, me as a user. We both listen to music. We both like get the emotional extraction, the most emotional uplift from it. But we do it differently. Right. And I try to think like, does crypto change that? Is crypto just the medium to lock all that in together? And I don’t know I I’m asking very much from like a generalized point of view. Is it the medium? Like, is it is it the medium to bring in the 1000 true fans? Is it the medium to bring in the 100 true fans? The 39-true fans? whatever the hell the key word is? Okay. I don’t know. We’re too early. What do you think?

Cooper Turley: I think there’s two underlying principles. One, people just want to belong, they don’t really care about making money, they just want to have friends, you know, and I think this is a great way to make better friends online, which is exciting. And two artists just want to be heard, you know, at scale. They want their creative work to be heard. When I talk to managers of big X, they always asked me like, like, listen, people always say the artists want to make money, but they don’t want to make money they want to be heard, I think most artists would prefer to have more people listening to their music than they would to actually make money. And so, what I think the process is here is the role that someone like us plays in this process is allowing more of this music to be heard, you’re not going to be like a top Contributor that’s in the discord every single day. But if you hear about this artist, and you own their music NFTs, there’s an extremely high likelihood that you’re going to tell one of your friends about that, and that network effect for you to be able to just be a collector of it, and then tell your friends about that over another artist to listen to because of the fact you want one of their assets. I think that’s the role you play in the process.

Another interesting question that I like to think about, and I tend to ask other people in the music season is every collector is a listener, but not every listener is a Collector. And earlier, you talked about like, you don’t need all your fans to be collectors. But how do you actually get part of them to, like, how do you become an in transition to people who listen to you, right? And if only you could actually capitalize on that, that Spotify data when they give you your Spotify on raft, you can find your 1000 true fans actually based off how many hours like the top 1% listener? You know what I mean? Data points. So how do you turn more listeners into collectors?

Cooper Turley: I have a weird opinion. Like, I actually think that if we gave artists, all the data on their fans, most of them wouldn’t use it, like are so genuinely like, lazy when it comes to data analytics, you know? And so like, I think a big premise of web three is like transparency on chain, but most people just don’t care, you know, or like when they see people posting on their stories, like, oh, like you’re my top artists, like, most artists, don’t think to, like, do anything about that, like a lot of these people will share it on their story and tag the artist, but they don’t really quantify that. And to your question about how to get more fans to become collectors. I think it’s like having a specific desire to actually convert those fans in a very meaningful way. At a concrete level. You know, starting a Discord server is where we’re at today. I don’t think Discord is the end all be all for fan communities actually don’t think we found the product for that yet. You know, finding more opportunities for fans to be able to build relationships amongst one another, you know, offering them a free pop and giving yourselves a private collector community to have a deeper relationship, doing things like hosting town halls, where it’s not about you. It’s just a social happy hour in the same way that we went and had a music NFT happy hour knows, as artists I think you need to start thinking about it’s not me trying to like sell myself to my fans, it just giving my fans different opportunities to connect with one another. The more that people resonate around their social experience because of you, the higher likelihood they’re going to transcend and move up the ranks. And I think that’s how you find more collectors.

You know, just you’re absolutely right, like when overstimulated came out. And I want to talk about that too. And talk about the tokenomics and how you kind of helped bring that to life. But I was a new Daniel Allen fan, I had never heard of him prior to actually collecting the overseeing token and seeing the blog post and funding that myself and yeah, being a part of that experience. And I remember Daniel Allen had every right to be like above right and to feel above and to feel that ego that a lot of artists that have made it quote unquote into the space now there’s different ways to define what made it means and it’s each, it’s very, again, it’s a different definition of what value means. I remember going to a show and him coming up to me and be like, hey, I’m Daniel, nice to meet you. Yeah, and it plays like a level, it provides a level playing field right and allows you actually to feel more genuine curiosity so not only that I collect his sound one on one not only do I have like a cool amount of like over some tokens, not only my in the discord and like voting on stuff, but he recognizes me. Yeah, right. And he doesn’t need to write and you think about like at scale, when you have Jack Harlow doing that. I see videos of him interacting with his fans hugging them, talking to them remembering their first names like I’ve seen that. But when you think about like, how can you take this model and apply it to many others? I don’t think it’s gonna work. Yeah, I don’t think it’s going to work and I don’t think it’s gonna work simply because the levelheadedness Yeah, I don’t like feeling like he’s better than me or she’s better than me. But a lot of artists think they have that clout, right, that social clout and with their own respect, they deserve it, whatever.

Cooper Turley: Well, that’s the X Factor that I always have you know, when I go back to like, what makes an artist web three native, it’s giving, it’s caring about your fans, it’s caring about building those social relationships and giving back to it. You know, there are artists that do that outside of web three. And I think that’s why they’ve been successful. You know, Grizz, I think is a great example of this, Helenium is a great example of this, where they are so tapped in with their community, and really giving back on a meaningful level. I think the funniest thing that I’ve learned in the past year, is that no artist tries to be bigger than their fans. It’s just impossible. You know, we’re at a stage now where like, there are millions of people who’ve never met in your life who know your life story. You’ve never talked to them ever. They come up to you, and they’re shaking, they can’t even hold a conversation. It’s like, bro, I’m just like a normal guy. Like, we laugh like me and my friend, we laugh or like, imagine being Post Malone, and somebody who’s 13 has three children comes up to you, and you can’t have a regular conversation. That’s freaking out, you know. And so like, I think, when every artist starts out, they have this opportunity to cultivate a community. I think as you scale, it’s impossible to maintain those personal relationships at scale, what we can do is find better technological ways for fans to stay better connected amongst one another. Because that’s how you maintain that social relationship in the absence of you being able to do it yourself.

Daniel Allan and Designing Overstim’s Tokenomics

Yeah, let’s talk about overstim for a second. Okay, you were a big part of that. You held Daniel’s hand a lot through that process in that served as a model and inspiration vehicle for many, many other musicians’ kind of coming into the space. I want to talk more about the tokenomics, I had Daniel on a couple weeks after he had the campaign, I had him after he released the EP, we did an entire, like, timeline breakdown and everything that kind of in between, but we never really got too technical with it. Okay, you jumped on board, you helped with a bunch of different things. But your special specialization through Fire Eyes for example, is helping with tokenomics of different projects, Ens, rare, bank lists, etc, etc, etc. And now for this micro creator. Yeah, walk me through your mental model behind designing a token system and incentive system around artist shares in selling a percentage of one’s artist share. How did your kind of like decide okay, this is the right model. This these are the tokenomics This is how many tokens should be in circulation, we should do the drop mechanics like this, like walk me through like from A to Z, how you kind of think about the tokenomics specifically around that drop?

Cooper Turley: Well, I’ll start by saying if I could do it again. Today, I would just sell NFTs instead of doing a you know ERC 20 token with it. I would sell one NFT membership pass for overstim as an EP. Yeah, and yet one vote and all of the holdings would flow back into the Dao. That’s today. But when I was building at the time I came from a standpoint of, okay, I have a vague understanding of how token distributions work for generalized protocols, I think that this is a much smaller scale. So, we need to retain more ownership. The most standard model for record deal is a 50/50, split 50% of artists 50% of the label, the label is being replaced by the community. So, 50% of this is getting sold to the community, the theory was that 100% of those royalties would flow back into the community treasury, because we split it 50/50, the community would be entitled to 50% of it, and Daniel would be entitled to 50% of it. Now, it’s important to recognize that does not mean that if you hold overstim tokens, you’re getting USD directly to your address, we’re just putting those royalties into a treasury that’s governed by those token holders. And so, you have a claim over 50% of the artists rights that’s going into the treasury, it’s not going to you as a holder, I think that’s a really important distinction to make that allowed me to be comfortable with this from a legal standpoint, and one that I think kind of, you know, sets better precedent for the entire model here. Because honestly, what I’ve learned through the process is, who cares about the Spotify streams, like he’s outperformed so dramatically with music NFT sales relative to Spotify streams, that the value of those is similar to tokens is a claim on music NFT sales, and the secondary sales of those on chain assets. And so, I think the thought process now is, how do we continue to drive revenue back to treasury through selling on chain assets, less about worrying about how do we bridge in, you know, Spotify, royalties, or licensing or stuff like that. And we’re just focused on like, all the web three things on the table.

Building Bridges Between Web2 and Web3

Yeah, it’s something that you’re big on, like, forget web two. And let’s just take this one entirely, like straightforward web three point of view. And let’s just do everything from a web three ethos, from a web three mindset, from a decentralized point of view, from a co ownership point of view. And that actually goes back to the project that you’re just starting right now with those Grammy Award winning producers that are Metaverse DJs, Metaverse characters, whatever you want to call them. But then again, there’s also value in the web two system so much. There’s also value being generated from a royalty point of view from monetization point of view now, it doesn’t favor everyone. Yeah, and I think web three favors a lot of the independent innovators, right? That kind of pushed the boundaries forward, hence Daniel Allen success but to say that forget the web two royalties, don’t even bring those on chain. Like, let’s just focus on a new, a new structure of creating value, in my opinion is like, wait, but there may be an entirely different opportunity that we’re missing. Maybe there’s actually a way to coexist with one another. And why actually like blouses approach so well, because he’s mixing the old with the new to create a brand-new primitive, right. But I get your point of view, I get like experiment with the boundaries test what’s possible within a web three. But in my opinion, I think I think that’s completely ignoring what web two is generating? Sure. Yeah, it has its fucked-up systems, it takes advantage of the artists, royalties are not distributed fairly. There’s all these underlying issues. It’s, it’s meant to empower the record label and not the individual artists itself, like, but I feel like there’s a way to mix the worlds and leaning one end on the extreme side doesn’t work. And leaning on another one of the extreme sides doesn’t work. Were web three to be on one side, web three, being on the other side, nothing extreme has ever worked out. Yeah, right. How do you think about that?

Cooper Turley: They’re not mutually exclusive. You know, I think that the underlying principle here is, if you think about time, per dollar, you know, like, the amount of time you put into something, web three is going to outperform web two every single time. And that’s just gonna be a standard moving forward for the next 100 years, you know, and so if you’re gonna be putting your time into schmoozing a Spotify curator, or trying to find someone to collect your music NFT, you’re gonna make exponentially more off of that. And I don’t think the financial piece is like the only important thing here. But for many artists, it’s necessary for them to be creatively free. And so, I think what we need to do is find better ways to allow artists to spend their time in web two productively, where they don’t feel like they’re just running in circles, but they feel like they’re making direct imprints with their collectors. I think all those systems in web two will try and come into web three, it was a great book called The Innovators Dilemma, I highly recommend, it talks about tech companies that had a huge lead in any respective technology and just blew it completely, because they weren’t built on the same fundamental fabric, or they tried to adopt too late. I think the same thing is gonna happen with web three. You know, even this weekend at the conference, I met a lot of kids who are 25, and younger, who are all building web three companies, who will spend their entire career building a web three, they will never know anything else. And so, when I think when you frame it, from that point of view, it’s kind of like, why would I try and like be the best at an existing system that has millions of players in it, but I can go tap into this new world that has 1000 people in the world spending time on it, and become a leader with exponentially more economic opportunity.

Yeah, I think I think it’s well said, what am I missing? What questions am I not asking you think are important to tackle?

Cooper Turley: I think just like, generally, don’t overcomplicate it, you know, I think that’s my general rule of thumb for all of crypto right now is we get so big brain and meta, and like, we’re gonna change the world, and everything’s gonna be different, but it’s like, Yo, like, we have not figured out the simplest shit like in the slightest, you know. And so, I’m always a big believer of like, hone down your scope, and something like very, very small. And if you are thinking about tapping into web two as an artist, like, don’t worry about how you’re going to make your entire product decentralized. Don’t worry about how you’re gonna tokenize your whole catalog, just find one really small way to start poking around with it. Make a po-op for your next show, find a way to tokenize one of your assets, make a Discord server, very simple questions, you know, you’re going to learn a lot from that. And so, I just really underscore, you don’t need to be a wizard to dive into this world. You know, if you have time and energy and a capacity to learn, I think you’re going to be just fine. And we are so early on that if you spend your time on this right now. You’re going to wake up in three years and be the people that are coming on this podcast to talk about your learnings.

Outro

I think that’s a good place to end off one because I don’t have any more water. I’m honestly impressed that you haven’t taken a sip of your water and you’re in the driver’s seat. Cooper, awesome to have you on again. Any final words? Where can we find you? Any last thoughts?

Cooper Turley: Wrap it up? I would say this was a master episode. We covered so much incredible stuff about music and FTS and if you go listen to the Blockchain & Booze episode we had and did like a now to then you’re gonna see how much has happened in the last year. And anyone who knows me and sees how much I’m talking about this? This is exactly why and what I would say is we are going to come back on this episode in a year and be like holy shit, like think of all the stuff that has happened since then. So high level best places to have with me is on Twitter @Koopatroopa. I’d say keep up with my Instagram too. You know I’m putting a lot more time into that trying to percolate a little bit more into mainstream culture. On Discord you can find me but honestly, I don’t spend too much time on there anymore. So yeah, we’ll get in touch if we’re meant to get in touch, now keep doing the good fight. And if you really want to come and find me spend some time in LA, start hanging out at music web two events and there’s an extremely high likelihood, we’re gonna bump into one another.r

Just scope all the aside places.

 Cooper Turley: What are they gonna start?

Like literally start the aside down just with Cooper. Hello, dude. You’re amazing, till next time.

Cooper Turley: Thank you for having me on man. 

Categories
Podcast Transcript

NFT Ticket Case Study: Queen George on Growth Hacking Collectors


Listen on:
Spotify | Apple Music | Google Podcast

Background

Mint Season 4 episode 21 welcomes Queen George, the modern jazz-pop artist who’s been publicly, yet thoughtfully experimenting with web3 primitives since April 2021 in an effort to find and build a collector base.

We explore a new funnel and interesting case study on how she growth hacked *120* collectors by minting tickets as NFTs for her live concert at Eth Denver.

In this episode, we discuss: 

  • 02:00 – Intro
  • 07:36 – Experimenting in Web3
  • 13:49 – NFT Ticketing, Metamask, and Eventbrite
  • 20:17 – Your New Single “If I Ever Go Down”
  • 30:30 – Crypto QR Codes: The Funnel
  • 33:52 – Why Doing Tickets as NFTs is Important
  • 37:09 – How Crypto Provides Better Fan Based Data To Artists
  • 45:57 – What are the Biggest Challenges Getting into the Space?
  • 49:25 – Building a Mainstream Audience
  • 50:47 – First Time at a Crypto Conference: Biggest Takeaways
  • 53:57 – Queen George’s Thoughts on Web3
  • 59:12 – Outro

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

1. Coinvise – https://coinvise.co

2. Polygon Studios – https://polygonstudios.com

Interested in becoming an NFT sponsor? Get in touch here!


Queen George, welcome to mint.

Queen George: Thank you. Thank you so minty fresh in here.

So minty fresh. 

Queen George: So minty.

 How are you doing?

Queen George: I’m doing so well. We are on our last day of Denver, of eth Denver, and I just feel like I have flown into a different country.

What country is that 

Queen George: A country that is brand new and I can’t tell anyone about yet. That’s how it feels. 

Wait, can you tell us a little bit about it? 

Queen George: Okay, so you know, we just started you already want to start this year with me? You don’t I mean? 

How are you doing? How are you feeling?

Queen George: I am feeling very well. I am feeling really good. I just drink my coffee. So, we’re doing well.

I feel the voice is warm. 

Queen Gorge: The voice is warm. Yeah. The voice is like is bubbly.

And you have such a raspy voice. So, you need the warm mint, the warm mint

 Queen George: The warm mint. Yeah, the warm Earth is really doing wonders for me. Yeah, I feel very, very good. Really happy to be here. Happy to be on mint.

Intro

Tell us about yourself. What does the world need to know about Queen George?

Queen George: What the world needs to know about Queen George is that she is my alter ego. Let’s start there. She’s very much me. I mean, I created her we created each other, we need each other. But she is the version of me that has no bounds, knows no bounds, knows no limitations. And is absolutely capable of anything new and completely detached from old ways of thinking or doubt. Anything that can hold you back. Queen George just looks at smiles at, empathizes with, moves on and is the fearless side of me. Obviously, it is it is me we’re not dealing with that double personality. But it is my artistic expression of a version of myself that knows no bounds, which is really has been very critical in my art ever since I discovered that side of myself. I want hopefully for people to get to know that part in themselves as well. Upon getting to know me and me getting to know them. Because we all have it. I’m also very, a very spiritual person and very into the things that, you’re into mindfulness and I believe that we are more control than we think. And Queen George symbolizes that artistically and spiritually for me, in many ways.

You know, for whatever reason, now that I’m hearing you talk, and we talk a lot like you should have your own podcast. I think you have such a soothing voice.

Queen George: Thank you.

And that gets exemplified in your singing but how’d you get into crypto? Well, I guess is a story of me red pilling you?

Queen George: There it is. Yeah, I mean, it’s a funny little twist you did there because you are the person that put your hand out. And when just trust me, which is something that you know, in good old fashioned music industry, someone puts out their hand and says trust me, you go. Hold up. Who are you? What are you What are your intentions? Where’s the loophole? And in this situation in my introduction to web three, you are not only someone so near and dear to me in my life, I mean music and web three aside, that’s all-beautiful bonus. But you are one of the only people that have been able to go okay, when you said trust me and for me to be completely blind, and understand that it’s okay not to understand. Just be there, just show up. And you’ve been so critical and that for me. And that’s transcended past web three. Let me tell you, because seeing how this has unfolded, although it is so early for me. It has given me a lot of faith that way. Maybe I should go to more uncharted territories, because there is so much there. And so yeah, to trace it back to your question. You did Red Pill me, but we started about April of last year, April 2021. We said, Let’s just try something, we made it really simple. We said, what am I good at? I am good at performing, right? I am good at making the people in front of me feel wanted warm, loved, present. I know that I can make them cry and make them laugh all in 20 minutes. And that is a gift that I do not take for granted. And I’m so happy to bring to this space. So, we just kept it really simple. We said what do we do with that? Let’s put on a concert. So, it was COVID people were down, people really down. And we said let’s just put on a virtual concert. So, I hired a full-blown production team, rented out a local rehearsal studio in the valley. We love repping the valley in the valley.

Shout out to the valley.

Queen George: Shout out to Northridge, shout out to Tarzana. So rented out a studio there called Pop studio, wonderful place. And we just put on a production we just created this opportunity to hopefully get in front of people and the way that this you know, went hand in hand with web three with just my first attempt in this space was that we tried to sell tickets as an NFT. I don’t know what took me and when you know, no one’s done this before. I said, perfect. I want that one. Yeah, I want that one. And I’m done to flop but I am down to just say we tried it. And it was so fun to try. I that was also a learning by doing experience. I don’t listen, I have one major problem. Things go in one ear out the other. I listened to your feelings all day. And I will empathize with you and, and try to hear as much as possible. But when it comes to life experiences, I don’t know what you’re talking about until I did it myself. So, I was like, Cool. Let’s just also all this one. We tried to sell these tickets as NFT’s. My fan base was like for the love of God, what do you want from me? What do you want from me? I just want to see you saying, I don’t know what this link is. I don’t know. What is an open scene?

What is a meta mask?

Queen George: What is a meta mask? I already have to wear a mask. You also want me to get on a meta mask, leave me alone. Right? So, there was a lot, there were a lot of hurdles, a lot of hurdles, which is fine. I mean, it was the first time we ever anyone ever tried anything like this. 

So, for context really quick. 

Queen George: Yes.

This was taking place during COVID?

Queen George: Taking place during. 

Where there were no live concerts in person?

Queen George: Yeah, no life concert.

And you had an itch to scratch where you want it to perform live. 

Queen George: That’s it.

Experimenting in Web3

And you had been writing a lot of music during the off time, right? From what I remember. And you’re like, how can I grow my audience? How can I tap into this world of crypto of experimentation and try something different? It flopped.

Queen George: It flopped. I mean, have you ever belly flopped into a pool I have but you were with friends. So, you didn’t want to show that your stomach was right or in pain.

I have

Queen George: So, you can’t get what you eat. you guys.

And I used to be 230 pounds. So, when I used to, when I belly flopped into things.

Queen George: they barely flopped back out, you know what they say you smile at life, it smiles right back at you. So that was exactly what didn’t happen for us. It didn’t smile back at us. But I kept smiling. And then we went back to the drawing board after that concert. You’re exactly right. By the way, I was just in the time in the COVID era, I was just writing. I was so used to performing. I’ve been on stages since I was seven years old. I mean theater, jazz bands. Like I was just super competitive. And I loved it. And that’s all I did when kids were like at the mall. I was at rehearsal till 10pm. And that was just my fuel. And it has never changed. I am 25. And it the same thing fuels me and gas prices have went up. They have especially in LA and I still need the same fuel. So yes, yeah, my taste is expensive. But my point in all of this is that after our concert, I went to France, I spent the summer in France worked on my first project, worked on my first album, it was a big point for me to find my sound. I also you know, it was in the back of my head after our little concert flop that I knew I needed to get back into this space, and bring my own ethnicity and authenticity to it. And going to France was a big part of that. Going to France and working with people who not all of them, you know, had great English and we just, that made the musical experience so much more bold. I mean, we just worked and we couldn’t necessarily justify our thoughts and ideas. So, if the music wasn’t it, it wasn’t it. You moved on to the next idea if it didn’t speak and could not transcend language and mentality, different cultural mentality. It didn’t work. And so, what that left us with was a beautiful, beautiful, like, package of songs that were so influenced by different cultures and backgrounds. And that’s what I have in my hand now and then when you know I can back to LA, I called you and I said, Adam, I need to play this music. I think this is how I want to enter web three. I think this is, I don’t think I know, I could play this in any room and go, I know that I left who I am there. And it’s more than just music because yeah, I’m a trained jazz singer. But I’m also Israeli and also French. And we speak so many languages at home. So, it was really, it is really important for me to bring that into crypto and to bring culture out of people and make this a very inclusive and diverse environment, just by bringing what I was raised. Like not thinking too hard. I think that’s the biggest thing. Not, that’s what I’m learning in web three as well. Not thinking too hard. Look in the mirror and just write down what you see.

Yeah. You know, this NFT concert that we attempted to do. You very much led. We built an entire site around it. Yeah. We had graphic art around it. By the digital artists. That’s nice. Yeah. It was all, it was all in theme around this new song that you were about to release. Was a song again?

Queen George: Champaigne problems.

Champaigne problems. And we did a drop, where we had different tiers of access and utility to the ticket that you would purchase. And they all range in different prices. I think at the end of the day, there was like four or five, six tiers. There was a one of one, and then there were limited versions of the rest was like a 25 out of 25, an addition of 50 and additional 100.

Queen George: We really went for this. I mean, we like you said we built the whole site around it. We built it as if 100,000 people were going to be watching, but I think that that should always be the precedent of how we work. Yeah, I mean, it flopped. But we did it. And because if it did, what if it didn’t?

What if didn’t flop? What if it actually worked? And what if we were actually able to sell tickets, right, and you’re able to actually get a higher percentage or to share around it, and you’re able to throw really cool live performance around it. But the problem was the biggest problem. And this is part of why I want to do this, like this case study around you is because we’re documenting your early steps into crypto as a brand-new comer, right. And we’ll get more into what that journey was like post April 2021. But the biggest problem that we had at the time is we were doing things very manually, we didn’t have a ticketing platform, that was an NFT. Had NFT as the infrastructure underneath the hood, right? So, we’d have to, we had to do everything in upload everything one by one on open sea. I remember we tried wearable; we tried all these other mints able.

Queen George: And it tried us.

And like, and we spent maybe like $1,000 on gas fees.

Queen George: I didn’t even know what a gas fee was. 

Yeah, I was just like, clicking away. I was like, fuck it. Like, let’s try to see if we can make this happen. And it flopped. I think the tickets are still on the market. 

Queen George: They’re still there.

They’re still there. And they’ll forever remain there.

Queen George: I’m never taking it down and they’re staying there. I love I just for whatever it’s worth, it was so cool that we could have put our mark on that. I just say we tried it. I think that’s all this comes down to. And for me a big deal was stripping the ego away, which is a very traditional music industry web two way of thinking of like, oh, you need a team, and you need to strategize and you will have one shot. That’s just not true in this space. And it’s so exciting. Because you could just experiment 100 of times.

it’s early enough where you can throw shit at the fan.

Queen George: Exactly. And I would even argue that that’s also true in traditional music industry, in the traditional music industry. We are so caught up in our ego that we don’t just try things. And I’ve gotten so much more confidence to just try. But yeah, it all is still up there. And that will be very cool to look back at.

Yeah, I feel you.

Queen George: it is very cool.

NFT Ticketing, Metamask, and Eventbrite

Beyond us trying to like manually do the entire process listening everything in open see building the site. Another big issue that we had was with the unlockable content. So, what does that mean? Every NFT or you know, all NFT’s can have like an unlockable content once collected purchases in and can reveal something secret specifically to them. Right. And we try to like, again, like bootstrap it in a way where they bought the NFT. And then they’d have to go to Eventbrite with the code in the NFT, or something of that nature, and then they could register for the event officially. And that was our way of trying to collect addresses and emails at the same time to build a database of anonymous people online. Right. But that flopped, also, right. I think that entire, like 10 step process of just getting a ticket was just so convoluted.

Queen George: it really was a convoluted process and, you know, in real time, would you go through a 10-step process for someone you don’t know?

No, no, no.

Queen George: I don’t think so. So, I would.

I maybe, I’m a little bit different, maybe because I have curiosity. And I feel like I enjoy going through those steps but I’m not the example. A lot of the people that you were promoting the event to online, they hit you up even in your comments are like what the hell is a Meta mask? Why don’t need to spend this much money on gas fees? All I want to do is just watch you perform.

Queen George: Right? Well, what I’m learning now actually, I’ve been learning this weekend in Denver, just there talking to a lot of people in absorbing that, you know, my goal till now was okay let me bring my normal supporters and fans into this space. And I’ve been spending so much brain fuel, trying to figure out how to cross those two worlds instead of just embracing what this current world has to offer. I feel like I was forgetting how early we still are and that it’s just so important to foster the community here and still give both communities what they want. If that original fan base of mine receives me in a way that they’re comfortable with, then I will give them what they are comfortable with. And if web three until something totally different, then I will learn what they need and give them what they need. One day with or without my efforts, they will meet in the middle because that’s where we are headed. So, I think it’s been such a big shift for me just in the last few days like to understand that I don’t need to try to save the world and connect my two worlds. Just give every individual world what that world wants and needs. And let them discover me in a way that is comfortable for them in the way that you go to a different country and speak their language. You don’t go in assuming that they are going to understand what you’re saying. So, I think that analogy has helped me a lot.

Yeah, yeah. So again, the campaign flopped. We ended up just pivoting to Eventbrite. We had the live show, you hosted the live show. It was a great live show. I was able to watching person, which was a lot of fun. 

Queen George: That was funny. I mean, we have just a few people in the room. Yeah, there were like, I think golf club.

Yeah, there was like 100 people online 120 People online watching it, which was more than we expected. We just wanted to create, like, you just want to create good content.

Queen Geroge: on stage.

And just get on stage and perform and just show your heart out to the world.

Queen George: I’ve had the same rule since I was 12. It’s two people or 2000 or 200,000.

Fast forward now. You started April 2021, got into crypto. What has happened since as an independent music artist coming into the space?

Queen George: Yeah. So fast forward from April, right? We covered this. I spent the summer in France, this album, came back with a body of work that I felt would really fit in the space, kind of back to the drawing board. Spent a lot of time baking, thinking, learning, reading, seeing what other people were doing, getting really inspired by other artists in the space. And then what was it like? Was it December, we minted my first song champion problem. The song that we wrote on for the live concert.

Which by the way, just to give more context, we did have audio snippets for each ticket, too. But it wasn’t the full song.

Queen George: No.

It wasn’t the full song. So, around December, you minted that song?

Yeah, I minted my first collection. 

Okay.

 remember? We did the.

Oh, that’s right. Didn’t you do the addition of 10 on open seat about champagne problems. Right.

Queen George: We did that. And, again, like still not much movement. But again, after everything that I had been learning, I realized that I just need to myself, step into this space, get to know people organically. I’m a very social person. I like people. I like strangers. And I’m okay with never seeing them again, because I’m romantic like that when it comes to people. So, so I realized, you know, I’m just going to start minting every release of mine, just so that I can learn by doing as I said, that is how I process that is how I understand and simultaneously, start getting on Discord, start spending more time on Twitter just a little bit more in my day, in the same way that they tell you. You’re not just gonna lose 30 pounds in a month. You can’t just change your diet overnight. I couldn’t change my diet overnight. That’s not who I am. I want this to be authentic. So, I started to spend more and more and more time every day by myself in the morning. And I made it a point to just.

Experiment to learn more.

Queen George: And see what other people were doing. The way that people speak in this community, all while also minting my last three releases. So, I said okay, the supporters, the friends, the community will come if I just actually engrained myself in a way that is natural for me, which is what I want. The same way that you don’t make a best friend overnight, you know, so have a lot of faith in that in that process now, so that’s kind of where I am at now. Fast forward to literally last week. Last Friday, February 11, I released a song called if I ever go down that I wrote in Tel Aviv with some awesome writers. I have the wonderful Omer Fetti who is like, we’ll always be like family. We love Omer. And he’s playing guitar on it. He graced that song with his gift And I released it just as a guitar vocal record. And it was right before Denver. And I came here to perform, you know your event which was so much fun. And right before I got on stage, we said you know what, let’s just mint this thing. And let’s just so

Your New Single “If I Ever Go Down”

Now we’re like taking three steps ahead. You’re right. You came out with if I ever go down, you also came out earlier with good mourning.

Queen George: I did right before if I ever go down was good mourning. And that’s m o u r n I n g, which is about the loss of someone in your life. Yeah, loss of love. 

So, I want to before we even get into eth Denver for a minute, right? Because if I ever go down is actually a really pivotal moment in your NFT career. or numerous reasons, but you started off doing the NFT concert. Try to sell like 150 Something tickets, right as NFTs flopped. Then you came out with champagne problems.

Queen George: The collection. 

The collection. You did 10 editions right for anyone like point one each, point one eth. I collected one. I don’t think we haven’t checked what the status.

Queen George: I have two, give it someone else. 

Okay, amazing. 

Queen George: Yeah. I was just so excited.

Awesome. And then and then that was an open scene. Okay, let’s re strategize.

Queen George: Correct.

 Let’s take good morning and put that on Zora. 

Queen George: Yeah. Try something else, we would see what else works

Okay. And that was, what. One of one?

 Queen George: That was one of one. 

Right. And I low key collected that one too.

Queen George: You’re such a real one.

I don’t know. I just love your music. Okay, so.

Queen George: I appreciate you so much.

That was on our Zora. And then, really, okay. He came up to me, we’re like, okay, we gotta do something bigger now. I was okay. Eth Denver was coming up. And for a long time. We’ve been talking about how you can ingrain yourself more into the crypto community, right? And just be a listener be a contributor. And then you got to have WBN. So, what was that like?

Queen George: It was exciting to know that I, it was like a kid in school, who finally has a lunch table to sit up. Who was a kid in school kind of sat alone for a little while. Who finally was like, Oh, cool. I have people to sit with. And even though none of them are talking to me yet. That’s cool to sit at this table

Where you get your Lunchables just like in the cafeteria with your milk.

Queen George: And you know, one day you’ll start sharing your food with someone and one day you’ll make a good friend out of it. I was just so happy to have a table to sit out in middle school, you know, as a funny full circle as a kid who not, not often did I have a table to sit at. I sat with my music teachers very often this FW felt like that. It was just cool to like, enter a community. And it was cool to go to their event yesterday. Like as I said, I love these people. So, it was cool to meet everyone in person. But yeah, I ended up WB. And then like you said, I said, I gotta do something interesting. I think now that I can hold my own a little bit more in this space. What can I do that is unique to me. And that’s when if I ever go down, came around, now with the release of that and then Eth Denver directly to follow.

 So, talk about, what is if I ever go down? About Yeah.

Queen George: If I ever go down? Well, the full sentence of that is asking someone, looking at someone and going if I ever go down, will you stay around? That is literally the chorus of the song. It is asking, Will you stick around when I’m not at my best when I’m performing for only two people, when I am not this? Shawn Tos onstage with these frilly gloves and a big personality and making you feel warm and welcome. What about when I need that? Can you give that to me? That you know as artists, we stand on a stage there’s an audience in front of us but there is an invisible wall, in acting they’re called the fourth wall. There’s this invisible wall between us and them all the time. And I felt that since I was a little kid because I’ve been on stages for so long. And you I always have this this wonder in my stomach when I’m on stage like why are these, look at these people they love me, look at these people that got in an Uber, they parked, they made arrangements, they got dressed that they’re all here for me. And that’s not a given right but we’ll the second that these lights, the house lights come on, I get off and I’m just one of them again. Are they going to love me that much? Are they going to be there for me that much, is any and you know romantically are any of these people? Or if this person, if there’s someone that I lowkey love in the crowd, and I want them to love me back romantically or is anyone going to be willing to pass that fourth wall in between us and say, you’ve given me that warmth? I have something to give you too, because as a performer you feel like you’re always providing that. Right. So that’s what that song is about. It was just a very honest question, you know, and it was important for me to put it out also for the music itself to be so raw, you know, almost playing it so raw, we barely touched it, my vocal was just like a one take. Like as if I was telling someone, I love them, it felt like a diary entry when I recorded it, it was just here it is, cool. So, if I’m asking you if you’re going to be your flaws and all, here’s to actually one take vocal. That’s what that song is about. And it was very important for me to make that a pivotal point in my web three journey, to make my entrance, my own kind of personal, unique entrance into web three, be very vulnerable, and one that is honest. And one that people can relate to. I mean, forget if you’re a musician, and you can understand the school, but I think all of us go through this. Like we all have this deep, silent fear of are you going to be here when I’m not doing well? And it’s a it’s just a question I like to ask. But then we got back to the fun music at your show. So.

Yeah, so here comes the Eth Denver, if I ever go down.

Queen George: Here comes Eth Denver.

If I ever go down came out. This past Friday, but the Friday before that.

Queen George: Correct.

In preparation for Eth Denver.

Queen George: Kind of on the fly. It’s just an idea though.

Yeah, like, okay, Eth Denver was coming around. We talked about engraining yourself into the community, meeting more people, right, making more friends, helping other people learning about other projects. And we decided to try the NFT concert again. Right. But this time

Queen George: Is not going to give up on that NFT concept.

And I’ll tell you why. Because I think it’s such an interesting use case. It’s something that I’ve entertained in my head a lot. And a lot of what I talked about on the podcast is how can you make it as least threatening as possible for someone to join your community?

Queen George: I love that question. Yeah.

Right. It’s something that I continuously think about, and how can you give before you take? Right? And to that extent, we tried something new. We hosted an event Eth Denver on February 15. It was called the web three creator event. Very broad, very standard. 

Queen George: Oh, you create great? 

Great, come and create as a very broad word too, right. A creative entrepreneur can come in many different forms. And that was the intention to make it broad in general and see what comes. 

Queen George: It brough a very cool crowd.

Right? It did breed. It really did. And before we get into like the details of the event, remember last time, April 2021, we had a big issue that we couldn’t really do what we wanted to do online, we had a platform issue, right? Not only were gas fees really high on Ethereum to mint a ticket. But I even think we gave too many people too many options to a ticket.

Queen George: I think we’ve invited them a little just out of sheer excitement.

Yeah, think about it when you go to like the crypto.com arena. Okay. And you go and buy a ticket to watch a show. How many tickets do they have, if not different seats? Right? It’s very, like general admission or VIP? Or like.

Queen George: Pay depending on where you sit.

Right, right. And I think one of the issues, one of the mistakes that we made was we issue too many different types of tickets with too many different types of utilities. When we forget, the real utility is just coming to watch you perform.

Queen George: Exactly. And like that initial transaction of you know, the NFT being the ticket is already one that is complicated. So here we are with 10 Different options like Oh, but no pressure.

So, we put together this event, I guess, mint, the podcast, along with some friends of mint, from Polygon studios bonfire. Shout out to all of those people for helping make this this this event a reality. We use dystopia labs, this platform called impish, which is an NFT ticketing platform. Probably the most simple ticketing experience I’ve ever been a part of better than Eventbrite. Better than buying something at the crypto.com arena better than.

Queens George: Better than any live cons. 

Yeah. Yeah. It’s like four clicks through your wallet of signing signatures. And it’s yours.  And every single NFT had your logo on it. Okay, which was a Queen George NFT.

Queen George: And just to make this clear, every single NFT by that we mean every single ticket. 

Yes, every single ticket had your logo on it, right? Just like any other ticket in the physical world or digital world, non on chain would kind of look and feel like, through that we got between I think 150, 200 people, something like that sign up, share their email, and their wallet address, right. And it acted as like a top-level funnel. They kind of start spiraling in creating you a community, right? So, the cool thing about it was you’d come on impish, you’d connect your wallet, you sign a signature, you’d claim a ticket, right? From there. You’d wait to come see perform live in person. And the cool thing about this was and I’d love for you to take the stage but coming from my point of view like a practitioner’s point of view of like talking to a lot of people Seeing what type of strategies creators have in building an online community around their collectors. I thought this was very unique because it was effortless. It was risk free.

Queen George: And it was super inviting. 

It was very inviting. And it worked out because throughout the event we had between like 150 200 people circle in and out. Yeah, right. And not to say that, like another event hosted another event, or another company hosted another event after us. We invited even more people in afterwards. 

Queen George: This is a super welcoming experience from start to finish.

Crypto QR codes: The Funnel

And what do we do at the event with a QR code?

Queen George: Well, first of all, just to touch on everything that you just said, like I’ve been to a lot of shows I’ve done a lot of shows and nothing was as seamless or warm and welcoming as this experience. I mean, I’ve definitely found how I want to give out tickets from now. Yeah, I want people to go to know that they are wanted there, in the same way that I make them feel that when I’m on stage, this was the first time that that same warm that I feel you know is going on between us in while the music is happening. This is the first time that that translated into the transactional process. The part that’s not fun, was suddenly kind Yeah. So that was really important. And I think there’s a lot to take part in in that so amazing job but you’re what did we do with the QR codes? We printed I mean, hundreds of QR codes, big small. And there were two QR codes. There was a purple one. The purple one was for the one of one that I minted right before I got on stage. If I ever go down, which we could get a little more interesting. Sure. And then the black one was for my Discord is to join my community like what you hear cool. You don’t, I’m just so happy you showed up. So that was the vibe and with that, we put those little babies up all over the venue. I mean, a couple on every table I’ve taped him to the wall 

I feel that for the people that need is like to clean up the event afterwards. 

Queen George: I feel so bad.

Yeah, there were so many laminated QR codes,

Queen George: I put a huge one on the beer draft box. There was another poster and I asked if I could cover it. And he said no. So, we just took that poster off. So that’s all that and they were everywhere, just with the hopes of like I just wanted people to have fun and if they did, here is, everywhere around you is an opportunity to connect if you’d like to and being on stage knowing that that was possible. It was so it was so next level.

What’s up guys, Adam levy here. Sorry for the quick pause I wanted to give some love to our two NFT sponsors that are making this episode a reality. They are coin buys and polygon studios. On coin buys you can create a personal or community own social token on Ethereum or polygon. Coin buys also helps you create incentives through token rewards and bounties, NFT business models and bought integrations for discord. Discover more today by visiting coin buys.ko polygon Studios is the gaming and NFT arm of polygon who’s focused on growing the blockchain gaming and NFT industry while bridging the gap between web two and web three gaming. The polygon studios ecosystem comprises highly loved blockchain games like open sea Upshot, Aba Gottschee, Zed run, sky Weaver, decentral land and decentral games. If you’re a gamer builder or NFT creator looking to join the polygon studios ecosystem. Get started today by visiting polygon studios.com. Alright, back to the episode so there’s layers to why this is so important. I don’t know if you’ve had the aha moment yet as to why this is so cool. Yeah, well

Queen George: Maybe I will on my flight today. 

Why Doing Tickets as NFTs is Important 

Yeah. I think you’re about to have it right now and I’ll share with you like the big picture behind why doing tickets as NFT’s are so important. Okay. And again, back to the actual process of claiming a ticket. It was on polygon. So, platform actually ate up the transaction fees. They’re pennies on pennies, it’s like nothing. Okay. You got a ticket minted it would show up in your wallet, okay. You would then come to the event, and you’d watch you perform. A collector of yours would come watch you perform now. Okay, and they can decide whether they fall in love with you, they enjoy the music. Prior to you basically going on stage we minted the one of one on Zora.Ko and before you did like to intro songs, and then you talked about yourself and you announced this next song, I actually just meant it on chain, purple QR codes you can check it out if you feel, if you feel interested. Otherwise, join my Discord. I’d love to collaborate. I’d love to have fun and 

Queen George: Otherwise have a bagel and dance and I’ll never see you again and that’s okay too. 

Yes. Yes. Which was also fun. We had like what? Not through nine 9am to 11am was just like free brunch, coffee, doughnuts, fruit, vegetables, whatever.

Queen George: Yesterday was just music. It was just music.

It was just music and a lot of like-minded people listening to music and enjoying. So, people join your discord. It works people actually join your discord. I think what we had like 50 people or so join your discord from that room. So not a bad like conversion rate from acquiring a ticket to then coming to the event watching perform and then wanting to join your discord from there on out.

Queen George: And importantly, it’s very, very important for me to add that in a way that felt very authentic.

Very authentic.

Queen George: It felt seamless and really aligned with the way that I like my live shows to go with the feeling I like my people to have and that it was just the first time I think that’s the aha moment. Yeah, it was my first time in this space that I saw that the pride that I take in my performance, and I get to see the look on all your faces in the crowd. I wish you guys could see it was the first time that I saw those two things online that make sense and go hand in hand. Yeah. And it’s just, I’m talking about fuel. This is exactly, this all I want to be doing now.

Yeah. And the cool thing about that QG is because now you have or you built like a niche, minimum viable community. Okay, that’s what we talk a lot about on the podcast. How do you build an initial audience around an idea, a theme that you have right that you work with the people have. Now you’re the example okay, you built a very niche very small cute, yet powerful minimum viable community. Cute. Yeah, cute. Of all Ethereum collectors of all Ethereum benefit right. From there, the stage is yours. Like you nurture this audience. You build this audience? Try to grow this audience in an organic very natural non pressure way. Right. Well, why is this like so big and why I’m so actually obsessed by this use cases because we talked about again, giving before taking, right we talked about mixing the online experience with the physical experience and having a collector collect something of you and then watching you perform in person, right. But the last part is the aha moment here.

How Crypto Provides Better Fan Based Data To Artists

Okay. Talk about data for a second.

Queen George: The musicians favorite topic.

The musician’s favorite topic right now on Spotify, on Apple Music, on YouTube, you’re very limited with the amount of data that you have, right? One you’re not giving the emails of your listeners, right. It’s actually very, very difficult. I think.

Queen George: There’s not an open channel between no supporters.

No, it’s very gated. It’s very walled and a lot of the ethos behind web three blockchain crypto, whatever buzzword you want to associate with. Its transparency, right? It’s borderless, right? And so, it comes with the data too. Okay. So, you got about 150, 200 collectors, you have their addresses, you have emails. Now let’s zoom out for me okay. You can start building a profile around every single address that you have, why? That wallet that they use to buy and collect your NFT it’s probably associated with many other things that they did on chain, other tokens that they hold, other communities that they’re a part of, other PFPs and NFT’s that they collect other governance proposals that they contribute to unchained. With time, you’ll be able to build complex data profile around these collectors. And you’ll might realize that wait, out of the 150 200 people that collected mine of T, 75 of them are actually enough WB Yeah, it may make sense because I have such a big FWD crowd, it may make sense actually do a collaboration with WB because we have such aligned interest. They have their audience that overlaps with my audience, right? You might realize that some of your people are actually like defi degenerates, meaning they love spending money on open protocols, experimenting with, etc, etc. That could tell you something else about them, right? So, you start building this really interesting data profile in a very non-intrusive way.

Queen George: Well, it’s the nature of this beast that we’re all in. I mean, that’s the whole point. It’s a tree with endless branches, you know, that’s the point.

So, the cool thing about this is, again, we’re so early into this entire thing, but it shows you the power of messing around with NF T’s soon and I don’t know if this platform exists and whoever’s listening, go build this platform.

Queen George: The thing this all week. 

Like go build a platform we can we can build a profile around someone’s collectors. Right so you can see how many people are in FWD how many people are in for fun? How many people actually collect music NFT’s. What is their what is their net worth? Right? How long have they been in crypto for based off their wallet date? The list goes on and on and on and on. And you can actually understand who is your audience right beyond the audience that you’ve performed with in the valley. Right? And the people that love and support you since Day Zero? Yeah. That’s why it was super exciting for me to kind of go through this many used cases because that right there. That’s the future, the future of the music, the artists fan relationship.

Queen Geoge: Exactly. And you spoke earlier about how last year when we did this concert, everything was manual. And I still think we’re gonna have a couple more manual seasons. And I think that especially in this field of you know, getting to know my supporters and collectors. It’s all going to be hard work and it’s going to be tailored work to go in and get to know a person and then multiply that by 200. And that’s just the starting point, you know, until that platform exists. It will be so cool in retrospect to look back and go wow, I really, I really did the dig. You know.

Yeah. The next thing here is just consistency. Right? And trying to perform at every conference, tapping more into those communities doing live performances online, again, right? And being very thoughtful about how you do stuff yet not overthinking too much. And one thing that I like to talk about in the podcast is just try, just keep trying try. There are no rules. There is no expectations. Nobody really remembers your failures. Everybody just remembers the successes here.

Queen George: That’s been you know, I have to tell you, them that has been the biggest lesson in this space. For me. Like you grew up in LA, born and raised and in this system, where you think everyone cares, nobody gives a shit. In the and I mean that in the best way. Nobody gives a shit about you go flourish, conquer, fail. I mean, nobody wants to remember that. Nobody wants to say my friend failed, it sounds so horrible. But people want to say I know someone who did something great and we’ve seen that go off the deep end. You know, it’s getting get big headed, but it for the most part people want to see you shining. It’s just about do you believe that or not? And so, if any people that I know in web two music or listening to this, I think, you know, I really wanted to come on here today. You know, I know I’m a lot younger in this space than a lot of the people who might be listening or who I met this week and who I will connect with or any of my collectors are you even you know, it is very intimidating. It can be but I think when that aha moment happens, nobody gives a shit and people want to see you shine. I think the world is yours and I really want to encourage friends in web two to take control. I mean, there’s so many amazing resources in the traditional music industry. It’s obviously worked for this long. It’s brilliant. It really is. Is it. Is it a little gray? Is it a little too gray? Yeah, the waters a little muggy. Hard to swim. You know, so I encourage you to take control.

Yeah, you know why I also like this use case so much is because a lot of musicians coming into crypto, they see people selling stuff on catalog on sound on men songs on Zora those goes on and on. Making crazy money, right? People collecting songs for $4,000 for two and a half $700, it’s many musicians. That’s a lot of money and so many people, forget musicians but if we’re already focusing on musicians, many up-and-coming creative artists, struggling artists, that’s a lot of money. It’s a new, it’s a new avenue of independent freedom.

Queen George: Because you have people in traditional music ways that have 300 million streams in a song and work as waiters. Not that there’s anything wrong with that, but that shouldn’t be the case. There shouldn’t be such a huge disconnect.

43:46: NFTs. The first time in history where we can truly value piece of art in its most organic and appropriate fashion and done so in a way where it’s traceable, you can recollect in Prosper off the resale value in the data again, the data behind all these transactions, all these interactions, all these collectors. That’s your focus, right? Yeah

Queen George: That’s where my focus is absolutely right now

44:16: So, what I was getting at is a lot of musicians coming into the space they focus on how do I find that first collector right? How do I make that first one easy sale? Why don’t try to think about it the other way. Why not just try to give first, right? Put on a show. sell tickets as NF TS create a minimum viable community of collectors in the Ethereum community hyperfocus, don’t need 1000 People, just need 50, 100 People, 10 People just to get the ball rolling.

Yeah, if we would have had this conversation a week ago. I think even a week ago I was still in the headspace of how do I find collectors and I just think this whole experience in the last week has been so potent. I can’t wait to see how many has happened in this respect in the next week or two. And especially as I focus on this data, you know, gathering all the information about my new plugs or like a new family, you know, whether or not they know I’m coming and I guess you just got to say you know not how do I find collectors, how do I let them find me? What can I, how do I let them find me? What do I do to come to them? That’s also what I was getting at adapting to this space instead of spending so much, much brain time trying to bring the old fans over. How do I let people in the space who want to find something cool that they connect with? How do I let them find me? So that’s, it’s a brilliant really question that you’re asking.

What are the Biggest Challenges Getting into the Space?

Let me ask you. So, you’ve been very active since April 2021. You’re starting with the first attempt at an NFT concert. What have been some of your biggest challenges. One. getting into the space and navigating through it?

Queen George: First and foremost, language. I felt like I went to again, the country analogy is just one that makes sense to me. And could make sense to anyone listening is no matter how advanced or new you’re in this. It’s like going to a different country where nobody speaks English. And then you get there and you’re frustrated as to why no one can understand you and why you can’t understand them. And you go God but I i am i do think I have so much to give. Why can I get it across? The first hurdle is language and the way to hop over that not even hop over it. The way to massage it through is just to read to learn. You hear words you don’t understand pause the podcast and Google it. You know, you see that someone posted something, I remember this happened to me a lot when I was first in web three Twitter. People would post like I just minted did it. I’m like, minted which, okay, I stopped everything. And like, what does it mean for something to be minted? Yeah, and I know that this might sound silly, but that’s the only way that I started to be able to carry on conversations in this space. So first, understand what the hell the language is about. The keywords, just the keywords there. It’s not rocket science. We’re dealing with, you know, at the end of the day, the goal here is simple to connect, and it just in a different way than what we’re used to, open you open your mind and learn the goddamn language. And then more things will make sense by just simply just showing up and coming to these conferences. So those were I think the biggest hurdles I think with 

That’s the biggest hurdle is getting started.

Queen George: The biggest hurdle is getting started. Now I think I’m seeing the fruits of that homework. And I Eth Denver you know, this has been the first time at one of these in person events that I could carry a conversation that I’m passionate about and not passive about not like cool. Yeah, no, that’s a great Dao your work you know, as far as I’m concerned, it was the type of dumpling I mean, until I really understood and again, this might sound very funny and, and, and a hurdle. A big hurdle that I had to get over is feeling like a person that is good in conversation. And yes, I do think that I am an intellectual individual and at first, I did kind of feel stupid, but I’m zooming out and realizing that this is new territory for everyone and whoever tells you it’s not I mean, I’m just tripping is tripping or has been here for I don’t know how long you could possibly have been here, but that is the biggest hurdle at first. I think a lot of people listening to this who don’t know what the hell is going on. You know, I could understand that and are there. I’m still there. I think I think we all are, but that that would, I would say be the first hurdle that I experienced. I think an interesting perspective is not to fast forward it. Now that I’m just starting to understand a little bit of what’s going on. There are hurdles that I’m facing now, which I know with time are going to be smoothed out or how do I make this mainstream? I mean, I’m still a very.

Building a Mainstream Audience

What does mainstream mean to you?

Queen George: To me, mainstream means that anybody can understand this. But again, I think I touched on this earlier where I’m realizing now that I don’t need to worry about that. At this moment. So, this I’m talking to you. These are real time revelations for myself, that I really kind of sorted through this week where I came in here so focused and worried about how do I make the average person understand this right. I don’t come from it. I think it goes back to me also not coming from a family of musicians. I come from beautiful, awesome, hardworking parents who are just want to like see me shine. So, I think my life has always been very attuned to normalcy. Simple Life simplicity. I want everybody to be able to understand this. And what I’m realizing this week is that I can rid myself of that worry, because that will happen alone, and they’re not the same and they don’t need to be the same. And if my goal here is to connect, could do that in this space, and then with the people back home, still not there and that’s fine. So, I think that was a big personal concern. Like on a on a moral personal level, something that I kind of grappled with a lot, which now I have a little more clarity and so I’m interested to see when we circle back in a few months, if there’s been any.

First Time at a Crypto Conference: Biggest Takeaways

What have you been, what has been your biggest takeaways at Eth Denver so far? What did you, what did you expect coming to it? And I asked this because it’s your first true crypto conference. And honestly, also what a great crypto conference to kind of break into as your first time as well. Yeah. What were some of the expectations you had? What were some of your favorite moments? Talk to me through that.

Queen George: The expectations that I had were to feel like an outcast. And they tried to transcend past that. And I said, Thank God I’m singing because you put me on a stage anywhere and I’m automatically comfortable. So.

Oh my god, you know what comes to mind?

Queen George: What?

The catalog event that happened a few days after ours? It was like a live jazz band. And you walked in and you’re just like, a outer work space.

Queen George: The fish out of water start started swimming.

And you literally got on stage and give two fucks about anything and you like you guys know this. You guys know this tune? Alright 123.

Queen George: For about one song turned into five and

Then as you started singing all these people started like coming around you.

Queen George: Cuz it was really and natural and not. That is what I have been craving to see in this space. So, my expectation coming here was okay, I’m gonna feel like an outcast and I don’t know as much as they do. And then that fear started to manifest itself into hope and maybe you don’t need to adapt. Maybe you can just do what you’re good at, and people might fuck with it. And that could be cool. And so, I sing at your event, and that gave me so much more confidence. And suddenly that attracted people who also felt that way and felt creative in ways that they didn’t and I just started to meet people that also feel like other and feel like they have something to give that has not been done before. And then I’m like, Wait, that’s what this whole conference is for. So that fear that I had was essentially nothing to fear. It was just like everyone is coming here with another idea. And a new perspective. And that’s the whole Mo of the space. That’s what keeps the space alive. Yeah. Right. So, there was that and then just getting up at that event, like super spontaneously with the band. I got to see that in this, in this metaverse. I can just be myself and come as I am. And that there is someone for everyone and that there is someone who will connect to everyone and I don’t have to choose one. I don’t have to choose the authentic kind of live music style with an old band and you know, or the people poopoo people future you know, I don’t have to they there. Here lies a beautiful marriage of the two and that is something that I did not expect. I did not expect. I thought I would have to do 100 More backflips to adapt into this space and assembly. And it was just such a beautiful surprise to my surprise that that I didn’t have to and that there’s so much room for both.

Queen George’s Thoughts on Web3

Now that Eth Denver is like coming to an end. What are your overall thoughts? What would you do differently? Being a first-time steward in this community? Alright captain would you do differently?

Queen George: What would I do differently in terms of my recent choices or now moving forward? 

You know, we’re like we’re sitting down. We’re having this conversation. You went through like, what? Eight days, seven nights of this stuff, we got in on Sunday, Sunday now. So, it’s been a week actually.

Queen George: What would I do differently? Not a goddamn thing.

What would you like? What would you advise other people? Okay, new artists, new creators, new individuals coming in experimenting and seeing everything that’s happening externally. And being super curious. Despite the insecurity that web three kind of imposes on a newcomer right or may impose on newcomer we just went through it. Tips.

Queen George: That’s also by the way to touch on why I wouldn’t change a thing because I wouldn’t know what to change, I am learning by doing every single, every second that I’m here is a new path for me. This is, so I don’t even know to tell you. Maybe in a few months, I might have more, I will have more on my resume therefore a wider spectrum of choices to have made. But right now, I’m still learning as I go. But I think advice. I’m circling it right back to the language thing as questions and but you know what? No, that’s bullshit. And I’ll tell you why. That’s bullshit. I didn’t know what to ask. I didn’t even know what to ask. Don’t even worry about asking questions there. Everyone told me at the beginning, ask questions, ask questions. And I would say okay, because I know that there’s so much wisdom and asking questions, and I didn’t know what to ask. So just show up. Be present. Just be present.

I think 50% of the effort just come to show your face.

Queen George: Show up. If that’s to someone’s Discord server, or if that’s to an event happening in a city near you. Just go, just go because it’s no different than being at a party and making a friend. And, you know, I’ve had many jobs in my life that were aren’t music still do and I’ve always worked in sales. And then one thing is talk to people like, you’re like be excited to answer the phones if your best friend is about to answer. The same applies here. People are people across the board, no matter how invested this space is in tech, and no matter how robotic people would like to be. We are still people with a pulse at the end of the day show up, like it counts. You look someone in the eyes and have a real conversation that still transcends leaps and bounds past any computer. And any web. I don’t care what you’re using. So, show up, show up, absorb, trust that you are smart enough and wise enough to absorb and trust that your curiosity does mean a lot about you and say a lot about your commitment to your vision and your vision. My dream, whether it’s through web three or anything else.

Web 4, web 16.

Queen George: Spider spider web, spider man, I mean, Charlotte’s Web I don’t care at this point. You know, I’m happy to be here. So, my point is I know it sounds funny but the destination is the same. To reach as many people as I can in a collaborative meaningful way. And this is such a rich means of doing so. So, show up. Trust that just because you showed up something good will happen to you. I promise you just show up. That’s it.

I love it. 

Queen George: I really, I really can’t say that there’s more of a science to it

What can we expect from you next? What are you looking like what’s on your horizon, both for your web three community, for music.

Queen George: Well, so that album that I told you about any Made in France, that first project of mine is on the map to come out in a couple of months and simultaneously as all those songs are getting mixed and done, my inboxes are getting filled every day with new mixes, new drafts just for the final versions. We’re right there. We almost have them all. So simultaneously with that, also learning more about the space and I think my focus now is, you know now that I have no more people and I’m kind of building a community, although it is still small, small but mighty. How can I collaborate with the people who care about me? How can I make them heard, which I haven’t seen done too much. So, I have a couple ideas up my sleeve about how I want to let their daily experiences and stories. I’m big on stories. I want my, I want my supporter’s stories to be reflected in my art for us to bounce off of each other. So, I have a lot of a lot of ideas of how I want to do that. Maybe in the form of songwriting in the form of storytelling. I kind of know-how but I think I want to just do it first and then maybe talk about it in retrospect, but I know that it’s going to be in collaboration in the form of songwriting.

Outro

Amazing. Well George, thank you for being on.

Queen George: Thank you so much for having me. And till we meet again.

Till will meet again.

Categories
Podcast Transcript

How To Get Free Money To Mint Your First Music NFT


Listen on:
Spotify | Apple Music | Google Podcast

Background

Mint Season 4 episode 20 welcomes Mark Dawson, co-founder of Quixotic, the largest NFT marketplace on Optimism, and MusicFund, a community that finds, funds, and supports up-and-coming artists.

This conversation took place during Eth Denver so there’s a lot to unpack from the week itself, let alone all the cool stuff he and his co-founder are building, so let’s just dive right in.

In this episode, we discuss: 

  • 01:08 – Intro
  • 07:05 – How Do Creators Get Started in crypto?
  • 12:55 – What is Quixotic Trying to Solve?
  • 17:45 – NFT Derivatives and Copy-cat Projects
  • 19:11 – About MusicFund
  • 23:21 – Current State of Music and Web3
  • 36:52 – 2022 Is the Year for Layer 2s
  • 38:03 – What is Layer Two Community Culture Like?
  • 40:39 – The NFT Landscape in 2022
  • 42:12 – The Most Interesting Music NFT Use Cases
  • 46:37 – Mark’s Thoughts on Web3-native Music Royalties
  • 48:40 – Outro

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

1. Coinvise – https://coinvise.co

2. Polygon Studios – https://polygonstudios.com

Interested in becoming an NFT sponsor? Get in touch here!


Mark. Welcome to mint. Great. How are you doing man? 

Mark Dawson: I’m doing well. Yeah, Denver’s been great. How are you doing?

I’m good, man. I am I’m feeling a little bit tired from east Denver.

Mark Dawson: It’s so cold here. It’s, it’s colder than California,

Much colder than California, but nonetheless, we are surviving. Yeah. When you get into east Denver,

Mark Dawson: Wednesday. Yeah, I came Wednesday. We were excited about the shell point talks on Thursday.

Okay, cool. So what have you been doing since then since Wednesday? What has been on your agenda?

Mark Dawson: Yeah, so the biggest thing has been the shelling point talks and then meeting with NFT people. So I build NFT communities and we’re focusing on layer two. So meeting people at different layer twos, like optimism and [inaudible]

Intro

Okay. Cool. All right. Let’s dive right in. Yeah. Who are you? Who am I? What does a world need to know about you, Mr. Mark Dawson? Okay. Take it away, but take it from the point of view of like how’d you get into crypto. Okay. Yeah. And having you a part of season four, which is all about the music industry. Right. So talk to me also about like your intro into the music industry. And we can start there.

Mark Dawson: Yeah. So when I graduated from college, I moved to LA and just worked at a normal web two, a tech company for about three years. I speculated basically in 2017 but nothing serious in terms of my crypto involvement. I’ve always been a huge music fan. So I went to every show I could in like 2019 which is really lucky for me because by 2020, like all the live music was gone. Yeah. and basically midway through the pandemic in January, 2021, I quit my normal web two job and decided to focus on crypto full-time. And I started an NFT company in April, 2021 and have been building an Ft projects and communities since then.

So why NFTs for you?

Mark Dawson: Yeah, I mean, NFTs were actually what got me into crypto which is probably something specific it to this cycle. You know, most people got in for defi or maybe protocol design earlier. For me it was media. Like I love media and art. Like that’s why I was excited to move to LA and not like San Francisco, for example. My roommate is like a filmmaker. So we would always talk about like movies, media, and that’s been a big part of my personal interest. So when I saw NFTs and crypto art I actually bought my first NFT in like March of 2021, I think on foundation,

Which NFT was it?

Mark Dawson: So actually a red pill, which is really funny red

Pill. 

Mark Dawson: Yeah. And I bought on foundation. I was like is awesome. And then one fun thing about crypto, especially with NFTs is it was like sort of a blank canvas. So if you had an idea in web two, probably people had tried it and either succeeded or failed, but you couldn’t do it. In NFTs it was like a blank canvas. So if you had the idea of like an Ft trading card platform, that was like totally, you know, could be done. NFT fan cards, NFT, like creator. Dows like all of these were open spaces. So I went up to the bay area and met with a college friend of mine, Daniel, and convinced him to quit his job at Google to Doft stuff with me. Wow.

Yeah. What was he doing at Google?

Mark Dawson: He was working at YouTube actually, as a product manager. So he was doing creator stuff as well at a big platform. So that was kind of our story is that I started doing hackathons, so I did like the eighth global hackathons in March. Both of us have technical backgrounds and we both do the engineering at our company now. But he was sort of like the creator focused and I was like the engineering and just personally really excited about music.

So how long have you been developing for?

Mark Dawson: I mean, I studied computer science in college. I built my first app, like in high school. And Daniel, same with him. We actually pretty cool. Yeah. Met doing like programming stuff together in college.

Okay, cool. All right. So now that we’re at  Eth Denver. Okay. Yeah. You get to see what the community’s like in real life. Right. There’s a lot of like hype and conversations happening across crypto to Twitter or news, et cetera. But my favorite part of coming to Eth Denver or these conferences in general is like seeing the real time conversations and what projects are being built and better understanding what the current state of where we are in crypto and NFTs from your point of view, what is the current state of crypto like and more specifically what’s the current state of NFTs

Mark Dawson : Yeah. I think there’s several different trends happening that are exciting to me. One is I think the first like home run use case from a financial point of view is avatar. PFPs that’s still actually so much for the market today, even on open sea. And I actually thought that those were maybe gonna end with like the me averse. 

I remember that.

Mark Dawson: Yeah, exactly. But no, like that’s still going really strong. Like you’ve seen like crypto coves and chain runner is still doing really well. So that’s really interesting that that’s like continuing strong. I think the Twitter Hexa gone ons like change the narrative there. Yeah. You’re also seeing like gaming NFTs really taking off. So like I think game five is probably one of the really big next use cases. And then we’re seeing like a whole rise of like corporate embracive NFTs, which is really interesting. And it’s funny, cause these are pretty distinct communities I’ve found out actually. So I met with someone at Betsky this week. Who’s like talking about how to get, you know, giant companies familiar with NFTs, like even watching the Macy’s Thanksgiving day parade. Yeah. Just a couple months ago they were talking about NFTs. I think I’m most excited about like the crypto native use cases. I think, you know, you talk a lot about music, music NFTs have taken off a lot. I think sound was, you know, a big deal for the community sound.xyz launching. And it’s funny because one of the co-founders of sound used to work got optimism, which now we’re very close with the optimism team. Cause we run the NFT marketplace there.

Small world.

Mark Dawson: Yeah.

How Do Creators Get Started in Crypto?

Crypto, the crypto community is in general, a small, small community. You know, one thing that I like to tell, like newcomers into the space and I’d love to hear your point of view is the best way to jump in as a creator, as a musician, whatever wanna call it. Right. I mean, let’s talk about musicians cuz we’re on season four of music is to attend these conferences and make your name familiar with all the, like all the sub niche communities from all the site events happening to all the booths that are taking place at the conference itself. And when you advise creators, because you also have the music fund, which will get into a minute, but when you talk to creators and when they come to you, like how do I get started? Right. What is your kind of like tip for them?

Mark Dawson:

Yeah, for sure. I think to me the most exciting part is the crypto native piece. So I tell people to start by listen and joining other communities, I think the most successful creators do that. So like go buy an NFT on catalog first before minting one for example. And I also am personally just real excited about creators who are committed to like community building. So I guess maybe we all have a spicy, hot take, but please you know, Whitney Houston did an NFC drop on one of which is a big corporate NFC platform. Whitney Houston is dead. Yeah. So if you can, like, to me that’s like a foil of like the most like inorganic sort of cash grabby thing do on the other side of the spectrum is like Daniel Allen who is like sort of making music in building community in a really crypto native way. He’s like starting a Dow called like overs stem. Is that the name of his DAO? Yeah. He’s started by participating in web three spaces before he to do is drop. So I think for a lot of creators you want to like try to understand what makes crypto cool. What makes it fun? I think coming to events like eat Denver is a great way to do that because you meet like the culture here is like very unique.

How would you describe it actually to someone who’s unfamiliar with it,

Mark Dawson:

Highly whimsical. Okay. And idealistic actually, which is sort of more and more uncommon today. If you think about like web two is like sort of pessimistic, like the biggest musicians today are like Billy Eilish. Who’s like sort of over it. I see like sort of unbridled optimism at a place like eat Denver. You see people in unicorn costumes 

Feels like people are themselves here.

Mark Dawson:

Yeah. Yeah. There’s also

As much as like imposter syndrome is like roaming the streets of crypto. It, you still feel a lot of like connectability. And you get to know people as people here, like you said, people are dressed up as costumes. They have like face paint on yet they’re like top 10 contributors, like a crazy protocol. And it’s like, wait, you don’t look like the person that would fit this type of character. And then you think, wait, all of crypto is like that.

Mark Dawson : Yeah, for sure. And it’s interesting cuz there’s so much like diversity in the even like ideologically you see people who are like straight up communist, straight up libertarians. And we’re all like hanging out you know,

Despite cultural differences, despite like political differences, we’re all aligned under the ethos of crypto. You

Mark Dawson: That’s so funny. Yeah. I’ve never seen so many different types of people get along.

I’ve also noticed that. Yeah. And I’ve also experienced that firsthand. Yeah. Yeah. And I think, you know, a lot of people have been getting like canceled on crypto Twitter, but despite all the differences, despite a lot of people’s differences, like politically, socially, whatever it may be, culturally crypto is still something that brings everyone together. Yeah. Right. It’s still that relatability, it’s still that money making machine it’s that technological machine that everybody, or a lot of people align with and collectively want to improve. Right. So you feel this unity, you feel this unity in the air.

Mark Dawson: Yeah. I also think it’s interesting because, because there’s that outside pressure that crypto like there like this, these I’m a, I run an NFT company sometimes when I tell people NFTs, I get like pushback. When I tell people why is that there’s like a narrative that NFTs are maybe bad for the environment or that it’s all Ponzi scheme.

Do you think there’s truth to that?

Mark Dawson: Yeah, for sure. I think there’s yeah, but the problem is it’s never, I think the best critiques of the crypto community actually usually come from the inside I’m I find that the critiques coming from outside don’t actually understand that people have been on this for a long time. So Ethereum has been moving towards proof of stake, which would, you know, solve a lot of the environmental concerns since 2016. It’s just a pretty technically challenging thing to do to take the world’s most valuable blockchain and move the consensus mechanism. So, but you know, it doesn’t like when I explain to people that, or when I explain you can, you know, do NFTs on polygon or layer twos that have different environment implications that doesn’t usually change the conversation very much. So I do think, you know, I, I think good critics are great, but I find a lot of bad critics outside of crypto, but what’s interesting is the bad critics outside of crypto unify everyone. So I am a big some people I’m, I’m not a Eth maximalist, but I’m an Eth most symbolist. And so I don’t, you know, do a lot of stuff with like the avalanche people, for example, or I don’t build on avalanche. You could say we have like very little in common, but when someone outside of crypto starts attacking avalanche, I’m like, we are friends. Like we are together, you know? Yeah. So it does unify people, I think, feeling like you’re part of counterculture in some way, does unify sort of everyone in the space. 

What is Quixotic Trying to Solve?

Talk to me more about Quixotic. Okay. Yeah. And what you guys are actually trying to solve over there. From an external point of view, it may seem like another marketplace, but you guys have your unique twist. Right. So explain to me what the USP is. What are you guys trying to solve? What type of creators are you targeting on that specific music or not music, but the largest NFT marketplace on optimism? Gimme the rundown.

Mark Dawson: Yeah, for sure. So we were building, I’ve been building like L one NFT projects for throughout 2021. So we made like something called NFT postcards where you can like min to card and send it to someone which is kind of fun. And then, you know, we also run music, which is an L one NFT community, basically. L one gas views are totally crazy. But people still pay them today because the culture like the culture and everything is on Ethereum, the legitimacy, right.

And a lot of the money

Mark Dawson: A lot of the money, right. The buyers are on Ethereum. They like have, you know. Yeah, exactly. And so the plan for Ethereum scaling is actually not to scale E L one. You know, the long term plan is not for gas fees to get cheaper on L one. The plan is to move the community to L two, which there are a lot of good arguments for on the technical side, but the problem there needs to be people who help the community move on culturally to a new network a new layer too. And that’s actually a huge social coordination problem. Yeah. And cultural problem. And so far I’ve seen a lot of people take a, not opinionated stance on that. So they say like, we’re gonna be multi chain or we’re gonna support lots of solutions. A we decided to me and Daniel at our company decided to build an entity marketplace focused on moving the community to layer twos. So gas fees are about a hundred times cheaper. It has the same, almost the same security properties as Ethereum. And I can get into that, but that’s a little bit technical. And there were already some NFT communities being built. So there were a few NFT communities, but there was no marketplace and actually joined one of those NFT communities. And it was funny cause there was no marketplace. So it actually made me feel like early days of crypto where like, you’re sort of like, how do I get one? You message someone into discord. Yeah, yeah. The way, so there’s a collection called opt punks. Okay. And I wanted one, but I missed the mint. And so I like hopped in the discord and everyone was like, what’s the floor price. And it’s funny cuz if you don’t have a market, you don’t know what the floor price is. I was like, I just threw out a number. I was like, I’ll pay 0.05 E for one, someone messaged me on discord and they’re like, okay, I’ll, I’ll sell you mine. And so I was like, okay, I’ll send you the money I guess. And he is like, great. Send it to me. And I was like, okay, I trust your discord

Random. None. Yeah. Yeah.

Mark Dawson: And, and then he sent me the opt back and I was like, this is kind of magical. That’s like the same you know, culture coming through. And it’s funny cuz now he’s like a pretty active person in our discord. So we’re like, oh cool. Yeah. We’re like, there are these communities building on layer twos, but you need all the infrastructure again. And it, it seems like a lot of the successful pro on L one Ethereum are also sort of caught in an innovator’s dilemma, mini one where like they’ve made so much money on L one Ethereum. There’s not a huge incentive to build a new culture, a narrative around L two S for them because they’re making huge amounts of money on L one. So we’re like, well, try to build a marketplace focused on helping people move to L two. And so like gases, there are about a dollar and I think also one to $2 just for a trade. So an open sea that’s, you know, like 150 bucks for a trade usually. And also it’s kind of fun to just be early again on something new. And I also just personally like the mission behind optimism, which is like to fund public goods and to help projects succeed that don’t have a business model behind them, but are still really valuable. And there’s a lot of that mission oriented culture on the projects that build on optimism too. So that’s like pretty fun and optimism is run by like Ethereum OGs. So people who were, have been involved in the space forever. So that’s fine too.

NFT Derivatives and Copy-cat Projects

Let me ask you something. So you call them punks, what was that? Opta, punks, Opta, punks. There’s Solana punks there’s Solana apes. Everybody’s like making or a lot of competitive networks or side chains, L twos, whatever you wanna call them. I’m used to hear what you think about their like NFT strategy. Okay. And I personally have like a strong opinion on this, seeing Solana punks, you know, or like a derivative of board apes or optimism do Omni punks. Right. And you think like, does that actually work towards the narrative of making a brand for that network versus copying, creating derivatives off what originally worked on Ethereum? Like how do you feel about that?

Mark Dawson: Yeah, I think the best way to grow an ecosystem is to have high quality novel projects. Right. So I do think the copy pasta can be fun. Cuz it feels like early, like it’s crypto punks, but the real value’s gonna come from like novel projects. And it’s interesting cuz like for optimism, we’re so early that we actually get to build the culture. I think for Solana and polygon, for example, a culture has been built. And it’s, it’s actually a little bit tough. I feel sort of bad for my friends who built on Solana because there were some high profile projects that were just not cool. Launching there. I think they can change the narrative, but I do think beginning with high quality novel projects is pretty important. 

Yeah. Makes a lot of sense. You know, when we first met, it was like in, it was in LA in like the Hills of Hollywood, I think at some party, some event. And at the time you were working on something called Music Fund. Yes. Okay. So which I found particularly interesting and I’m on my laptop here and the intention of the music fund is basically it’s a web through community that finds funds and supports up and coming artists That’s is, did you start that prior to starting this NFT marketplace? Yeah.

Mark Dawson: That was our first big project

About MusicFund

Music fund. So walk me through, what is music fund? Why start that? What were some things you aimed to achieve and where you can goes? No.

Mark Dawson:Yeah, for sure. So to be, so when we’re starting music fund, we were hoping to, we were basically making it an NFT community and now I think it’s really, we should have always thought of it as a DAO because we didn’t want it to be a PFP project and the NFTs themselves are not PFPs. But based the vision is for it to be a music discovery Dow. So a lot of people in LA love music love discovering music and maybe even want to be like an A and R which is like the person who I guess gets paid to discover top talent. The idea of music fund is that if you wanna, if you love talking about new music join our community and every month we’ll give away grants. So we already gave away our first two rounds of grants and we’re doing our third run of grant right now. We did our first run of grants in October. And our second round of grants we did in November and a woman the woman who run won that her name is bell and she actually went on, she’s just struggling LA musician who was new to crypto. And she went on to, we gave her like a relatively small amount of Eth that was like 0.6 Eth. And

Which in Eth terms, it’s like a small amount, but it in like real life terms, it’s like at the time, I don’t know what price, but it could have been like two K

Mark Dawson: Yeah. Exact. Yeah, it was. Yeah. So yeah, that was great for, and then she went on to sell a song on catalog for one eighth. Oh,

Oh

Mark Dawson: And so she was grateful to our community and it made her excited about crypto. Now that was for the first two rounds, our team like selected the people we’ve been just working on progressively decentralizing it. So now it’s a hundred percent community run. So if you own the NFT, you can nominate an artist. And if you’re and the discord a lot, you can sort of make the case to the community that they should be up voted. And they’re sort of an up vote system. And whoever at the end of the month ends up in the top three spots. We give a grant to each of them. 

What does a grant amount look like? Is it all 0.6 or

Mark Dawson: It’s 0.6, 0.3, 0.5 and 0.15 for the top three spots.

Got it. And the money that used to find it is the money that was raised through the NFT.

Mark Dawson : Yeah, exactly.

How big is the community

Mark Dawson: Actively? You know, it’s funny, there’s like probably tiers of engagement as a, any community. So there’s probably a few dozen people really active in the discord and maybe be we didn’t sell that manys at first. So that was like kind of discouraging. We weren’t great at the marketing game early on. So we sold only like 250 or 300, which was still good. We raised like four or five E that’s why our grants are relatively small.

But enough to get started

Mark Dawson: Yeah. Enough to get started for

Sure. Just it’s like more than generous.

Mark Dawson: Yeah, for sure. And we’re playing on using all the proceeds. So as like the central team, we’re taking none of that zero. So we’re using all the money for grants. And basically the motivation behind music fund was just to build a really awesome web three community. Our company, basically our goal was to provide infrastructure and tools to, for NFT communities. And we started by building our own, like just something I thought would be cool to exist and then figuring out what tools were needed. And we developed a ton of tool, cool tools that other people are interested in. And so now our core business is the optimism marketplace, but we, you know, work with like all sorts of communities. Like we do gas list voting and stuff and everything is, you know, with your wallet, you’re like signing all your votes and stuff. So that’s like kind of cool. And yeah, we’re still actually figuring out how we’re going to gonna eventually make it full of community run. So goal is to like no longer own it as a company or anything like that and just make it like a community project.

Current State of Music and Web3

Got it. Yeah. What would you say is the current state of music X crypto?

Mark Dawson:Yeah, that’s a good question. I think what’s interesting about music is it’s very similar to one of one art and like some people love it a lot and want to buy, buy a song or something like that. But you don’t, it’s harder to form like a PFP community around it. It’s also interesting cuz it’s the music itself is not as shareable on social media cuz the Internet’s just so visual. So like you can share songs sort of on Twitter, but it’s like really not the same as sharing a photo of an entity that you bought. So I think one thing I I’d say actually of the best Dows examples of Dows in the web three space is a music research, Dow that’s water and music. I think they’re in my opinion, the epicenter of like web three music communities.

And it’s really fun because when people outside of crypto say like, what is crypto doing? That’s not just, and we’re looking like there’s a lot of Dow hours that do things for crypto people, but water music puts out really high quality sort of decentralized journalism about the entire music industry and also about crypto music. So I am pretty bullish like web three music creators. I am not sure about a existing Hollywood talent really doing something interesting with NFTs in music and crypto, because once again, they’re in an innovator’s dilemma where it’s actually worked out really well for you if you’re very famous. So if you’re like Miley Cyrus what’s why would you give part of your royalties to your fans? It’s interesting. Royal is probably the most interesting project and they’ve convinced some pretty famous people to, to do that, to do that. Yeah. And that’s actually surprising to me. So I hope to see more of that. 

Do you think the market favors more independent artists in like up and coming artists or established artists?

Mark Dawson: Yeah, I’d say there’s two markets basically. So there’s like the crypto native market. And there’s like a group of characters over there, you know Daniel Allen,  Latasha, even gore. 

Laton yeah.

Mark Dawson: I did the bad thing where now I’m forgetting to name everyone. Yeah. And then there’s also like crypto forward, preexisting famous people. So like BBL kind of fits in that category, dead mouse, maybe. Emoji heat, I think is like very pro NFTs. What’s interesting is I think community building looks really different for those two groups. I do hear some people say that the end game of, of all these things is like a social Dow built around the music. Just like there’s fan clubs, like I think red light management, a pretty famous management firm for musicians started as, do you know the story here? It started as like, I think the, just managing like the Dave Matthews band or something. Okay. And then basically they’re, you know, huge fan clubs for, for some musicians they formed like huge music communities around them.

I think Kanye west in early days, there was a website where his fans would talk about his music and it became like legendary. Mm. I do think it would be really fun if eventually all, all creators, all musicians formed social Dows. So instead of just being a fan, you’re like a member of whoever you like, you’re a member of their group. And maybe when they do a tour, they do a public show and then a Dow show or something like that. I’d be very excited about how we get there and whether it’s gonna be like existing, famous people or completely new people. I think is an open question. I think it’s more likely that the newcomers will there more quickly because they’re really open-minded. One piece of advice I actually get, I run a crypto startup. A lot of people tell me who are outside of crypto to try to take the crypto piece out of it. And that’s always worked out very poorly for me. Hmm. 

Why is that?

Mark Dawson: Why has it worked out poorly?

Yeah. Why when you try to take out the crypto piece and like make it less obvious to the end user. I mean, I have my assumptions thinking that a web two user is one, is a one class is like a class of an audience that has their own needs. Their own wants their own desires and web three users have their own needs, wants and desires. So, so, and you guys have also branded yourselves more as the crypto forward crypto native. Like when you go on the marketplace, you’ll see L two as the top banner, right? Yeah. Intentionally with, with the intention to do that. So walk me through when you remove the, the crypto element from the narrative. Right. And you just make it the, the, the infrastructure that just runs everything. Why, why has it not worked in your favor?

Mark Dawson: Yeah, it’s interesting. One. I think crypto is like, actually very exciting. Like we live like in now when I tell people I work in crypto, it’s like at a coffee shop. Wow.

People are like, you’re the coolest guy in the room. Yeah.

Mark Dawson: Yeah. So I’m like, you’re kind of telling me to abstract away, like the, the coolest part. Yeah.

Interesting.

Mark Dawson: But the thing is people who care about crypto are like very like, like a lot of words come to mind that are crypto words, like wa me or like Yolo type people. Like they’re going, they’re willing to like, ye one Etc into your drop. You know, because you know, they’re DJs, these are all crypto words versus like, okay, let me try and take this to a web two market. No one’s gonna pay $4,000 for a JPEG. That’s not an, so I think all the, like a lot of the incredibly genetic exciting behavior is in the crypto native spaces. And then the other piece is that like crypto just has a very special culture and like, I wouldn’t, I think will reach mainstream adoption, but like, I think it’s actually very fun to participate in crypto culture today. Like we were talking about eats Inver earlier. I think it would be sad if this, and one day it might there are no web two conferences or like maybe it’s that south by Southwest or something. Yeah. But like, I think it’d be sad if vital gave a talk last night. I don’t know if you were there.

I tried to make it. Yeah. I couldn’t make it.

Mark Dawson: Yeah. It was fun. 

It’s always, I feel like it’s always great to see him speak.

Mark Dawson: It’s remarkable how open he is. Like, he’s actually a billionaire and doesn’t have private security. I’m actually almost like for all of our sake, like please hire some.

So let’s talk about that. We’re already on the subject of culture,

Mark Dawson: Right?

Metallic, billionaire, no security comes in there with pajamas. Right? Fun, like a fun, a fun bag, right. A headband, you know? Yeah. As if he’s like preparing to go to bed right after this. Yeah. And then he’s like embedding him. So off into the community, being levelheaded with everyone, taking pictures with everyone, it tells you a lot about Ethereum’s culture.

Mark Dawson: I think openness is like core to it. And and a sense of like, yeah, like it’s whimsical and fun and it’s like serious, but somebody doesn’t take itself seriously. I’ve never seen a group of, I mean, last night I was talking to a guy I was like, oh, like, where are you coming from? He says, Puerto Rico. I dunno if you know what that means in crypto world. So you moved to Puerto Rico.

Oh, like a tax shelter. Yeah.

Mark Dawson:

Because you you’ve made so much money. Right. That you now think it’s worth to live in Puerto Rico. So I’m like sitting next to a guy who’s, you know, maybe had is eight figures of wealth. I don’t know. And he’s just like the chillest dude to ever. And it’s, it’s very, very weird culture in that way.

You know, when I went to Solana’s first conference in Lisbon Solana break point. Yeah. Were you there?

Mark Dawson: No, I didn’t make it.

So I was there cuz I was getting deeper, like were curious as to what was happening on Solana. You can tell a lot about a community based off who attends its conferences.

Mark Dawson: Yeah.

We just use the analogy and the example of vitality coming here and him being the leader, like the unofficial leader of Ethereum. He’s a role model to many, many people. Right? A lot of builders, a lot of founders, a lot of funds, a lot of the day to day contributors to the ecosystem. But he embeds himself with everyone else. Right. When you go to break point, you go to Solana, there could be many factors why it could have been their first conference. It’s all good. But just like taking us a step back and looking at everything from like a Hawks point of view, when you try to go talk to Anto or the other co-founder right. They’re guarded by security guards. Like, oh wow. It’s like a wall, like an absolute wall of beasts just like hovering over them. And everybody’s trying to talk to them, say hi, whatever. And you just can’t, you just genuinely can’t. And again, that could have been just one impression that I saw, but this is just my takeaway from the conference. And also you can tell a lot about a community, not only by who attends a conference, but who puts together the site events and the people attending the events 90, 95% of them were investors. A lot of the investors just started funds in the last six months or so some have established funds, but it’s all investors, right. Or mostly investors. I didn’t find too many builders. I didn’t find too many hackers. Which like made me think twice about like what is actually happening on salon? Why is it only investors? Where are the costumes? Where, where is that culture that makes it fun, exciting, like click baby. Cool. You know, weird. So yeah, just, just something to think about. Like, you can tell a lot about a community based off of who attends its conferences and seeing how vital is just so level headed and so like himself. And so I don’t wanna say weird because his weirdness is actually applies to like everything that he built and why people idolize him in everything. Right. Yeah. What are your thoughts on that?

Mark Dawson: Yeah. I hear some people talk about mercenary culture versus missionary culture. 

That’s a good way to put it.

Mark Dawson: Yeah. And it’s interesting because I do think you need both. So with me and my co-founder, we’ve talked about this with each other and Daniels says like I’m more the missionary and he’s has a little more mercenary really. Everyone’s like a little bit of both. But Ethereum, despite the crazy high value of all the De-fi protocols tends to have a missionary culture. Like when the people went up to Q and a metallic I dunno if you saw the Q and a part, multiple people were like, like one guy said, thank you for existing. Another guy was like, I’m. So like, they were like stunned. Like they weren’t talking to they were talking to some, someone really looked up to yeah. Like in an, a mission oriented way. Yeah, sure. And it’s funny. I actually think some parts of the etheric system could be more mercenary oriented because the Ethereum foundation is really pays very low salaries actually.

Oh really?

Mark Dawson: Yeah. And they’re nonprofit, you know, versus salon labs for profit, you know? So I do think a, like maybe Ethereum could use more mercenaries and that’s actually, I do like that some layer twos are very aggressive about scaling Ethereum.

But I think it’s by design though, mark, and I’ll tell you why, because if there was too much money involved, then it’d be uncomfortable. Well, and, and everything would be about money.

Mark Dawson: Well, right. And the problem with mercenary culture is if you people to vote on your chain and you’re promising low transaction fees, you’re that works for like a year or two. And then someone else comes along and they also have money and low and cheap fees and they say, I’ll pay you more money. And our fees will be cheaper. And then the, all the mercenaries, you know, do the mercenary thing and move on there are there, like, I hear the term ETH Maxy a lot. I don’t meet very many like soul Maxis. One other group that somehow has missionary culture as Bitcoin. Like you hear a lot of people who really believe in the Bitcoin mission. Yeah. And I think that type of buy-in is really special and you can’t like it it’s very long term oriented. Yeah.

Yeah. You know, a lot of what you guys started at the music fund is very missionary culture.

Mark Dawson: Yeah. I think a lot of I think that, yeah, a lot of what me and Daniel, a lot of our personality kind of comes through and a lot of the stuff we’re building, it tends to be whimsical. Interesting. And ideally trying to make something that everyone thinks is cool rather than like music fund didn’t really have a business model. Like yeah. Yeah.

Yeah. It makes a lot of sense. I’m excited for you guys, what’s in store for the marketplace for this year, the next few months.

Mark Dawson: So if you haven’t heard yes. It’s it’s layer 2. Okay.

2022 Is the Year for Layer 2s

I believe that yeah, its a lot of the Eth Denver too. Yeah.

Mark Dawson: So we believe layer twos are gonna take over this year. Not even cuz people are excited about them, but just cuz gas views on L one Ethereum are crazy. So we’re hoping to basically help the community move on. So today we only have like about 30 collections. We’re hoping that a lot of people who are building on L one bridge their NFTs to optimism and we hope like many more people like use our marketplace use layer twos. And we think that that’s the best way to you know, like I think salon, like I hope salon also does well. Like I think Denver, there’s a actual culture here and I don’t want it to be only whales can like transact on Ethereum. So the way we do that is by moving to layer twos. So for us that’s what we’re focused on is moving all this culture onto layer twos and even like creating new and the other cultures. I mean,

What is Layer Two Community Culture Like?

Yeah, yeah. What is layer two culture?

Mark Dawson: Yeah. It’s cause

It feels like layer one culture is like Eth Denver or like, or like Eth CC. Yeah. what is like does layer two need a whole new culture?

Mark Dawson: Yeah. So I think it’s, there are many layer twos. Okay. So it really depends on the chain you’re voting on. This is something that also people, people outside of crypto it’s like surprising is that the chain you build on does end up affecting the culture actually. So a project on salon is different than a project on Ethereum, like an artwork. Like why do artists pay, you know, 200 bucks in gas use demands on Ethereum? Like you said, the, the liquidity is an Ethereum, but also the culture. So with optimism, you know, they’re actually not a for-profit company. So I say we need more mercenaries, but I keep picking the missionary types. So they’re giving all the profits of their protocol all to public goods funding in the ecosystem. So that’s like a really interesting piece of culture and it does influence the projects that choose to build there. When you talk about ZK, rollups, that’s another way to do a layer two, like with ZK technology it’s really nerdy. So like you have like hackers, you know building over there. You also have like other layer twos, like immutable X just announced 

Game

Mark Dawson: Stop came stop. Yeah, exactly. So I think that’s gonna be like awesome, but it’s also probably gonna be a little more corporate, but it will bring onboard by tons of new people in. Yeah. So, yeah. That’ll be cool too.

The NFT Landscape in 2022

Yeah. Yeah. I’m excited for what, 22, 20 22 holds I’m really excited to see how the music scene kind of plays out. I’m excited to see more musicians and more artists start their own quote unquote creator Dows and what that really means. I think they’re more based off like token based community. I’m excited to see more people mess around with royalties. Yeah. And because right now when you buy like a music, NFT ownership is very much of a gray area. Like what do you actually buy? What do you actually own? Yeah. Currently it’s just a collectible. Right. I know a lot of people are betting that in the future there’s gonna be in infrastructure that allows you to basically put your music NFT on like a decentralized Spotify of some sort. And then you’ll be able to show visually that you’re the owner of this. And then you’ll earn part of the streaming and listening data or listening royalties if that ends up being a model, if, and when that ends up being a model. But like how do you kind of see the music NFT landscape laying out in 2022?

Mark Dawson: Yeah. I hope we see some like breakout successes. I do think it’s usually like a really compelling example that moves the whole industry. So like board, a PI club kind of created the PFP thing uni swap sort of, or the launch of compound the comp token and, and uni swap tokens really made De-fi summer happen. So I hope like one creator just, and hopefully multiple, but I think we just need one to like totally knock it outta the park with amazing experiences. Like I’d love to see a world tour for everyone in your Dow or something.

Hmm. What would that be like?

Mark Dawson: Like, I think it’d be fun if, so in a lot of communities there’s already like LA New York SF maybe Denver I’d love to see like maybe a creator traveling, but the shows are organized by Dows and they’re primarily four Dow members or something like that. Got it. And it’s funny, cuz even like, when you go back way, way back, that was kind of the vibe I think of like music like in the sixties or something where like people like travel with the musicians and stuff. So literally yeah. I’d love to

See thats a good point. Yeah. Would you go on tour with that with a musician? 

Mark Dawson: Some actually, yeah like I’m like pretty down for a lot of crazy people. Really. I have a job, so it might be tough with that, but like for sure there are some people I would follow.

The Most Interesting Music NFT Use Cases

What are the most interesting like music NFT or music creator use cases that you’ve seen happen so far besides Daniel Allen, for example.

Mark Dawson: Yeah. that’s a good question. I think royalties are interesting. Just sort of legally. But yeah, I haven’t personally like it’s still, for me, I haven’t seen I’m like a show like token gated. Like I would let like there’s constitution Dow. Right. I was actually joking with one of my friends. I like love a Levine 

Shout out.

Mark Dawson: Yeah. And I’d love to just like form almost like, I, I don’t know if this, this could be a good idea or a bad idea, but like permissionlessly form like a Levine Dow and be like, we’re gonna bring you to LA and just like the whole purpose is just,

We’re gonna crowd for money to pay for a show that we can watch.

Mark Dawson: Yeah, exactly. Wow. Yeah. And like, that’d be

Cool.

Mark Dawson: Yeah. So and I think one time use case dos it’s fun. Cause you don’t have to make sustainable like constitution do was like, we don’t have a plan. We’re just buying the constitution and I’m like, we don’t have a plan. Like we’re just gonna bring AV Levine here or maybe, I don’t know how she feels about crypto. So you probably want someone who will likes crypto and do like a crazy show in LA historic park and all the DJs from California and the west coast can come down and I’m like, let’s do it. So I, I hope that happens.

That’s a really good idea.

Mark Dawson: Thanks.

That’s a really good idea. They should definitely do that. Yeah. And have why the NFTs on your marketplace? Yeah, exactly.

Mark Dawson: We can do it on layer two. Yeah.

Wait, let’s walk through this example for a minute. Okay. Yeah. Sure. So you would issue and build a site similar to Music Fund. Issue NFTs as tickets or would the utility of a ticket would you reach out to her prior that you’re doing this? You’d be like, Hey Ava, Levine, we raise all this money. Come perform now. Like it’s called the Ava Levine live performance don’t disappoint us.

Mark Dawson: Yeah. I mean, it’s funny. I would probably do a background check to make sure it’s like at least likely. Okay. So like some artists are like, you know, totally not touring. But yeah, I like check that. It’s likely that they’re open into it. It’s funny cuz my guess is like, it might even be, it might not take it seriously at first. A lot of people outside of crypto tend to underestimate it and then yeah, just like.You basically just need the right. A lot of crypto is actually about the micro influencers on Twitter. It’s about crypto Twitter. So if you just get the right people on Twitter to think this is awesome, then yeah. We spin up the site, sell the NFTs, maybe throw an one. Funny thing is I’m like also unabashedly, like millennial, I loved like 2009, like all the music. So like we could have a chewy aesthetic that could be like the theme or something we could throw all the after parties. Yeah. I mean, I think basically you just put up a site, see if people buy it and then have a really competent team execute it.

That could be really cool. I wonder what that could look like at scale and if there’s a product play behind that at

Mark Dawson: Well, that’s, what’s so fun is when you prove that something’s possible, then, then you can get all this institutional support that is necessary to build a long term thing. So like constitution do proved that you could crowdfund $40 million and the, that made it possible to do like, I, I don’t know what people have done directly from constitution do, but like board API yacht club for sure. Made it possible to fund all sorts of different entity projects. 

Mark’s Thoughts on Web3-native Music Royalties

So that’s really cool. Yeah. So, okay. Beyond crowdfunding live performance by a Levine. Yeah. What other interesting music NFT or music ex crypto use cases are you excited about? And maybe we can even talk more about the royalty side of thing too. Yeah. Because that’s a very gray area section with plow issuing a limited digital asset and LDA as the legal formality of being able to sell streaming data. Right. Or not streaming royalties in, in kind of democratize is that entire process. Which is by far, in my opinion, the most exciting use case, cuz that’s like tangible utility. Right. It it’s more than just a gated unlock for a discord. Right. how are you guys thinking about royalties? Like how are you and your co-founder from a marketplace of view from the music NFT fund point of view, how are you guys thinking about music royalties and the democratization behind that?

Mark Dawson: Yeah. One funny thing about music fund in particular is it’s actually no strings attach grants which we think is like the, well, it’s a very effective way to onboard people. Because it’s just free money.

You want money? Yeah. Come take it.

Mark Dawson: Yeah. but it’s also fun because it means that we can be really like it creates a lot of trust between us and artists and our community. Because we’re not trying to promote I think we like catalog and mint songs and sound.xyz, but we’re not promoting any of them. And we’re not saying you need to tokenize in any particular way. It’s interesting. I think the decision of how and when to tokenize is actually really personal for artists, which is why I think it might take a while because you really get a token launch like one time. So like at least a creator token launch and deciding whether there’s utility built in from day one is, is really complicated. Especially if you’re giving up you know, something important to you like upside in your own career. Like you, I think there is definitely like a black mirror type outcome you see sometimes where it’s like do you watch, I don’t know if you’ve seen Rick and Morty. Yeah. There’s like a meme. That’s like, this just sounds like slavery with more steps, but it’s like, there is like a sad world in which like you like tokenize yourself and then you like, yeah, there’s like a crowd of people on the internet telling you what you have to do. And that sounds like super, super sad. So in terms of royalties, we don’t do royalties for music fund cuz it’s just grants. I think what I’m excited about, whether it’s royalties or something else, I think fans need true upside in the artist career and that’s the most exciting piece of NFTs or social tokens.

Outro

Yeah. Makes a lot of sense, mark. I think this is a, this is a great place to wrap up before I let you go though. Where can we find you? Where can we find the projects that you’re working on? Spiel yourself, your handles all the above.

Mark Dawson: Yeah. You can find me on web three mark on Twitter, web three, mark dot E yeah, that’s the best place to

I’m hazing. We’ll have to do this again in a few months. Thanks for being on.

Mark Dawson: Yeah, it’s been great.

Categories
Podcast Transcript

Redefining Music Metadata and Decentralizing Spotify


Listen on:
Spotify | Apple Music | Google Podcast

Background

Mint Season 4 episode 19 welcomes Dwight Torculas and Garrett Hughes, co-founders of the music NFT marketplace, MintSongs.

In this episode, we discuss: 

  • 01:53 – Intro
  • 05:38 – What is Mint Songs?
  • 13:59 – Data-first Communities
  • 18:17 – Can NFTs Help Define the Future of Music?
  • 36:05 – Collection and Ownership
  • 38:54 – How to Convert Fans into Collectors?
  • 43:23 – The On Chain Revenue Model
  • 47:43 – What is Metadata?
  • 57:42 – How Does a New Artist Get Started?
  • 1:06 – How do You Price an NFT?
  • 1:25 – Outro

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

1. Coinvise – https://coinvise.co

2. Polygon Studios – https://polygonstudios.com

Interested in becoming an NFT sponsor? Get in touch here!


Garrett and Dwight, welcome to mint. How are we doing? How are we feeling? Thank you for being on.

Dwight Torculas: Yeah. I’m feeling personally electrified and ready to be on the legendary mint podcast.

Garrett Hughes: Likewise. Yeah. Enjoying East Denver.

Yeah. We’re here, Jesus. It’s been crazy here so far. I feel like between dead mouse and all the other side events, there’s just, it’s too much chaos. I’m personally exhausted. How are you guys keeping up?

Dwight Torculas: Yeah, man. It’s pretty hectic, but it’s just great seeing everyone you know, putting faces to Twitter PFPs is one of my favorite pastimes now.

I love it.

Garrett Hughes: I think like meeting all the web three music, people in real life has been like my favorite thing by far that’s what’s keeping me energized.

This the first time actually everybody’s like meeting one another, at least on your end, all the other like music companies, all the other music projects, the creators and whatnot.

Dwight Torculas: Just this trip, I mean, we met the Arpeggi folks. We met the catalog folks and I just met up with a decent folks. This is the first time we’ve met them in person, so, yeah.

Garrett Hughes: Yeah. And then meeting up with some of like the older heads that had been around the space, Jack Spilone Dan Fowler all those guys. Those were all my first time. Lenny young Spielberg. Lots of new interactions.

Intro

Well, look, I’m excited to have you guys on part of season four, all about music. So why don’t we just dive in? Okay. Garrett, who are you? Dwight, who are you? Give us a quick brief about yourselves. What are you guys building? I think we can start there

Dwight Torculas: So amazing. Yeah, I’ll start, shout out to my mom and dad for giving me a guitar way back in the day and starting this insane snowball of a journey in music. Playing in bands in middle school and high school and then getting into shows and festivals and, just being around music for my entire life was one sort of parallel happening. And then in another sort of parallel, like I was getting into crypto, like in 2013, just frustrated with why can’t I buy any stocks, like, and why can’t I participate in financial markets? So I got into crypto around then, and that has been sort of my life. And you know, now we’re here at Mint songs sort of colliding those two worlds together sort of handed off to Garrett to sort of tell his story and then we can get into Mint songs, but before we started mint songs, I was a venture capitalist. Just seeing startup companies and screening thousands of them. And luckily for me, I saw six of our investments become unicorn companies. So I spent a lot of my time just watching and following and observing how our founders went from zero to one and then went to scale was a key focus of mine for the last four years. So valuable and shout out to, to Kyle, Evan, Omar, and sued there at AAF for, for giving me that experience. Cuz it was so, invaluable, but yeah, handing it off to Garrett, to tell his story. Yeah.

Go ahead Garrett.

Garrett Hughes: Yeah. I got into crypto around 2016 or so ironically by Dwight, Dwight was always early crypto. Then that rolled right into the ICO phase, which was like, one of the craziest times in crypto. Around that time too, you know, me and Dwight went to the same college James Madison university and I was trying to like figure it out. I was doing photography work working with like Ferrari Lamborghini, like all these crazy brands. And you know, I saw that there was a finite end to that and like scaling to a professional photographers is a hard feat. And so, you know, I took a break, I lived in a tent for three months traveling across the US with my partner, we ended up in San Diego and then I was like, I should start building a career. And so I went into the web two space SAS went to early stage startup called House Call pro out in San Diego and I was like the temp engineer. And then when I left three years later, I was like the hundredth engineer and really just gotta grow with the company. Really exciting times towards the end. I was one of the lead engineers for the MarTech and internal tooling team. So I was like deep in the web too. Like how do we track these users? What are they doing? And you know, I was excited about what opportunities web three could happen and expose. And so yeah, this is like the convergence of two of my favorite things in life, which is music. I’ve always loved music, live shows is like one of my favorite things in crypto, which is like, yeah, the cutting edge of technology.

So you guys met in college then from what I understand,

Dwight Torculas: Yeah. We met in college at an organization called the Society of Entrepreneurs around that. Yeah, it was a group at James Madison where it was just a group of people that wanted to build businesses and yeah, just so fortunate to have met Garrett there while was there.

What grade was that? Was it like sophomore year or freshman year? Do you remember?

Garrett Hughes: I think it was my junior year. I did a victory lapse.

Okay,

Dwight Torculas: Nice. Yeah. His junior year, my sophomore year.

Garrett Hughes: Yeah. And that, I mean, that group had like some pretty cool things come out of it too. Like one of them was Dan Hunt and them, which was the first publicly traded marijuana stock. There’s just a crazy good group of guys.

What is Mint Songs?

Yeah. That’s really cool. So you guys, butted heads met and started mint songs. How did that come to life? Who approached who with the idea?

Dwight Torculas: It was me. After trading ICOs in 2017, 2018, I saw NFTs my first encounter with NFTs was de-central land. And then I saw crypto kitties and you know, for me, I was like, okay, Crypto Kitties, Dapper labs, they got an Andreen check, whatever they do next, I’m probably gonna, you know, focus hard on it and get involved real early. So NBA top shots was that project that they made next, I got in the closed beta and I was like, wow, this is truly game changing. Around the same time I got into nifty gateway and, you know, got the debut NFT art pieces of BEBLE, Mad dog Jones, FXCKrender, and really just participating in this space. Like for me, I was a huge basketball fan. So top shot made sense. And I was also a huge digital art fan. I was following BEBLE on Instagram since I was in high school, I saw him create NFTs. If this space has any legs to it, it’s gonna be, because one of the largest digital artists I follow is gonna enter the space. So, around that time, I sort of saw the writing on the wall. I was like, okay, music artists or digital artists, like this is gonna work for them too. That’s just a matter of time. So, you know, I approached Garrett and, you know, at the time Garrett and I were actually working on another music project, ht was called Channel. And basically what Channel was, it was an app where you connected your Spotify and based on the artist that you followed on Spotify, you’d see, basically a custom what we call an MTV channel of all the videos that those artists would post. It’d show the newest videos from the artists that you posted on YouTube. So really sort of connected those social graphs together. We were already actively building in the music space and then NFTs happened to me and I was like, Garrett, you gotta check this out, man. Like Garrett has a text on his phone from September of me, tell him about top shots and all this stuff. And I was like, Hey, no, one’s doing this for music yet. This is like our moment. The intersection of what we’ve been just doing up until this point.

Yeah. So when he hit you with that, what were some of the initial thoughts?

Garrett Hughes: Yeah. You know, I still hung around crypto, it had kind of died down after the ICO phase. And so I’d stayed close. I didn’t fully understand the use case at first. I think generally in life, like taking a step back and like just challenging your own thoughts is probably a good, good thing. And so I was like, I don’t understand it, but like I trust Dwight basically anything with the way is done and done well for me. So yeah. Let me explore it. And I think it took like probably two months of me, like really diving in starting to understand the space to a point where I was like, all right. Yeah, dude, I will quit my job. Let’s do this full time. Which was like a scary leap. Cause I was at a high growth SAS startup. That’s probably gonna IPO. There’s opportunity cost

Was it worth it?

Garrett Hughes: Absolutely. Without a doubt.

So what is mint songs? What are you guys after? What are you guys chasing? What problem are you trying to solve?

Dwight Torculas: What we identified early on was that there was just a barrier for artists to enter the space which were many different factors, whether it was like, you know, creating a meta mask and storing a seed phrase like that initial on-boarding was so hard and then you have the gas fees. So it’s like, how do you actually create the NFTs and sell them. All encompassing is just the education around both the artists and the consumer. So what Mint songs is trying to do at the highest level is help music artists build web three communities, and we do so by, you know, building the picks and shovels to really help an artist go to their fans and, and onboard them into the space with as little barriers possible. So that’s sort of our, two second on that. But I think, you know, since we started Mint songs back in January of 2021, we’ve just seen the space evolve. You know, we have a lot of awesome like peers in the space now who I sort of mentioned earlier.

I really intentionally, built with Mint songs is just a strong engineering core. A lot of what Garrett and I have built today is like a culture of, Hey, let us build a really strong core and really throw a bunch of darts at the table because right now we’re all still trying to find product market fit. And for us, we know that there’s like this end point, right? All music artists are gonna have NFTs and all music consumers are going are going to have at least one NFT. So like, how do we get to that point as fast as possible? That really played into our core ethos of let’s build an open marketplace, let’s build it so it’s web three native. So if mint songs does, die in the future, knock on wood, that all artists will still have ownership of the NFTs that they’ve created at least, you know, they’ll have the Providence of it. And then the consumers will have the ownership of those NFTs. So really promising these folks like this is the web three future, we’re not a custodial platform. You fully own the NFTs that you create with us. So that’s really the ethos and we’re waiting for that moment, right? Like we’re building towards it where, you know,, hundreds of thousands of artists will under the space, hundreds of thousands of consumers will under the space. And, our thought was let’s build an open space for for that to be a possibility.

So when you say building communities for musicians, what does that mean? So you talked about on-boarding and I also say this like as a dumbed down question, because I want to further define what a musicians, community may look like on chain. Right. So walk me through more of that thesis, like, okay, you guys are building and helping musicians build their communities, right. Through their songs through their tracks. So what does that really mean?

Dwight Torculas: Yeah, that’s a great question, Adam. To start NFTs are really the atomic unit of web three community, right? So whenever you create an NFT, you sell it or give it away to someone. And now it’s in an Ethereum address and know the biggest thing about web three in general, across music, art, what De-fi is really the data transparency. And for us, we tell artists, you know, if you believe in this decentralized future, having a web three community is so important today, because you’ll be able to, once you have a community of say a thousand folks that own your NFTs, you’ll have a thousand Ethereum addresses, you’ll eventually be able to layer an analytics layer on top of that, which will help you be data driven about every single future decision that you make. This is a web three community, actually understanding what your community, what your collector looks like, and then building things, and being data driven about what your community, hikes. So it’ll help you be sort of more successful in the long run, is sort of how I would sort of describe a web three community. It it’s more than just, oh, they’re just my collector. It’s just such a radical thing that we still haven’t fully sort of, adapted to, data play the grail of this whole thing.

Data-First Communitites

So data is a core part of that foundation. Obviously everything is on chain. Everything is traceable. Every interaction says something about you and your online identity. Right. Which is a whole other discussion, but Garrett, how do you think about community personally?

Garrett Hughes: Yeah. You know, I think where I stand with community is like, eventually everything will move towards community driven. Like even in the web two world, you’re starting to see like this influx of community managers and less paid spend. And so through that paradigm, like the ability to have a community, the ability to make data driven insights and actions off of that, like a use case could be of your collectors, what’s the average ether balance. Right. And then, you know, how to price NFTs for the future, right? Or like, you know, there’s token gate campaigns. There’s, activate once you get them in your community. So you can build all these cool social graph tools. Like there’s just endless possibilities. And so, you know, at the end of the day, everybody like customers are community. If you do it right, fans are community, it’s like a core ethos to building a successful anything.

You know, I met someone here at Eth Denver. I think at the forgot which event it was, it was yesterday. Today is the February 18th, yesterday, the 17th. He’s actually doing something really cool. And we talked about community right now, and I don’t know which platform he’s minting on. I just know that he’s gotten really nitty gritty with the development side and like smart contract hacking and is using chain link Oracles to basically bring streaming data on chain. And then his NFT unlocks experiences as his fans engage with that song more. So he has milestones to his songs. So if it hits a thousand, listens that NFT unlocks a new experience. If it reaches 10,000 listens a new experience, a hundred thousand, a new experience, et cetera. So it’s like a dynamic NFT, something similar if we’re talking about creators, Lamelo ball, he did something very similar with his drop in the NBA which my friend did but aside from that, when you guys think about community, like it’s more than just collecting an asset, it’s more than just collecting NFT. You guys, from what I understand and what I believe is like, we’re all betting on everything, or at least almost everything is gonna be on chain. That’s digital, right? From tickets to album covers to songs, to beats, to loops the list goes on and on and on. So you guys are focused more on the data layer, right. And providing them with tools and the minting assets and, and whatever’s required to build that community from what I’m understanding.

Dwight Torculas: Yeah. You know, that’s definitely a core piece of it. Right. Also, a handful of our artists are taking their songs and turning them into NFTs and they’re making more money on turning their songs into NFTs than they are on streaming. Yeah. So I think we also need to be realistic here, right? Like artists are going to, wholly get it into NFTs because there’s gonna be a money making opportunity to it. Like, I mean, that’s why they got into streaming, right. We could talk very high level here and very idealistic about what the future of music and NFTs look like. But for an artist, NFTs are just gonna be another tool to their toolkit. Right. It they’re gonna do touring still. They’re gonna, you know, sell merch. NFTs are just, you know, a digital merch strategy or a gamification layer to their brand, that’ll just be additive and allow them to engage with their community in a totally new way. That’ll sort of will enable them to create brand equity for their fans. Like, I think that’s also an important part. So, you know, I do talk idealistically about like what the end state looks like for an artist and the data driven motives for building a web three community. But, you know, at the core of it, like if we can help artists make more money so that they can keep doing what they want to do, then we increase the middle class and the creator economy. I want the creator economy to be larger. And I think a lot of the folks in the web three space that are building sort of at the intersection of NFTs and creative also think the same way.

Can NFTs Help Define the Future of Music?

Yeah. Why do you guys believe NFTs could define the future of music?

Garrett Hughes: Ooh, that’s a good question. I think NFTs open up, like I’m putting on my nerd hat for a second. Like I think NFTs open up this really unique composable layer that you don’t get in these isolated systems that you see in web two. What that really translates out to be is like the composability of this core unit can be abstracted over multiple different startups companies doing multiple different things to where you get, like, you know, all tides rise, all the ships and you have this really unique experience. It’s the whole ethos around having a shared data set. Right. And so you no longer have to rely on APIs. You no longer have to rely on reliability of, you know, insert whoever’s API here. Like you can just call on chain. Any company can build on top of that and you could just unlock a whole different class of experiences.

What’s your take?

Dwight Torculas: Yeah. You know, I think that what we experience, this is a core philosophy of mine. Like, whatever we experience in the physical space will be reflected into the digital space for sure. And you know, what artists do in the physical space is they sell physical merch to folks. And that comes in the form of hoodies, hats, shirts, vinyl posters. So, you k when people ask like, are NFTs are really gonna be game changing for music, artists is like, hell yeah, they are, they already do this in the physical spaces. It’s just the digital version of it. And if we ascribe to the fact that we are just turning, the physical digital, through, you know, FaceTime and in, in real life interactions and Amazon and retail stores, like this is just an, this is just natural. Like this is organic for them. It’s just an matter of just educating folks that this isn’t like this is crypto, whatever, black box, whatever, but it’s just a reflection of what we currently do.

Yeah. You know, another use case I wanna talk about on the point of community and why I think NFTs could define the future of music, the future of fan and artist relationships. So mint through an event here at Eth Denver on the 15th, this like web three creator meetup, and this really dope, like independent artist, her name’s Queen George, she performed. But it wasn’t just like an ordinary performance. It was done very strategically. So the tickets to actually get access to the meetup were through NFTs and all of her NFTs had Queen George on them. Right. So people were able to mint an NFT as a ticket, and they already became collectors of her without even spending a dime. Now on top of that, not only did they become collectors, but then they came to the meetup and watched her perform. And she had QR codes everywhere, like plastered everywhere so that they can one join her discord, right. And connect their wallet. And two mint a song that she was about to perform live. Right. And talk about like a new experience, because they were able to collect something from her without even spending a dollar, which you think about like barrier to entry, you think about funnels, right? You think about on-boarding users. What a interesting touch point to give something of the artist to the fan without really working for it as much. And then on top of that, tying in that entire experience by watching a live performance. So you collected her asset, you watch her perform live, you joined her discord and you could also bid on an NFT all under one cycle, both URL and IRL. Now, when you guys think about like data and community, these are all assets that are on chain, right. As more of these wallet addresses kind of buy other things, join other communities, vote on Snapchat, on tally, whether it’s off chain on chain voting, she can start building a profile around those addresses. Right. That extends way beyond just collecting an NFT. I’m guessing that’s how you guys are thinking about it as well. Right? Like the intricacy, the data, it’s an onion that you’re peeling. Right?

Dwight Torculas: Yeah. Adam, I wanna commend you on that. Like, that’s an amazing way to onboard new folks into the space. Right. And you know, Garrett and I launched a product recently called Posters that allows artists to turn tour posters and show posters into NFTs that, artists can give away to their fans for free. Their fans just need an email address to claim it. So really thinking through like, how do we create, how do we just lower the barrier for a music consumer to participate in the web three space? We’ve spent the last couple months just talking with our artists and, you know, there is a top of funnel problem where the artists are going to their fans and they’re saying, Hey, go check out my NFTs here. But you know, artists haven’t done the, the educational process. Like a lot of their fans just don’t know what’s happening yet. So what better way to educate folks than free NFTs, right. Like I always like to tell folks this experience of mine, like in 2013, I got my first free Bitcoin because I got it from Coinbase. So I’m like, okay, now look at where I am. So the idea of just making it as low friction as possible, and with your ticket example, it’s a great example, right? Like you create a moment, that moment is valuable. And for Queen George, like she’s able to now sort of see what her collectors are doing. Right. And that’s so powerful. So, you know, over time, I think more tools are gonna enable artists to just embed NFTs into their everyday processes.

And for us, we identified that artists already put out tour posters and show posters. So the next step is like, Hey, we, you know, we just go to artists and say, Hey, let’s just turn this tour poster into an NFT that you can give away to your fans and you can gauge your fans and see who’s interested in NFTs. And at the same time, collect email addresses and Eth addresses. Like it’s all about being genuine with on-boarding. I think on the consumer side, a lot of people are burned out from NF the NFT space because they see the headlines like 69 million RPS from people. And like, what the hell is this? Or is it just like the rich playground? And it’s not really like that. Right. Like, we’re trying to build tools for inclusivity. And a lot of artists are interested in, you know, building in the web three space from sort of this inclusive lens. Like how do I get my entire fan base to play in the web three instead of, you know just selling NFTs to folks. It’s like, how do we just let everyone in and then create experiences around that inclusivity is super important.

What do you guys think is stifling a seamless onboard process today? Beyond the obvious of just downloading a wallet, which is your port of entry into web three, right?

Garrett Hughes: Yeah. Yeah. I think there’s a lot of UX issues. Okay. We originally came in with the lens of like, there is a UX problem in web three, I think that’s broadly known at this point. And so like for us, it was communicating with fans and artists and like understanding the friction points. Obviously the wallet was one. So we introduced a tool called magic link where you can sign up with an email and get a non-custodial wallet. So if you do bridge into that area where you’re now, like deeper, you can get your private key and we never touch it. You can get your private key and go import it into meta mask. And now you’re like, you’re able to convert into that, I’ll call it more advanced user for better terms. There’s also things just around, like, how do you pay and transaction fees, you know, recently we shipped something called meta transactions. Effectively we will cover all of the transaction costs for interactions on our, on Mint songs. And so, you know, now you can come on, like, as an artist, you could come on with zero knowledge of web three, sign up with an email, get a non-custodial wallet, go mint a song without having to have madic, as we’re built on polygon and launch an NFT in like, I don’t know, five minutes, 10 minutes, if that

Solid. Who takes over the gas fees?

Garrett Hughes: We do really? Yeah. So with meta transactions, we cover the gas fees and with polygon, the gas fees are small enough to where it’s doable.

Manageable. Yeah. Interesting. We’re obviously super early. I try to remind people to zoom out for a minute, because when you’re in the day to day of crypto Twitter, when you’re, when you’re in a day to day of buying music, NFT is you are using products. You forget like how early we are sometimes. Right. And it’s interesting to see how I personally believe we haven’t even scratched the surface of what music X crypto really, really looks like. My next question to you guys is like, where do you imagine us being a few years from now? And let’s take this from like a two year point of view, because changes within a matter of hours. It’s like overwhelming at times, like what’s missing in music, X, crypto that we don’t have today that you see as obvious opportunities, for example.

Dwight Torculas: I always like an NFTs digital game assets, like folks that play video games, like understand this, right we are very early and I always like, you know, like you zoom out and see that the folks that are younger than us, like the 20, any somethings and the teens, they’re playing video games, they’re playing on apps and there’s in-app purchases and they’re used to digital assets, right. So when they become of age, they’re gonna understand this. It’s gonna be second nature to them. They’re gonna think of blockchain as just underlying technology, that powers what they normally do, and it’ll come natural to them, unlike to us, like, it doesn’t feel as natural to us. So that’s sort of one macro barrier that we need to sort of overcome. I always like to think, you know, what does the end state of music and NFTs look like when, you know, millions of artists are in the space, making NFTs and millions of consumers are in the space making NFTs, like, what does that actually look like? And what are the interfaces that we use so that we can interact with all these NFTs? One thing that we’re thinking is sort of, I always like to think of this thought experiment, right? Like you have an artist and, you know, they go to create a one of one NFT. Say this artist has been making, music for the last year or so, like at minimum that one of one NFT should be valued at, you know, 25 to a hundred dollars. Like, I feel like that’s like such a safe bet. And I think at scale, this is what it’s going to look like. Right. It’s not going to, I think, you know, where we stand in creating affordable NFTs, we’re really playing into that future. Like how, what does it look like when we’re maxed out in scale, maxed saturation with all these artists in the space? Like, what does it look like to be a consumer in this space? I think most folks are not gonna be interested in paying like over a hundred dollars, but because it’s in the 10 to a hundred dollars price range, most music, consumers already buy merch in that price range, they buy shirts, hoodies, like that’s how much they pay. So it’s like, oh, I can get a one of one art piece for my favorite artist for 60 bucks. Do I get a hoodie that is mass printed? Or do I get a rare art art piece from this artist? Now, when you think of, okay, $60 for, you know, this one on one art piece, and then you sort of add that to what artists are make on streaming. And then it becomes something very tangible. And I think one thing that I’m very interested in is, the reality where artists are making more money per song, turning them into NFTs and they are making and streaming because what happens is you have a flipping and artists get the leverage, they get the leverage against the labels. They get the leverages that get streaming so they can get better, better deals. And I think, you know, over time, artists are gonna still stream. They’re gonna, they’re gonna do NFTs in parallel, they’re gonna have way more leverage because they can show like, Hey, collectors like value my art this way. That’s sort of how I imagine the end state, when millions of artists are in the space. Garrett always talks about this, like the stripes core messages to increase the GDP of the internet. And you know, what we really want to do here at Mint songs is increase the GDP of music NFTs. Like how do we just make sure that we have the infrastructure set up so that we can scale to that many folks is really what we’ve set up over here.

Yeah. Garrett, anything add to that?

Garrett Hughes: No, I think that’s really, really thought out well I think one of the other pieces that’s missing that we’ll likely see in the future, Dwight’s actually been harping on this a lot lately. The consumption layer is not totally there. And so like consuming PFPs or other things like you have it on your Twitter, like, what is the consumption layer for music look like? I think that’s something that’s missing that, I think we’ll see within the next two years,

The first thing that comes to mind off the bat, you guys know Joey, right. Really good friend of mine, really talented web two web three developer. We’ve been like throwing shit at the fan for a while. Few months ago, we were like, okay, what if there was just an app that allowed you to connect your wallet and a music player would pop up and you could listen to the songs you collect. And it was just way too early, right? It was like way too early, because now we’re in the music NFT scene right now we’re in the hype cycle. People are collecting and people are understanding, but like, that’s the first thing that comes to mind when we think of consumption layer. Exactly. Like being able to actually listen to your songs offline, right. Being able to listen to them on airplane mode when you’re flying, being able to run with like that entire layer, enjoyment layer is missing. Right. That adds more character, more, more emotion, more appreciation to what you actually collect, because now it’s just sits in your wallet. Maybe it has value. Maybe there’s some type of staking protocol that can come down the line where you can extract value, you know off like lending pools, whatever that may look like. But yeah, now I’m just like thinking out loud for whatever reason, but I hear you, that consumption layer is missing that enjoyment layer for sure.

Dwight Torculas: Like what does it look like when all these NFTs sit in one place? And we can, you know, have a music streamer that aggregates not only mint songs NFTs, but sound and catalog, and every other NFT that sort of fits our metadata standard, you know, audio file album artwork, plus, you know, all these other metadata points, like when it’s in that, that format. And it’s at scale, we can create, you know, a decentralized Spotify that allows anyone to participate in music NFTs. You don’t even need to own a music NFT. You can make a playlist of all the songs that you wanna listen to because they’re all on IPFS, right? So you, as a non NFT owner can experience web three music without ever owning an NFT. The key difference here in this streaming app is that there’s this new sort of data layer where, you have the artist name, you have the, the track name, but then you have the owned by, and you’ll see owned by whether it’s the ENS Adam Levy. ENS, or, you know, maybe brands will want to capitalize on this real estate. Coca-Cola.Eth.

So it starts as, I think over time, we’ve hip to this. Like we’re hip to the music consumption, right? Lime wire, iTunes, Napster, Spotify, apple music, like we know how we like to consume music. So it’s just a matter of time before someone builds the aggregator layer that doesn’t feel open sea or wearable, or these marketplaces that focus on visuals, but focuses on the actual consumption where we can create playlists, where I can listen to a collection by like of Adams of all of his NFTs across sound and catalog in songs. And I can make my own playlists of my own NFTs that combine your NFTs. Right. And everyone else’s. So it really creates this new way to engage with music NFTs that feels more native to us. That feels more familiar is super important for that.

Collection and Ownership

Let’s talk about collecting for a second. Okay. Let’s talk about ownership. I’m looking on my laptop right now. Okay. Actually, before I even get into that, like the history of a song from pirating to then the iTune store people buying for 99 cents to a $1.20, right. To now one time payment, get access to a library of million songs to now collecting songs, right? This like historic timeline, Everybody’s just used to paying 12 99, 9 99 and getting access to the music. People are used to that. One, how do we get people to care more about actually collecting and going back to that previous date of buying a song for 99 cents and two is collecting for everyone?

Dwight Torculas: Yeah. That is a great question. Right. And I think humans are inherently collectors. We like to collect a lot of different things. I bet like most of our parents have like DVD collections. Sure. Right. Like, or CD collections, or maybe a bunch of knickknacks or beanie babies or whatever it may be. Right. We like to collect in the physical space. So when I think of folks collecting music NFTs, it really, music just has to resonate with you on that level for you to sort of make that step. Like it has to be, you know, I really like the music and I wanna support the artist because this is a medium that they wanna participate in. Plus I understand what’s happening here and I want to participate in the entire ecosystem by owning music NFTs. So there’s definitely like Like it’s hard to teach this, right? Like you can’t make someone a collector.

Which by the way, comes with like financial education of what ownership is

Dwight Torculas: A hundred percent.

Right. And I think we can all agree that a lot of people worldwide don’t understand financial literacy. Right. And let alone understand the concept of ownership, why people stay renting versus owning a house. Right. Despite the monetary issues that come with that. But I feel like that same mindset applies to owning something digitally as well.

Garrett Hughes: Yeah. Yeah. I think you’re right. Like music had such a weird kind of trajectory, right? Like it started off as like the ownership layer and then it was like, there was also piracy. So then it was like, eh, maybe this isn’t the right model. Then we moved into this streaming layer, which I kind of correlate with like renting. Now we’re moving into like a true ownership layer where there is no such thing as piracy. Right. You have like this token. This is the owner. Like sure. You could copy it, whatever, but you don’t have Providence. And so I think that education around Providence is really, really important. I don’t know how we get there in the long term. I think this is like a web three issue, like in totality. And so like how we explain to the consumer, like, you’re not just getting a picture of an ape. Right. You’re getting access to a community. You’re getting, it’s so many more things. And so like getting that out in the wild, I think is really important for like the broader web, not even web three music, just like the broader spaces as a whole.

How to Convert Fans into Follectors?

Yeah. Yeah. I’m still curious, like how, how do we get more fans to collect versus to just listen?

Dwight Torculas: Yeah. I mean, it could be simply a Trojan horse, like what you did with Queen George. I think one thing that I really admire about what NBA top shot did was that they obscured the blockchain. Right. They obscured flow and, you know, for many of the folks, they didn’t really care about the underlying tech. Yeah. And you know, they just cared about, oh, I can participate in NBA’s new collectible because, I’ve seen physical version, physical collectibles, right. Like the cards being, resold and sold for so much money on eBay. So there is like financial literacy problem to NFTs. But I think also if you obscured away enough, then people will just start participating in NFTs. Right. Like, I mean, you talk to any, like, I always like to think like, you know, my mom plays mobile games and for all she knows those mobile games could have an NFT layer, and she would just not know about it. So it’s all about like, good UI and good UX. That’ll enable sort of that adoption. I love that we’re sort of in this moment and talking NFTs today, but in the next couple years it’s gonna be obscured and we’re not even gonna say the word NFT. It’s just gonna be, this is a digital asset that we can verifiably own. And that’s sort of gonna be it. It’ll be as strange as saying, yeah, like my website is a database website, right. Like it’s just backend technology. My video game has a database that has these digital assets, not it’s, it’s just blockchain and it’s gonna be obscured. So I think it’ll just take time. Right? Like, and as time goes on, the literacy will go up. Folks will just start getting hip and then companies will get smarter and obscuring it. And I think there’s gonna be way more creative ways. Like we have even thought of one being the project that you’ve launched recently with Queen George. So, yeah, that’s sort of the thought there. 

The On Chain Revenue Model

You know what’s like starting to like light fuses in my brain right now, this entire conversation you name dropped a decentralized Spotify. Okay. One buzzword, another buzzword, decentralized Spotify. What does that mean? And let’s brainstorm on this for a minute. Okay. Talked about how Coca-Cola may end up buying a song and there’ll be an ownership property to it. Right, right. That will show up visually in the UX UI. When you talk about like a global database a global ledger where everything, every asset, every element sits in and is identifiable on chain. Then all you really have is just like an application layer. That’s able to aggregate all those NFTs and makes them consumable enjoyable, right. To listen, to and tie in that element of connecting your wallet and then being able to display all your music NFTs that you own. And then let’s say someone else streams that what is the revenue source that is getting attributed to the person who owns that song as well, despite the money that the artist made from selling that NFT or portion of that NFT and it’s right. Like that comes into like the legality of securities. Right. And the legality of ownership on chain. I think even the current state right now is ownership is very gray area on chain. Like, what does that mean when you buy a music NFT? Like, what does owning that mean? Like, do you own flat out all the rights associated with that, but wind it back, decentralized Spotify, having a global database, like a global music library where all music sits on chain. Yeah. I think about this because in front of me, I have like the data in terms of how apple music, Spotify, and YouTube pay out their they’re listeners. Right? So apple music actually pays out its listeners the highest amount per stream. So it’s what 0.08 cents Spotify is between 0.0026 to o.0049 cents And YouTube is 0.00067 cents. So what is the royalty model, the revenue model look like for on chain music beyond just collecting in that single transaction and the resale transaction that comes with that. I know these are like loaded ideas, but like, I’m curious to hear what’s your take on that?

Dwight Torculas: I think that, I mean, just, just like how it is right now, right. An artist is turning songs that they have on Spotify, into NFT. So it’s like two revenue streams, right. And you, take those songs and you turn ’em into physical merch with albums and vinyl, and you turn ’em into digital merch with NFTs. Going to your idea of decentralized Spotify. You know, what, what we’re really doing on the metadata standardization is allowing a future of, you know, layer, one of music where, you know, similar to Ethereum being a layer, one where people can build decentralized apps on top of Ethereum, we’re gonna create a layer, one of music where people can build the decentralized Spotify, the decentralized Pandora, that decentralized, whatever you want to build on top of that. But here’s a music base that is a totally where the economics are totally different where ownership is the pillar and the reason why those exist. The loaded question that you gave me, it’s more like, they’re gonna coexist and because they coexist there’s gonna be a push and pull and artists can decide whether or not they want to do it. I also wanna back it up a little bit. Like not all artists are gonna do NFTs. Like, that’s just the reality of it in the same way that not all artists do hats or shirts or hoodies or vinyl. Like it’s just gonna be artists that do it. And some artists that don’t some artists post on Spotify, some artists don’t and they just post on SoundCloud. Right. So it’s really, it’s really a matter of, do we really believe in this, that that ownership is going to be, a key driver of revenue for artists, right. Like going back to the money problem. Right. Like are artists actually gonna make, enough money from NFTs to make this whole thing work. And right now with, you know, we sort of see that it is kind of working. Like, even on catalog, like I was talking to an artist yesterday. His name’s Covex and he sold a couple NFTs of his songs for thousands of dollars. Right. Like that just overshadows all the revenue that he’s made from that song. Right. So, if the economic incentives are there, something is changing. So that’s sort of, that’s sort of the baseline there.

Yeah. Garrett. Any, anything to add to that?

Garrett Hughes: No, I don’t think anything on that. The metadata stuff is really important to build sort of these things. I don’t know if we wanna dive into that one.

I do. I do. Yeah. Okay. But, but keep it, keep it, keep it more like higher level, because I do have a bunch of questions on metadata for you guys.

Garrett Hughes: I think part of that, like building that decentralized Spotify or whatever it is, decentralized, you know, app that does something that’s cool with music NFTs. Part of that is you have to some standardization around what things are like, how do you define genre? How do you define like all these things that you take for granted in Spotify’s UI, like, there’s been a lot of thought data processing AI and machine learning to get to that state. And so, or just user input. And so like a key piece to get to that reality is defining this, you know, new NFT, metadata standard. I’ve been working closely with Jeremy over at catalog and we actually have a proposal that we’re gonna put up here soon that we’ve actually been working on this week at Eth Denver too. And so like having that standardization of like, Hey, these are the keys in the metadata, and these are the values so that we could build cool apps around this same standard.

What is Metadata?

Yeah, it. Let’s just get into metadata right now. So that was like a brief intro on metadata. What is metadata for those who don’t understand for the creators that are listening, that all they care about is just minting a song and finding a collector to support them? Why should they care about metadata?

Garrett Hughes: Yeah. So metadata is the underlying connection of the asset on chain. And so, you know, when you mint something, you could mint everything on chain. That would be very expensive. Currently, I don’t know, the last time I looked, if you want to upload like a 20 or 40 megabyte song, it was like a million dollars plus. And so what people do is you have this standard called token URI, which points to either IPFS an AWS server or some, some storage asset that is just a J sign of key value pairs. Of those key values, there’s things like, what is the album artwork? Or what is the song like, what, what are you even listening to? And so those keys usually, or those values to those keys usually point out to IPFS. So you have like this J sound that tells you how an NFT should be rendered, what should come with it? Just like these little pieces, ironically open sea kind of unintentionally set the metadata standard because everybody wanted to show up on open sea. Yeah. And so like, for example, something that’s just a clear indicator that maybe this is a little broken is to get song metadata, to show up in open sea and other data apps. You put it under a key called animation URL, which just like shoving a square into a circle hole type deal. It’s like, this is definitely not an animation. And it’s like, oh yeah, this key also takes like MP4’s four S and like, I don’t know all these other different things. And you’re just like, I

Which makes organizing the data in a UI point of view. Very difficult.

Garrett Hughes: So difficult. Yeah. So like, how do you filter that out now? Now, like, as DAS are building on, how do you know that something is a song versus a video?

So how do you achieve like general consensus around the metadata standards that you guys are coming together to build? That’s gonna be the standards that everybody’s gonna abide by versus let’s say a competitor for whatever reason, whoever it may be comes in the picture, like open sea and actually sets up metadata in their own way. Right. Because it suits their platform, their needs, their revenue model, whatever the, reason may be. And I may be talking outta my ass too, because I don’t understand the intricacies of like the technicality behind this. Right. You guys are the experts here, but is that a plausible scenario?

Dwight Torculas: Yeah. You know, so just to give some context, okay. You know, for an artist in web two, you go to a distributor, right? Like United masters or distro kit, or tune core, and you upload your songs to those distributors and they distribute your music to Spotify music, et cetera. When you upload it to a distributor, they literally have a form where you enter all the metadata. You don’t know it’s like that it’s the metadata, but that’s the process so that they can upload your song onto all these streaming platforms. So for web three, it’s a little bit different because we’re in some senses, building in silos, open sea has our own standard we have a metadata standard that we’re working with sound and catalogs. So it’s over time, once a standard is in place, it’s just gonna be obscured away again. Yeah. For sure. It’s not gonna be something that we’re like, oh, like, what is the metadata standard? And a lot of the inspiration that we draw for the metadata standard for web three music is from distribution platforms, they’ve done this, spent the last decades, like figuring out, you know, what metadata works for Spotify, apple music, et cetera. A lot of that is the same for web web three. Like, except there’s a couple more nuanced things. And shout out to the Arpeggi folks that are adding sort of like the credits to samples, right? Like, because we can track like samples on chain through our Arpeggi like, you can see, okay, this song consists of these samples from these artists. We need to add that into the metadata. This is unique to just web three, because we could track it all on chain. It now, because we’re building in silos, it’s disjointed, but this metadata standard that we’re working on allows us to sort of say, Hey, you know, we know that the reality of music in web three is going to allow us to create a layer, one of music where everyone can build on top of it, just like Ethereum is layer one. So this is what we’re gonna roll with.

Garrett Hughes: Yeah. Yeah. And I think like, to your question, like leading by example is really important. And so, you know, hopefully by some of the larger platforms, us, catalog sound like building this in, hopefully, you know, gains traction on others. You know, it’s inevitable that more and more music and NFTs startups are gonna come out. One of the big things that we aim for is backwards compatibility. So if you don’t support, it’s okay. As long as you fall back to like the open sea support, which basically everybody does right now. It’ll always quote unquote work, but there’s a way to iterate on it, get it to a better spot. And that’s really what we’re like this like V 0.01 that we’re gonna release here soon. Like that’s the goal.

Yeah. That makes sense. Let’s zoom out again, even further. Okay. This vision, this grandiose vision of a decentralized music landscape from publishing creation, collecting ticketing, merch, everything, what would actually prevent that reality from happening? You think?

Dwight Torculas: Yeah, that’s a great question.

What’s the Achilles heel?

Dwight Torculas: I mean, we’re founders of a web three music company. We can’t be thinking about these things. I’m kidding. Like, I mean, I think there’s a couple things.

If anything, I feel like you should be thinking about these things, which might actually be an advantage that others may fall down and may fall trap to.

Dwight Torculas: I think one thing that is very apparent now, is technology addiction, right? Like, I think that, you know, some people do suffer from technology addiction and NFTs pull you back onto your phone because you need to, you need to keep up with them and you need to see what your artist is doing. And I think, as we keep going down this path of software eating the world and technology just being engrained in every piece of our life. I think one thing that could be a possible Achilles heel for NFTs is folks just wanna unplug. I think there could be a reality where, you know, I mean, I’m already, like some of my friends are just like, yeah, I deleted Instagram. I deleted Snapchat. I’m sure we all have friends that have done that. So same thing with NFTs. Like sometimes you might just wanna unplug and just sell all your NFTs and just like live in real life. Right. So I think, the burnout from it is like a real thing. And it’s not just with NFTs it’s technology in general, and making sure that we teach folks, that you just gotta take breaks. You know, it’s, everything’s good in moderation. Don’t go to the extreme and NFTs are just the same way. But it could be a reason why you get addicted to your computer. You’re checking your trades, you’re checking the discords on what your NFTs utility could be. I mean, think of like, at scale, how many artists do you follow on Spotify? Maybe like, I probably have hundreds, right? And like, we follow hundreds of people on Twitter. What if everybody had their own smart contract deploying their own NFTs? Now you had a wallet that just had so many NFTs and you’re glued to it. It’s just, it makes it a very, dangerous situation that can lead to technology addiction. So that’s definitely one that I’m very, you know,

So moderation.

Dwight Torculas: So moderation, man. Yeah.

With everything balance

Dwight Torculas: Balance, man.

What about you, Garrett?

Garrett Hughes: Yeah, I think for me, one of the things that really stands out my partner she really believes in like living in the physical world, like as much as possible. And so something I see is kind of on the same line as like, it’s a potential scary thought to think that at some point your digital world may be more valuable than your physical world. And I think that may cause some friction at scale you’ll have people that will be anti technology as a whole, but definitely anti NFTs metaverse et cetera. And so like that will be a friction point that we will have to overcome and like find a good middle ground. I think as we scale to the next billion users that come into the space.

How Does a New Artist Get Started?

Yeah. So we had a lot of macro type of like discussions. Let’s get nitty gritty for a minute. Okay. How the hell do you get started As a new artist, as a musician, that’s being inspired by this new movement. As someone who’s seeing the live shows the NFT Tickets. They’re seeing their favorite musicians that are on the same up and coming path, as they are tap into this new world, make money, build a niche, web three level audience. What’s your advice to them on how to get started? Okay. Join, come to mint songs. Okay. We know that come to mint songs,

Dwight Torculas: You know, the best thing that you can do as an artist is really experiment. I always tell artists, remember when you joined Twitter for the first time or joined Instagram for the first time you experimented with the content that you put out on these platforms, web threes, very similar experiment, go to mint songs, go to catalog, talk to the sound guys, do something there. Do a custom smart contract. Go on open, sea, like read as much as you can, maybe participate in DAOs participate in NFTs yourself. Literally just try it all. I think that’s not just for music artists, but generally for folks that are interested in the NFT space, just try it. Right. Like just try and for us on Mint songs, we lower the barrier as much as possible. Like we said earlier, like you just need to sign up with an email address and we cover the gas fees. So you can create an NFT without ever touching crypto, we’ve obscured all of that so that you, as an artist can can easily onboard. I think that’s really the key here. Outside of joining Mint songs just get involved in the community, like, you know, talk to other artists that are doing this. You know, for us, we’ve really spent a lot of time cultivating a culture that is welcoming and allows artists to talk to other artists in our Discords talk to other artists in our Twitter spaces so that you can learn and better understand what this whole thing is all about. It’s all about education right now. And you know, the best thing that we can do as a company is be as welcoming as possible because it is very scary for a lot of folks. It’s like, what the hell is this? Why are we all talking about this? Why are we doing it? But if there’s a hand reaching out to you and, and they’re here to say, hello, welcome to this space. Like, it just feels more comforting. Instead of it being sort of most artists seeing the headlines and seeing, you know, crypto, you know, Mount GOs hack, you know what I’m saying? Like this is already ingrained. And when you approach NFTs, it’s like, okay, how’s this different than, you know, the things that I’ve heard on the news, like drug dealers using crypto, whatever. Like there’s so many of these factors playing against an artist. And the best that we can do is, be as welcoming as possible and say, Hey, you know, like we understand this might not be for everyone, but if it’s for you, we’re here to help you as much as we can.

Yeah. You know, there’s one like piece of advice that Daniel Allen who’s been a part of season three, season four. When I first met him in person and we, like, we caught up, I think, had like lunch together in Sherman Oaks. He’s like before I even, I minted anything before, before I touched my wallet that went to proceeds to fulfill gas fees, just to like, bring something on chain. I took a step back. I put a pin in it and I got involved in the community as much as I can. Now I hate the word community as much as I love it. It’s such like an abstract word. And when you think community, like, what does that mean? Exactly. So I told this to Queen George, cuz she’s now getting involved in, in the music NFT side. She’s been in it since like April 2021, but I told her, get into FWB join forefront, join seed club, buy some NFTs, right? Join those discords build a name for yourself, make friends. It’s all about meeting people, right? Because the tighter relationships you build for yourself, right? The better prepared you’ll be when you’re ready to launch your own thing. Right. And the number one growth hack that I tell people. And I’d love to hear your point of view because you guys talk about community and you guys wanna help build community. I mean, songs is the number one way to growth hack your face in a new community is come to conferences, come to Eth Denver, come to Bitcoin, Miami, come to NFT NYC meet all these people, get to know the founders, get to know the other creators and just get involved. Right. What have you guys seen be other like, really like really legit strategies that creators have approached new musicians have approached trying to kind of break into web three.

Garrett Hughes: Yeah. Yeah. That’s a good question. Another discord that I see, that’s really starting to gain popularity is water and music. I’m sure. You’re sure you’re hip to it. Jerry Hughes been putting out everything from research to like pricing strategies. Like there’s a lot of really good information there. Just a really good community of everybody from like developers to creators, to artists. I think all the things you named, like make sense, right? Like join the community, go like do things. I think another strategy that I’ve seen, that’s like really worked well, spotty wifi, like his thesis was join into these communities, buy into them, whether it’s punks or apes or, you know, cool cats, whatever it is. And just like start engaging with the community and build around that. Like he did some songs that were specific to these projects and sold it as NFTs. And like, that’s a good strategy. Like you can’t fight that. Like you’re embedding yourself in the community, you’re utilizing that community and then you create for that community and then the community gives back. Yeah,

Dwight Torculas: Yeah, yeah. And you know, I also want to bring it down to earth a little bit. Like I totally understand that a lot of artists offload all this energy to their management co’s right. Or their labels or, you know, they because artists just wanna focus on creating art. So, you know, when we have these expectations for artists to go to, you know, conferences or go show up in Twitter spaces or comment on Twitter, go to discord it is like, that is something that they’re just not hip to doing at least like most of them. Right. So it’s like, okay, we’re throwing NFTs at you. And then we’re throwing, Hey, join these Twitter spaces, join these Discords. It’s like, this is overwhelming. Yeah. So, you know, I think it’s not like a one size fits all sort of scenario, right? Like you as an artist, just need to navigate it yourself. Some artists will just purely want to create art NFTs. Right. Without any utility, they don’t wanna, you know, bring the Patreon model into their NFTs. As in, you know, they don’t want to like fulfill the utility of NFTs because they, you know, purely wanna create art. Yeah. So we gotta understand and empathize with that, that not all artists want to add utility to their NFTs. Some, just simply want to create art pieces and allow folks to buy it in the same way that you go to an art gallery and see an art piece and you just buy it. It’s not like, when you buy a Picasso, you’re calling him up. Like, Hey, where’s your discord man. It’s not a one size fits all. And I mean, if you are an artist and you do put in the time to grind and do these things, you’re gonna be rewarded. So I also like to sort of say that because yeah, if you are a music artist listening to this right now, just know that you are in the top 0.000001% of artists that actually are thinking about this and entering the space. Yeah. Like if you enter the space right now, you are so dang early and what happens in,I think over time, folks that enter the space during this call, this like the golden, the golden era, right of music NFTs. This is just the first, like we’re still in the first year of music NFTs. You’ll be remembered as an OG if you create a music NFT today. So just keeping that in mind, if you believe in this decentralized future that, you know, you will be remembered and commended for being a pioneer in this space.

How do You Price an NFT?

I think that’s really beautifully said, I want to ask you also, how do you price a music NFT? So there’s one of ones there’s additions but also scanning through mint songs. There’s ones that are selling four, $7, a dollar $20, $3,000. Like what’s the price psychology behind that. Maybe we don’t have to get so psychological, but just like, what are the, like the mental models behind publishing and pricing a song?

Dwight Torculas: Yeah. Garrett, and I like to say, we’ve just created a canvas for folks to, decide on their own, right? Like if you wanna sell one of one for, $25 or a thousand dollars, you can do that. Or if you wanna sell additions at you know, a dollar piece, you can do that. It’s all about allowing an artist to decide what they wanna do, right? Like over time, it’s going to figure itself out, like there’s gonna be trends. Right now, there are a couple trends, like artists are, you know, selling out collections if they do additions at a dollar a piece and they are able to start building web three communities that are on-boarded through cheap NFTs. So they’re able to sort of benefit and play and start cultivating that early on. Pricing is just sort of this it’s arbitrary, right? Like, if you buy a hoodie from, you know, Gris, you know, today, and a couple years when Gris is even larger, you know, that hoodie can resell for like a couple hundred dollars on eBay. Right. And it’s like, wait, why didn’t gris just sell that hoodie for $500 today and capture all that. Right. It’s very arbitrary and we’re just gonna let the artist decide, what their art is worth. We had a Twitter space the other day and an artist asked the same question, like, what should I price our NFTs? And, you know, I told him, you have to value your art in however way you want to. We have guidance. We always tell folks like the grail of this is the data play because that’ll help you make more money over the long run. So is it worth it to sell cheap NFTs today? So you build a web three community of Ethereum addresses. So you can, you know, run the data layer on top of it later, or, you know, do you wanna play and just sell your NFTs at one of ones sell ’em, for a hundred something dollars, right. It’s going back to it. We’re just creating a canvas, you decide as the artist and we’ll just rock from there.

Any thoughts, Garrett?

Garrett Hughes: Yeah. Yeah. I think Dwight touched on something too, like increasing the barrier of entry and inclusivity is like really important at the core. One of ironically, one of the artists that recently minted on our platform, his name’s Martini. I grew up with him, he’s moved out to LA and started doing well for himself and know he came to us and he’s like, Hey, look like I actually don’t care. Like the, money’s not a big deal to me. Like if it’s a dollar $5, $20, a hundred dollars, I more care about selling it out and making sure that all of my fans can collect that. Right. I thought that was really powerful. Like less us care about the money that directly comes and more care about the community that you’re you’re building in ensuring that you’re not setting up barriers to where they can’t enter, especially as this like Genesis NFT, I thought was really, really unique,

Dwight Torculas: Right. There’s a trade off. I always like to bring up early days of Nifty gate way when they did the dollar drops, right. Because anyone that claimed or bought one of those dollar drops just won. They became winners. And, you know, for people he sold a hundred NFTs for a dollar, a piece. And anyone that has held since then now have an NFT, that’s the floor price is worth like $200,000. So you’ve created winners. And now that that person has that NFT they’re going to be forever, tied to your brand. And they’re incentivized to keep talking about your brand. So, you continue to be successful because it pulls value back to their own NFTs. So you create this environment of winners.

And it’s not like monetarily quantifiable, right? Like when you make a winner, you don’t know how much ROI you’re gonna get from that person. But I think what’s good with martini’s example is like, he wants to create winners, right? Like, and if you create winners, you’re gonna win over the long run because you create fans that are just that more closer to you, and isn’t that the whole thing with NFTs, like when you sell an NFT you’re strengthening the artist fan relationship. So this is P that example with Martin is purely strengthening the artist fan relationship, giving his brand equity way, letting his fans win with him when he wins his fans win. It just creates a really really good environment.

Yeah. You set a foundation for your collectors to do really well

Dwight Torculas: Exactly.

Royalties and Percentage Splits

When you think about royalties and percentage splits, what is the appropriate percentage to put I’ve seen anywhere between 10 to 20%, I’ve also seen 50% and what’s the mental model behind that, do you think?

Dwight Torculas: Yeah, so we’ve standardized it on Mint songs, it’s 10%. Okay. We sort of standardize it at 10% because one we’ve sort of before, you know, standardizing it, we talked to a lot of digital artists in the space, selling NFTs on nifty gateway and super rare. And we’re like, what do you think is a fair standard? Like, what do you think is a fair royalty here for secondary sales and perpetuity? And generally came back with 10%. So one of the reasons why we standardized it goes back to our core ethos of how do we just lower the barrier, right? If you were an artist setting your royalties, what is the best one to pick? It’s just another step, another mental hurdle in your head to figure out like, okay, what is this? We just wanted to take that, take that variable out. Eventually we have a plan to open that up, right now our artists are totally fine with it. When there is that demand, we’ll do it. Right now our artists are totally fine with that.

Yeah. That makes, that makes a lot of sense. I think that’s a good place to to also end off. But before I let you go, what can we expect from Mint songs in the next year? What’s up and coming beyond giving more flexibility on royalties. Like you just dropped walk me through that.

Dwight Torculas: Yeah. So in the next year, this is gonna be a big year, man. I’m sure. So we raised our seed round in December from Castle island ventures, north island ventures, Coinbase ventures, Dapper labs, Polygon, Grammatic, iOS, G Freestyle, a lot of great folks 

Congrats, awesome,

Dwight Torculas: Appreciated, appreciate, and some amazing angels too. Like Christina Belchermini and Jeff Renaud. Like one thing is for certain is that this is gonna be a very it’s gonna be a pivotal year. Like, you know, we are a startup, we’re still trying to find product market fit. And, you know, luckily we have a great edge team to throw darts at the board and, you know, whatever sort of sticks we’re gonna lean into. So expect more experiments out of us expect, you know, we’re gonna keep driving, you know, driving more products that make sense for artists and driving more experiences that in real life experiences that make sense so that we can really bridge the gap app here. Like it’s all about bridging it’s all about education and tools that we put out will sort of resonate with those two ideas.

Garrett Hughes: Yeah. I think the short term you can expect in the coming weeks, better discovery tools more marketplace things such as filters, search global search you know, filtering by price, primary, secondary, a lot of these tools to help artists kind of show up for fans. And so we’ll address those. We’ll also just continue experimenting, like Dwight said, you know, things around interaction are really, front of mind and things along, just a lot of different experiments around a lot of things. Some of the things we talked about today and just, how we can try things that nobody else is doing and seeing if that makes sense or not. In March we’ll have some more things around a campaign we’re running, so stay tuned in what, two weeks.

Outro

Awesome guys, exciting times. Where can we find you now? Like each of you individually?

Dwight Torculas: Yeah. You can find me on Twitter @torculas. I thought it was a good idea to just smash both my first name and last name into my Twitter handle. Now that’s my handle for Snapchat, Instagram, everything else and then for mint songs, at mintsongs.

Garrett Hughes: Yeah. I’m Garrett.mintsongs.Eth on Twitter or at underscore Garrett Hughes. Nowadays I think all of web three is on Twitter.

Yeah. Guys, thank you so much.

Yeah, I appreciate it. We have to do this again in a few months and do a recap, a check in and until then. Yeah,

Dwight Torculas: Until then,

Garrett Hughes: Appreciate it.

Categories
Podcast Transcript

Understanding ESG (Social) Tokens on Solana Blockchain

Listen on: Spotify | Apple Music | Google Podcast

Background

Mint Season 4 episode 18 welcomes Jermey Vaughn, who is the founder and CEO of Rimark – the soon-to-be social token issuance platform on Solana. The main premise behind this conversation revolves around the current state of social tokens on Solana blockchain and why he believes ESG tokens are a better framework for understanding brands and creators.

In this episode, we discuss: 

  • 00:25 – Intro
  • 05:21 – Rimark-able
  • 11:29 – What are ESG Tokens?
  • 16:21 – Why Do Musicians Need ESG Tokens?
  • 26:22 – What’s the Difference Between an ESG Token and an NFT?
  • 40:10 – Social Media Funnels
  • 43:45 – What’s on the Horizon for You?
  • 45:48 – What’s Next for Rimark?

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

1. Coinvise – https://coinvise.co

2. Polygon Studios – https://polygonstudios.com

Interested in becoming an NFT sponsor? Get in touch here!


Welcome.

Thank you, man.

Thank you. Thanks for being on.

Thanks for having me. It’s a pleasure to be here.

Intro

This is the first in person, like high quality session. I upgraded everything. We try to record it, but the studio for recording is not up to par. We are in my my dining room and if we tried to record it, you’d see the living room light shine. So anyways, I digress here we are. Welcome. Give us a quick brief on yourself. Who the hell are you? What does a world need to know about you? But more specifically. Yes. What were you doing before crypto?

It’s a good question. It’s a good question. So my name is Jeremy. I’m the founder and CEO of ri

mark, which is a CFI exchange then at mints tokens for creators communities and companies. And let’s see, yeah, born and raised in the bay area, California. I am with background in music, specifically music graphic design have a master’s degree from Berkeley college of music in global entertainment and music business. Since I was young, it was my goal to start a company. I didn’t know what, part of the starting company is the journey to find out what, you know, what that company is about. And it changes along the way. So,uprior to starting this company, I actually just came right outta grad school and just said, you know, there’s no better time in my life to experiment to build this. Just dove straight in. I did working for five years at a live venue before.

Oh, okay. Why’d you wanna start a company so bad?

It kind of runs in my family. Both my parents were entrepreneurs, they were both fashion designers. So they had a company, my grandparents had companies, all that sort of stuff. So it’s built into our DNA as the Vaughn’s if you will to start companies.

Is there a family business?

There is not a family business anymore.

But there was.

There was when my parents were in their twenties.

So got it. So when you say fashion, like what kind of fashion? Like street wear?

Like suits and dresses

Suits. Okay.

Yeah. That kind of stuff. They had a shop DAOn here in LA. But now my dad works for a company called Marmon

Marmon.

Okay. Designer there.

Cool. So when you tell them that you work in crypto, how do they understand that? Do they understand that?

Yeah, definitely. Parents are very supportive helping me through this journey, building the company. They’ve been learning along with me, so I always share with them what I’m working on, they’re right there with it. They’re excited about it. It’s been part of the journey also is to make sure that what we’re talking about is understandable to everybody kind of making it part of our vision is bring crypto and what we’re working on to as many people as possible. So it’s always great to stress test that description with the people around you make sure that they at least understand it first. Yeah.

How’d you actually get your start in crypto? Like, was it like through an asset that you bought? Was it research like everybody has their own unique, like entry point what’s yours?

I was familiar with blockchain for a while. Not so much on the crypto side, thinking about it from a data management side. So a lot of what we do stems from data first party data. So that’s how I was thinking about it originally. Then I had an opportunity last year beginning of 2021 to do a hackathon called the Youth Global NFT hackathon. The team that I was with, ended up winning a prize from Circle for our project, which was super exciting and kind of gave us, myself and the rest of my team, the confidence to be like, Blockchaining crypto is not that scary. Right. Yeah. We can make something cool here. So that was kind of the first like foray into actually building something. Of course I had, you know, my Coinbase account and dabbled in it a little bit before that, but,uthat was sort of the unlock. It’s not so scary. I think we can build something pretty cool.

Was that your first hackathon?

That was also my first hackathon.

And you won a prize from Circle? What was the prize?

Just some cash.

Okay.

Okay. Not super exciting, but it was more the experience of being recognized for our ideas. That was more important than the actual winnings, but yeah.

Rimark-able

Okay. So rimark equals social tokens in the grand scheme of things. What are you guys building at rimark?

So, yeah like my intro, we’re building a Ce-FI exchange and basically Ce-FI is like De-FI. It stands for centralized finance. So we’re kind of bringing the best of both worlds of your De-FI, decentralized finance elements when it comes to the trading and the crypto assets, but then bringing, you know, web two kind of, usability to the platform. So you can log in with email address, password, that sort of stuff. We are a custodial exchange. So we provide wallets for our users, that type of stuff. I almost like to call it sometimes web 2.5, that there’s a little bit of, best of both worlds. We’re really building this crypto exchange. We are actually, thinking of our tokens. Yeah. They are technically social tokens in that space or brand tokens. We actually like to call them ESG tokens, which we can get into a little bit later, but, they’re basically tokens for creators communities and companies. We do focus on those, that have a business unit that goes along with it. They’ve got a team, they’ve got a marketing budget. That’s really key to our business model. It’s less about, you know, of course community is super important, but it’s more about customers. If you will, kind of that differentiation where the token can actually be used to drive business more than just fan engagement and that type of stuff. One of the things that, I always make sure that the team is focused on is like the things that we’re innovating, they should be things that you couldn’t have done with web two, right. Actually using the technology to do something new rather than just bringing an existing system into web three.

So what are some things that you can’t do in web two that you can do in web three? Very dumbed DAOn stupid question, but just to kind of carry the same thought

Some things would be, let’s just say you’re an emerging brand. You can’t go public on a stock market. Right. Right. The only way at this point to, previous to web three, to get investment from your community is maybe like a crowdfunding thing or you’re selling equity, but that’s not really liquid. Right. Because when you buy and sell equity, the only way you can cash that out is if there’s somebody acquires the company or if you go public, which is hard for smaller brands and certainly for artists. So that’s sort of, one thing is the community angle to investment is one thing. We focus ourselves as a finance platform, more than like a social network or a fan engagement thing. So all the examples kind of come around finance.

Yeah. The way I like to think about it is it’s a financialization of everything, of everything, digital it’s being able to actually provably own and verifiably own X, whatever, whatever it is, that’s digital like yourself, you clearly have an interest in creator economy. You have an interest in brands being tokenized which I think is a really up and coming niche that has yet to be fully explored. We see other platforms kind of experiment with tokenizing people or tokenizing brands, quote unquote but nothing at scale just yet. And that’s really like product market fit. In my opinion. I think people still have like their questions and their uncertainties around what a social token is. But one of the reasons why I wanted to bring you on is because you introduce like a new light to it. Right. Primarily by coining it as an ESG token. So for starters, what does ESG stand for? Okay. Why is it different than a social token? Is it different than a social token? Just take it from there.

Yeah. So ESG comes from the world of stocks. So it’s an acronym that stands for environmental, social and corporate governance. So it’s really a way for companies to put a value upon their intangible assets. It’s usually used as a way of evaluating stocks, whether they’re impact driven or good for the environment or they have sustainable practices and that type of stuff. At this point it’s a little bit of an unregulated space. There are a number of companies in that sector, stock ratings, ESG ratings that kind of come up with their own metrics. It’s really advantageous for a lot of large fortune 500 companies to have higher ratings, cuz then they can be put into, better sustainable funds and it has a meaningful impact on their stock price. So one of the reasons why this is really important for us and we chose to go with this branding is again, to move a little bit away from the monetizing celebrity or monetizing the individual and make it a little bit more brand or company focused. And also, so if you like dig a little bit deeper into the definition of ESG, it’s really about evaluating those intangible assets. And that’s really kind of what these social tokens or brand tokens are. They’re a monetary value of the intangible assets of an artist or creator in sort of traditional thinking about it, right? You, you’re not necessarily putting your income as part of it. There’s not necessarily property backing it, right. It’s just the tokens or the US dollars or euros, whatever the currency is that backs the value of these, smart contracts on the blockchain. So we found that the ESG metric is a nice way to differentiate ourselves a little bit in the market from a branding perspective, but we also use the categories actively. So tokens on the Rimark exchange will be in the categories of environmentally driven. So socially driven, which really falls under the existing social token umbrella, for artists, athletes, creators, that type of stuff, and then also governance. So we’re not, not going full DAO with the token, but you can do like token based voting or things like that. So the tokens kind of fall under those three use cases.

What are ESG Tokens?

So why call it again, like ESG over a social token and when you call it an ESG token, who does that cater to? Like what type of investor do, do consumers understand ESG factors or is that more tailored towards like traditional funds, hedge funds, for example that see this as maybe an alternative asset, for example, like how do you think about that?

Yeah, there is a specific ESG target and we’re working on developing that as well. I think that’s more of what we use as like a technical definition rather than necessarily what can be what’s over on the website or when, you know, fans are talking about it or engaging with their specific token that they want to. Right. So let’s just say, okay, the first token that we will be launching on the platform is from a Grammy nominated artist. Misago. He’s really into crypto he’s really knowledgeable about the space. But we’re not gonna be referring to his token in the marketing materials as the Misago ESG token. Right. It’s more of like a technical definition of how we define what our platform does more than how we sell the product or encourage our customers, users, communities to sell the product. So his will just be Misago coin. So that type of stuff.

Got it. So when you present this in marketing materials, okay. You don’t use the ESG I guess term you use his name, like you said. But then again, why call it ESG over social token? Like I’m waiting for like the aha moment kind of thing. Right. I understand companies on the stock market using like people basically create metrics using their ESG factors. Right. And how they’re kind of like treating the climate, right. How are they like thinking about their social impact, all these other things. And they use that as a metric to kind of further evaluate the value of a stock. Right. Rather than using that entire metric to kind of value the entire company, for example. What I’m understanding is like this ESG factor is used as another metric to kind of evaluate a brand, in artist versus valuing them entirely by their public price. Is that how you’re thinking about it?

Yeah, absolutely. I think we’re thinking about the tokens as, not necessarily, I don’t want the value of an individual, especially as an individual to live and die by their token price. Right. It’s certainly a aspect to their business. It is a way of evaluating them compared to their peers. Right. Okay. That’s usually what these metrics are for. So you can kind of create a standard and a rating system. But I think really the key piece is that it’s not a evaluation of social or celebrity, which I think there’s a existing understanding of that’s what social tokens are. Right. And we have a broad mission than just celebrity and social. There are definitely musicians gonna be and creators on our platform, but we’re also talking to brands and other types of companies and communities. So we wanted to have a broader definition of the tokens that we’re providing. For example, if you’re working with an eCommerce brand, right, you don’t necessarily want think of that as a social token, right. Maybe it’s more of a brand token or maybe it’s driving sales impact for them. So it’s not necessarily about fan engagement for when it comes to a brand. So the goal was to really find a more all-encompassing angle. And why we picked ESG is because it has the ability to put a value on the intangible assets of a brand. And that’s what it’s used for. But we also say there’s an opportunity to make the term ESG more action based, more impact based right now it’s more of like a passive rating of things they’re doing. What we’re getting into is like, can you actually use the tokens to drive change? Maybe you do a payout of tokens for hitting certain metrics or things like that. So actually making the, the ESG acronym a little bit more action based.

Why do Musicians Need ESG Tokens?

Yeah. You know, for the longest time, even in the beginning of season one of mint, I always saw social tokens as like this what’s the TV show Black mirror. This like type of black mirror scenario where there’s gonna be a human stock market. And everybody’s gonna be bidding on everyone. And like your social clout is now based on your financial clout and your worth is determined by your publicly traded price. And by introducing the ESG element, it actually really eases that narrative. And just makes it another thing that people look at, for example, beyond your social media, following beyond your engagement rate, all these other external metrics, the ESG factor is just an additional metric as well. Rather the entire pie of like who you are, like when big club came out, for example, that was like the epitome of a human stock market. It has a better marketing play in my opinion. So when you think about where we are right now in music. Why do musicians and artists need ESG tokens, for example, like, what is that thing? What the purpose for launching one for building a community around one? How do you guys look at that internally?

So we look at that as a little bit roundabout way, but we look at it from starting with data. Right. Okay. As a musician, as an artist for the most part, you don’t know who your customers are, which is something interesting to think about, right. As Nike, for example, you know exactly who your customers are, who’s buying from you as a musician, the, your biggest point of sale is like Spotify, for example, or apple music, right. And apple music and Spotify don’t share the individual customer data with you. So the only way you get to know your customers are on social media, but there’s also a limit to what social media shares with you. So the idea of the social token is to find that one place where your fan base can coalesce from multiple platforms and to use the, the token to drive business directly or to invest in the future of the artist. Of course, that is definitely part of it. But for example, well, if you’re doing ticket sales, right, maybe, you know, one of the things that, my favorite example, when it comes to using these tokens for business is like a cashback, right? So it’s not necessarily, I mean, you can do gated access, but you can also do, Hey, maybe my ticket’s $50. Yeah. But I’m gonna do a premium ticket that’s for 65 and the fan ends up buying $15 worth of their you know, that artist token along the way. So really using it to a consolidate audience across platforms really understand who your best fans are. Cuz we have a number of tools that help the fans, you know, so, you know, promote and share the content of that artist that they believe in and be rewarded for it. So consolidating that, using the data, building a bigger, you know better data model for the artists and their business teams to be able to utilize in their sales process. And then also of course, using it then in step two to actually drive sales and incentivize, you know, fans to engage with the business side of the artist outside of just streaming or, you know, watching a video on YouTube,

Why don’t you think Spotify provides this data to their artists.

That’s that Shopify That Spotify that’s their

Value, right? Because if they give you that data, then you can just take that data and leverage it and take traction off their platform.

Similar thing with like TikTok, right. Videos on TikTok perform worse if they’re directing you to an external site. Right. Right. So all these platforms it’s about keeping you within their ecosystem for as long as possible. And they’re providing you in information that allows you to go without their ecosystem. Then there’s less of a value that they have to control of the relationship.

How do you build that similar moat in web three and in decentralized products, for example?

You’ve been well, for example, what we’ve done is that the social tokens on our platform are only trade-able within our platform. Mm. So the, and again, this kind of goes back to the CFI element a little bit in that the, of course, when it comes to the blockchain part, we run on salon. So it is a little bit, again, a central more centralized blockchain as some people argue. But that part of it is decentralized, right? It has is the, the crypto aspects to it. But the actual trading happens only in our platform. Now we do have a platform token called Rick, which the future goal is to have trade-able in other places. But one of the ways that we can build value, we can build that moat is to have the best artists have the best brands, have the best creators and communities in our exchange. And that that’s how we can build value. And because there is a corporate team behind rimark that’s what we can work towards and, and strive for.

So can they take that? Okay, let me backtrack. So from what I’m understanding that their token, the creator coin, the ESG social token, however you want to call it that it stays native on your platform, meaning the creator or the artist or the brand, can’t take it outside of the rimark exchange and they can’t trade like, I guess, freely on the salon blockchain. Correct. Okay. Why do you think that’s a better model versus kind of making everything more free? And more, I guess interoperable for example.

That’s a good question. It’s something that we definitely thought about a lot. And it comes DAOn to the process of launching a token and the liquidity required to do that. So one of the things that we do is we provide an offset to launching the token so that, you know, it doesn’t necessarily require a lot of funds to, to mint or, you know, initial, initially start a token. But you can still have a, you know, a competitive or meaningful price. It can start at $1 or $2, $3, something like that. So in order to do that, we don’t wanna open up that trading to anybody to come and start trading with it because then we can potentially lose liquidity from the pool that way. So there’s a sort of a technical reason for that. But it also, I think provides a more cohesive experience for the, the customer. And also there are different things like the concept of arbitrage, where there are ethereum can have a different price slightly on whatever exchange you’re trading it on. So there is an ability to have slightly different values of a cryptocurrency wherever you’re trading it. So when we’re Val think talking about valuing a brand or a creator, we think it’s important to have one source of truth when it comes to price. And one source of the truth when it comes to value, cuz one of our, you know, missions and incentives as a company is to be a trusted third party when it comes to regulators when it comes to customers, when it comes to our clients as well. So that we wanna make sure that people who are engaging with our products know exactly what they’re getting. And it’s not that we’re trying to say that you can’t use the token anywhere else. There’s some things that we’ve been thinking about with NFTs maybe in the future where that token experience can allow you to get into other platforms. But for, for the moment in starting these tokens, keeping them within our ecosystem is what we we’ve chosen as the strategy.

How do you think about when De-fi products get more evolved and more advanced and creators wanna start implementing De-fi into their communities, right. From either lending and like peer to peer lending and borrowing staking et cetera. Like how would that translate on your platform for example, cuz like they could also technically create their own Mo of liquidity, right. With the right level of expertise or the right level of subject, subject knowledge, right. Yeah. Which I think is actually very much of a value add for creators who just wanna focus on creating and they’re not as advanced right. When it comes to that, having that crazy team behind them that have De-fi experience sure. Crypto experience, whatever. So it’s very much like the individual and what their, what their level of understanding is. But again, backtrack, like how do you think about when De-fi comes into the, into the picture right now? I feel like it’s very much institutional focus. Right. We haven’t really seen sticky examples of creators using it. We see like NFT lending and borrowing and used as collateral. But yeah, I don’t know. I’m like ranting here a little bit. I’d love to hear your thoughts on that.

So we actually do enable staking for all the, to on our platform. Okay. and this is, you know, I think it’s a great way to be able to earn passive income as a fan, be able to continue to support your, your artist

Or so once, like when they stake, they get the rimark token.

They get, no, they get an additional amount of that artist, our creators. Got it. Okay. So basically just to get into the token, just a tiny bit, we have their tokens are untapped, but there is an initial supply of 10 million. And then the creator brand receives 10% of that market. So they receive 1 million tokens. But again, going back to our offset, we don’t put all 10 in of those tokens into circulation. So the way, so maybe we start with, you know, 5% of the total supply. So how do we increase from 5% up to a hundred percent, all the way up to 10 million tokens? Will we use staking to do that? So it is based on the actual you know, interest in the token. So the more people who are staking it, engaging with it, the faster it unlocks and gets hundred percent. So that’s sort of a practical way we can increase the, the liquidity and supply of treatable tokens.

Okay. So it’s an uncap token. Yeah. So is that also how you kind of mitigate inflation right. I guess the value of the tokening token lessening, for example, like how do you kind of cuz like the first thing that comes mind and I ask you from a very like dumb DAOn or I try to ask them from very dumb DAOn point of view, okay, uncap unlimited supply you think inflation, right? You think about like dilution, right. Does staking solve that?

I think we use staking as a, as a way to control price. Not, not that we’re saying that we’re gonna be going in there and like manipulating price there’s it’s a set formula that all the tokens work on. So it’s the same for everybody. But the idea is that maybe not all tokens get up to a hundred percent, right? Depending on your size of your brand. I think one of the reasons we wanted to do this was because if some token does blow up, right, maybe they’re is an opportunity to have more tokens available. And that’s one of the things that I particularly like about this token space versus NFTs in particular, is people can buy into the ecosystem at whatever price suits, their wallet, right? Whatever they can choose to. If I wanted to be part of the board, a yacht club, right. I have to put DAOn some serious money in order to be part of that. And that’s part of the value proposition it’s to make something exclusive. What we want to do is we want to drive business. We want to drive commerce and we want to make this accessible to as many people as possible. So having the flexibility to have unlimited supply if we need it I think that’s an important concept, but that doesn’t necessarily mean that we are inflating the price of tokens. That will still be a nice, I, you know, bonding curve increase in price.

What’s The Difference Between an ESG Token and an NFT?

How do you think about the difference between a social token or an ESG token and an NFT and the utility that comes around that?

I kinda use this sliding scale analogy where on the right side, you have an NFT and on the left side you have a social token or ESG token. And on the right side, basically there are fewer NFTs. That’s how NFTs gain in value, right? The more scarce there are, the fewer of them, there are the more valuable it is on the other side, in our model. At least when you talk about these tokens, the more they are, the more valuable it is. So kind of the goal is to it’s a little bit different, right? NFG is the goal is to have a curated, tight community of people who are buying and selling that one particular asset in our version of ESG tokens. We want to make it as broad as possible and make it as accessible to people as possible. So that’s why we’ve designed our model in that way. So that the tokens as they’re, you know, using staking in different means of distribution, as more people receive them, buy the, sell them, trade them, earn them the value goes up. And so as the community grows, so does the amount of tokens. And so does the price. And so does the value

I see. So I see people issuing like membership passes as NFTs as a way to kind of create a top level funnel of entry. And then kind of exploring what the funnel looks like beyond that from monetization, from utility, et cetera. How do you know which one to choose over the other? Like if a creator comes in here right now and they’re like, okay, I wanna become more web three native. I want to own my audience. I wanna build a community around some type of asset. Yep. What type of creator goes the ESG route or the social token route? What type of creator goes DAOn? The NFT membership path route?

One, yeah. One other difference I put here is, is that I think of NFTs as products, right? It’s an individual experience per NFT, even if you have a number of them in the collection, right. Versus a ESG token is more of a long kind of long game sort of longer value it’s more currency base. Of course. So I think it depends on the, on the project, right. If you’re trying to do a one off experience or something like that, just kind of dip your toe in, see what it’s like. I would definitely suggest going the NFT route if you’re trying to create a new business process and have a more holistic strategy when it comes to utilizing the tokens in different ways. I would maybe consider the ESG token route. I think both have value, both models have value. It’s just about finding the right use case for what you were trying to do as a creator artist or brand.

Yeah. I’m curious to see how this unfolds, cuz there’s no playbook, everyone’s still experimenting. And when you think you’re late to the game, you’re actually beyond early because there is no playbook. There is no set rule. Everyone’s building in public, everyone’s storing at the fan and seeing what and seeing what sticks actively, you know? So yeah. I’m curious to see how that kind of unfolds. You also come from a music business or music background. Yep. And part of season four is all about music X, crypto. How are you understanding what the current state of like the music crypto landscape is currently?

I think it’s, you know, we’ve definitely seen a lot of NFT focus. I think social tokens haven’t had their moment yet. Like you said earlier that there’s no maybe market leader, there are definitely other platforms out there that have gotten significant funding in traction. When we haven’t seen a market leader yet or that quite yet in social token. So I think it’s definitely focused on NFTs at the moment, certainly around, you’ve seen examples where you’re, you know, tokenizing royalties or you’re doing one off projects or things like that. I think that’s probably the focus and probably will be the focus for the rest of, of 2022. So I, I think that’s where we’ve seen in at least my research opinion seen the most use cases for artists getting into crypto and, and web three sort of stuff. And maybe I think it’s also around fan engagement. That’s been sort of the main use case buying NMT GI access to this, or, you know, own part of my future through royalties or things like that. Those have been, what, what have you seen has been interesting or successful or not?

Yeah. Finally somebody asks me a question. Geez. I feel like I’m always asking the questions. Nice. So what have I seen be successful so far

Music crypto

The best use case to date the base, the best success story. And I take, and I say this with a grain of salt because it’s, it’s still fresh. Right. It’s still new, but what we’ve seen so far is someone like Daniel Allen who’s building who’s an independent artist. Okay. super talented, really started product music, I guess, full time. And don’t take my word for that a hundred percent. I don’t wanna butcher his story, but really got more active in music and producing music during COVID to which he started publishing just tracks continuously on Spotify, built some type of an audience. And then later crowdfunded and EP where he basically he’s like, I’m gonna tokenize my artist of all the songs that I want to produce. And respectively give 50% of that to everybody who supports this crowd fund to bring the EP to life which is a questionable model. Right? Sure. But ended up being really successful. Okay. Now, when you think about creating like an informing a creator DAO, right? Cuz that’s what essentially what it is a creator token based community around a creator around his art, around his craft. You have to think, okay, how do they actually derive value back to their token holders? Right. Right now that everybody kind of pitched in money and he raised almost $200,000 in 48 hours. Because they excited about this aspect of getting ownership in his artist, share of an EP like super cool, you know you think about, okay, how can you derive value back to your token holders? Where does the money come from? Yep. Because let’s be real like the royalties, unless he becomes Justin Bieber, unless he becomes the kid Laro right and earns millions upon billions of streams and actually makes money from his royalties. Right. He’ll make money. He’s giving up 50%. But the people who crowdfunded the campaign, if you do the math, it doesn’t make sense for them. The amount of money that I contributed, I will not be making back in a very, very long time based off royalties. But what he did do that was super cool. He’s like, okay, not only will you get 50% of the royalties, you’ll also get 50% of revenue from any other source that pertains to the EP. Nice. So he sold music NFTs, right. One of one’s additions and took 50% of that at revenue and put it back into the treasury. Right, right. The community treasury. So you start thinking about, okay, so not only will he start selling his art, AKA his music to collectors, he’ll also be doing events, right. These events will be at some point on chain, too, meaning the tickets they’re gonna have value. Everything that’s kind of generated from the over to MEP is gonna go back to the treasury. So what’s the best example that I’ve seen. That is the best example that I’ve seen. I think we’ve scratched the surface. And like tickled actually. Yeah. The surface of what’s possible with music NFTs. I think we’re seeing a lot of interesting people doing interesting things and monetizing and creating value, but again, there’s no playbook yet. Yeah. Everybody’s just building a public. I think today the Grammy award winning artist or producer R E C just released his kind of like value a experience or X or utility, however you wanna call it for his token holders where he basically built a a custom website, a destination, similar to what, like Don Diablo did the DJ when he released his new album, it’s like this really cool, like 1990s types of homepage where you can connect your wallet. And that was like really cool digital experience. If you collected his stuff, if you bought into his social token or received his social token, I don’t think you can buy it. Again, that’s not really connected to music. Like it wasn’t necessarily connected to his his music success. People got the token because he is a musician like his entire story. Maybe not directly because he is a musician, but it’s all kind of like tied together. But again, it goes by to, everybody’s just experimenting. There is no, there is no playbook here. So yeah. I could tell you that there’s one of ones that people have been doing really well with on catalog additions. Right. the list goes on and on, but yeah, we have yet to really see what what’s successful. I don’t know. We’ve went through an interesting phase and back to you, like the last few months we see a lot of experiment around NFTs, anything specifically that stood out to you from an artist’s point of view, from a platform point of view from a strategy point of view.

Well, yeah, I think part of the example that you gave, which I think is a great example is, is that NFTs and all these crypto, you know, web three models need, you need to think about where the money’s coming in, right. Once you’ve done the done the initial sell, you’ve done the fundraise, how do you bring value back to the treasury? Right. and there needs to be multiple revenue streams for that. I actually wrote a little bit of an article on this. Why I don’t think that in my opinion, you shouldn’t buy a music NFT for the royalties is because from coming from the music space, knowing that the payouts take, you know, a quarter to six months, and then you have to then put that on chain. And what if you got a royalty check from your label, if you’re assigned to a label that encompasses a bunch of songs that doesn’t necessarily just encompass the one song you put on chain. So there are a lot of sort of backend processes that make that a little bit difficult. So I think what we’ve we’ve seen in my experience is that there’s been a lot of experience experimentation building in public, which I think is the, which is exciting. That’s part of why I’m in this space is there’s we have an opportunity to build something new in the blue ocean. And I think what’s been great as been the community around at people that I’ve talked to. Like you people are just excited to experiment to try something new, to, you know, put it out there and see what happens. And that’s been, for me, the most exciting piece is just meeting other founders, other artists, and who are really passionate about this. You know, our previous, we did a little bit of a pivot last year to come into web three. We were working on email marketing and advertising for Instagram and text messaging while important. Nobody was really getting excited about that. You know what I mean? Right. So that has been for me, the most exciting thing is how once you are, you know, you’ve done some of your own research, you’re get excited about the space, what can potentially happen in the future? And the conversations that come from that, like this one,

Social Media Funnels

You know, another thing that I find really interesting is the platforms in which people build communities. Okay. So let’s talk about like the funnel, for example, people use their social media Instagram, TikTok, Facebook, Twitter, Snapchat, Twitch, et cetera. They use these like grandiose platforms to build I roll audiences. Yep. And then they use sub platforms like SubT stack or Patreon or only fans, et cetera, to basically monetize that audience. Yep. Right. Their quote unquote 1000 true fans, a hundred true fans. Everybody has their own phrase around it. Okay. But when you talk about like creative entrepreneur, we’ve talked about creators and how they’re using I guess web two platforms to build a life. How, how they, they monetize. Yep. One thing that I’m excited about is their introduction into web three, through social tokens, through NFTs through DAOs a lot of the premise of why mint was started was to create more conversations as to how creators can use these primitives, to build a community, to monetize that community and to scale that community. And, you know, it’s interesting because people on NFTs people, on social, social tokens, and they fall trapped to this, like this sheep narrative where it’s bad, it’s not good. It’s evil, blah, blah, blah. But when you think about it, it’s actually the first time in history where you can create a true, authentic, direct to fan relationship, owning that communication channel, owning that monetization channel, something that you weren’t really able to do in the past. Yep. Okay. What do I mean by that? When you issue an NFT, when you issue a social token, your audience buys that, okay, there’s no Patreon, there is no only fans, there’s no centralized platform that actually owns that community building element. Right. Right. You use a platform like cord or telegram to build that community and have a direct line of communication to your audience, which you otherwise wouldn’t have really had if you didn’t have SMS or email, in my opinion, really like outdated forms of communication and really annoying forms of communication.So, you know, back to community building forms like I’m beyond interested to see how musicians for example, are using their one of ones, their additions, their social tokens, their DAO communities to form more tight knit groups. Right. And focus less on the virality that comes from social platforms and more of the, the, the, what’s the word, like the more of the intimate experience that comes from buying an asset and then creating value around that asset. That’s, what’s personally exciting to me, like minting is cool. All these numbers are cool. Yeah. Yeah. But like it’s very short term value. Yeah. Right. How do you create long term sustainable value? So yeah, I, again, we haven’t seen a playbook like that developed either, right. Maybe the closest thing to that is board a yacht club. Yeah. But that’s more of like a, a creator community. It’s not a creator to his audience, to her audience, et cetera. Yeah. It’s just some thoughts.

No, definitely. I think also a lot of the narrative has, like you said, it’s been about the minting, but not necessarily what comes after the menteeing. Yeah. Right. Yeah. And that’s something that when we are working, trying to find clients to work with, we need to make sure that there is something there’s a repeatable process. And that’s also why the, the, I feel like the social tokens or ESSU tokens are really great because you can embed them into different things. You could say, you know, reward a fan for pres saving a track. You could give the cashback example that we talked about. You could use the tokens as gated access to a specialized, you know, a private event for token holders or something special like that. So there are a number of different ways that we’re working with our, you know, our clients and partners to be able to build these repeatable experiences, some of which can be set and forget, right. If you have something on your web site, right. You’ve got a cool hoodie. And you know, it’s, you get $15 cash back. You can kind of set that. You don’t have to always be like, Hey, buy my token, buy my token. And I think that’s for me also in the music space, since we’re, you know, the season is about music is in, you know, in traditional fan artist relationship, even the artists do talk about, Hey, this is all for the fans. This is all for the fans, but they do immediately kind of go and turn around and say, Hey, well actually it’s stream my song though, or buy my stuff. Right. So it’s has the, the sort of the, you know, notion or impression of being a two-way street, but it’s not really, there’s selling to a customer base and the customers are buying or engaging with their products. But what web three allows us to do is actually allow the artist to reward their fan with an appreciable asset, say, Hey, I appreciate you sharing my music to your fan base, to your community, going with this. And I want you to be able to grow along with me and my future success and kind of, you know, almost make a digital web three street team for artists where everybody can participate and gets rewarded for engaging and building the community and kind of gets a little bit into a future of work thing. Right. What if you could, you know, that was your job was promoting different communities or you making money from the web three ecosystem. And I think that kind of stuff is exciting and it unlocks a true two way street for artists and fans.

What’s on the Horizon for You?

Yeah. Another thing that I’m excited about that I haven’t seen done exceptionally well yet is once you buy that asset, similar to what you were just saying, how do actually incentivize and verify contribution. Right. Okay. So for example, in the context of music, let’s say an artist releases an album. Okay. And they do a bunch of promotions on it. How can you actually reward the listeners who bought into that asset and are part of the community that DAO whatever you want to coin it. Sure. How do you incentivize them to promote and then exchange reward, right. Where, okay, sure. The asset itself might appreciate that initially got him into the door. Yep. But how can you add tier of monetization and tier of rewards and verify contribution and build reputation and do this all digitally, right? Yep. In a very like sustained long term, kind of like, yeah. I guess what I’m trying to say is there’s so much room. Yeah. There’s so many things to do. There’s so much room to experiment. There’s so much room to, to build and no creators doing it. Right. Just yet. What else are you seeing? What else are you excited about? It’s a start of 2022. We’re in February. It’s February 10th right now. Yeah. What else are you looking at beyond, I guess where we are today?

Well, I actually wanted to touch on that last point. Okay. That you just said which is something I’m also excited about which is, you know, bringing back to rimark for a second is that is one thing that we’ve built into our platform is building the tools for the, you know, the creative communities or companies to be able to engage and reward their, you know, stakeholders. So that is, we call our peer to peer ads or rewards model. And basically the idea is, is that we reward fans, customer stakeholders for taking different actions. So let’s say that could be, you know, buying a product or it could be engaging with a brand campaign. And instead of, you know, traditional social media advertising it, the payout is for impressions. Right. But we said, let’s move that payout from impressions to actually actions. So, okay. Let’s just do an example real quick. So I’m an artist I put out on a music video, right. And I’m gonna post it on socials and that sort of stuff. And normally when I go to run an ad on Facebook, when I do, or Instagram is I put some cash in and it does a story ad or a post ad, and the user experience on Instagram is like, oh, I saw an ad. I’m just gonna scroll right past this. Cause I wanna see the content I actually wanna see. Right. But now what, if you could make that content, you know, you could post on your story and say, Hey, swipe up to watch the video and earn tokens or swipe up to watch the video and share the video with your network and earn more tokens for doing that. So that’s kind of the peer tope ad the rewards model that we’ve built, that kind of incentivizes continue engagement and turning that ad spend, right from an expense where you’re just paying Instagram or Facebook, turning it to actually an investment. Cuz what you’re doing now is you’re investing in your community. You’re paying your community, you’re rewarding your community for helping to promote your collective brand, right. Because are an important part of your brand and the success of your brand. So that’s how we’re kind of looking at. Can you make the community a real part of, of what you’re doing by using this peer to peer ads or, or rewards model?

What’s Next for Rimark?

Got it interesting. So much to unpack so much to do. So what’s next for a mark? Where are we headed?

Well, we’re headed we’re gonna be doing a launch end of March, beginning of April. So top line, you know, token is definitely gonna be with Misago Sego coin. He’s nominated for Grammy this year. He is playing a Coachella cool, really deep in the space, really excited to be working with him and his label E Q T they have a JV with capital record which is short for joint venture and yeah, they have, you know, some really great guys over there just had a meeting with them yesterday, some really fun and exciting conversations, excited to be about that. We’re also working with another label called three they have a number of emerging artists to which are ILA one in which is also so Johnny West, he was on American idol in 2020. And he also worked with kind of an OG bay area rapper by the name of too short. So we’re gonna be working with them and their clients as well to be doing some exciting stuff. And those all becoming as part of our launch as well as another kind of community. And this is an example of how we’re looking music a little bit as well. So there’s this community called make they’re sort of the original protagonists or promoters of the term web 2.0 actually back in the day they have this community of makers that are sort of like DIY you know, creators of different projects and things like that. So they also have a magazine. So we’re looking at how can we use the token with their magazine? How can we use it with their upcoming amazing make awards, rewarding, the community of makers that sort of stuff. So yeah, some really exciting, diverse projects that we’re working on and they’ll all be part of the, part of the rollout in end of March, beginning of April. So that’s, that’s, what’s next for us kind of building up that story that go to market and getting ready to Lindsay.

Well, look, we’ll have to do a recap closer to that time or after that time and check in and see where everything’s at, but thank you for being on this was really fun. And hope to have you again soon.

Thanks for having me on Adam.

Categories
Podcast Transcript

Public Goods for Creators ft. Kevin Owocki of Gitcoin

Listen on: Spotify | Apple Music | Google Podcast

Background

Mint Season 4 episode 17 welcomes Kevin Owocki, a technology entrepreneur based in Boulder, Colorado, and the Founder of Gitcoin.



In this episode, we discuss: 

  • 00:31 –  Intro
  • 05:19 – Gitcoin
  • 14:00 – What’s the Incentive to Build for Open Source?
  • 17:09 – What’s Your Plan to Capture More Market Value?
  • 21:24 – Intersection Between Creators and Gitcoin
  • 24:45 – Synergies Between Journalists and Software Developers
  • 32:20 – Outro

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

1. Coinvise – https://coinvise.co

2. Polygon Studios – https://polygonstudios.com

Interested in becoming an NFT sponsor? Get in touch here!


Mr. Kevin Owocki. Welcome to Mint. How are you doing my friend? Thank you for being on.

Hey. Hey. Hey, thanks for having me, Adam. Good to be here.

Intro

I love it, man. It’s good to have you here. You’re doing some really cool stuff in this space and I’m really glad for you to be a part of season four and share all the good things that’s happening at Gitcoin. So without further ado, let’s just dive right in. Okay. Let’s do it. Let’s start with a quick intro. Who are you? What does the world need to know about you? I’m particularly curious. How’d you get your start in crypto?

Sure. Yeah. Who are you is a loaded question, right? Cause we’re all doing digital identity and it’s multidimensional. Right. But what’s relevant to your audience is that I founded Gitcoin, which is a place that you can get coins if you’re a software engineer or a designer or increasingly many, many other types of things. And I got my start in crypto in really like 2014 started building little side projects and just messing around with what was possible on Bitcoin. And then later on Ethereum and Gitcoin was like my sixth side project that I worked on in 2017. I’d say that crypto has shifted from like people who were hobbyists into something you could actually make a career out of. And so Gitcoin was kind of my launchpad into the ecosystem as actually building an internet of jobs type application. So yeah, just have always been interested with the idea of networked money and programmable money and the internet of money and was just systematically exploring ideas until I landed on Gitcoin and that was the one.

So you talked about having six other hobbies that you were building towards. What were the other say if you remember?

Yeah. so basically I got my start in tech. I mean, I have a computer science degree from Delaware 2006 and went in corporate America for two years and I hated every second of it. I really wanted a way out the way out that I found being the CTO of an online dating website that went through Techstars, which is like an entrepreneur accelerator, like of a can of Y Combinator. And that was quite an adventure. We raised our series A, the week that Lehman brothers collapsed. TLDR is like been a web two entrepreneur for like 10 years and I’ve just like, kind of seen a lot of shit because of that. One of the things that I learned was that it’s fun-er to be in frontier tech than it is to be like climbing the corporate ladder at some like old state corporations. So I was the organizer of the Boulder startup weeks, Boulder startup, because it week celebration of entrepreneurship and technology every May in Boulder, Colorado, and kind of like one part hippie, one part technology, one part entrepreneurship, given that it’s Boulder, Colorado, which is all those things. I was running like the future of tech track for that because I wanted to really, I just wanted to like systematically discover AI and virtual reality and machine learning and block blockchain. During that time, I was just kind of exploring those frontier tech. And so what I built a VR meditation app, which is like the most Boulder, Colorado thing that I’ve ever done. A VR hunting app, which is basically like you ever been on a bar and you played like big game hunter. I’ve actually never been on a podcast in like, Fonzi the audience. We made a VR like version of big game hunter, which is pretty dope. I built an AI driven crypto app, which was called Pi Trader, I ran the Boulder blockchain meet up and I built a tool called ad block to Bitcoin, which basically just replaced ad block ad space where publishers are losing out on revenue with a QR code that solicited Bitcoin donations, which like that was a crazy, that was a crazy build. I built it at like 4:00 AM, cause I couldn’t sleep. And I put it on Hacker News and at like 9:00 AM a Wired.com reporter was like, emailing me. He was like, can I write about this? And by the end of the day like completely like from conception to like in wired magazine in like nine hours, I built a tool called you’ve got Eth which allowed you to send Eth to any email address without having to have a private key. I did a brief stint with a blockchain hedge fund. And if you just look on my GitHub, there’s like a, a trail tears of head projects. So, that’s kind of how I engineered my way into the spaces by trying shit and failing at it. The [inaudible] of Gitcoin, I started in May of 2017 and it like formally launched September of 2017. So a lot of nights and weekends hours to get, to where Gitcoin was.

Gitcoin

One thing I like about your story is that you’re literally at the intersection of community and technology, which is basically all that crypto is from running the blockchain meet up, right. And building communities around that to then fricking hustling your way and doing hobby projects on the side, just to try to extract value, build value, ideas that were in your head. And then that led to the birth of Gitcoin slowly, but surely. Can you walk me through more of like the origin story? So I know you mentioned a little bit back earlier, but walk me through, how did that come to life? How did you get into the public good space and decide to do Gitcoin? Like give me that entire story?

I can sort of give you that stuff, but like the first thing I wanna say is like the intersection of community and technology. I think the people who are gonna win in this space are the ones who got into those things because those are ends in themselves, like community is an end in itself. And if you’re doing it as a means to an end, you will not be as successful as someone who’s doing it as an end in themselves in itself. What’s cool is that those of us who have been doing community and technology, just for the love of it, have basically front run, all of the people who are just getting in opportunistically because there’s there’s money here now. So I just think that’s cool.

Which by the way, is like how I got my start too. I got started building communities on my college campus. I read the Bitcoin white paper, in 2017, 2018, and then spent all of winter break trying to understand it, and then started writing in university Facebook groups. If anybody wants to learn about peer to peer payments on a Saturday, like 3:00 PM, I’m doing whiteboard sessions. So I really echo that.

Totally. But to actually answer your question so Gitcoin’s a place that you can get coins if you’re a software developer. And basically there’s two things that we’re trying to solve that were both informed by my 10 years doing web two tech startups, the first was that I hired 45 software engineers. During that time, I was a CTO, VP engineering director of engineering. Engineers are, like if you’re an engineer, like you’re the hot girl going to the dance, like lots of people wanna take you to dance and it’s because everyone needs engineers to build digital experiences. And one of the things that I learned was that the recruiting industry is this insane arbitrage between like on one side of things, you have a $99 a month, LinkedIn subscription. And on the other side of things, you sell placements of engineers at companies for like 35 K. So like, just like figuring out how to recruit without having to rely on a recruiter, was like a big eye opening moment for me. And that was point number one, was like recruiters, are intermediaries, how can we disrupt them? Was like part number one of Gitcoin. And then the second thing was that everything I ever built and everything, most of us build is open source software, and open source, this just like beautiful expression of human speech, where we’re building our digital infrastructure and putting it out there for free. And there’s no way to monetize it. And over the last 20 years, as Linux has beaten Microsoft in the cloud wars and open source is everywhere, a technologist like me, when I’m starting a new project, doesn’t build his own database server, web server networking stack. I use Linux, I use Postgres, I use Engine X, I use Python. And those are all available for free. It’s this massive digital infrastructure that a study in 2014 said creates 400 billion dollars per year in economic value. And the people who are working on that infrastructure are working nights and weekends because they can’t get a job that does open source, that pays for that work. I think my kids are playing in the hallway. I’m gonna have to close my door real quick. So yeah, my kids were just playing in the hallway and I just had to go off screen for a second because I had to shut the door, actually like use that to make a point, which is like for an engineer, like me, who is like 35. Like I’m not 22 and just like [inaudible] around the world anymore. Like I have a mortgage, I have kids, I have like college to plan for. There’s a systematic incentive for someone like me to go work at like JP Morgan Chase, so I can pay my mortgage as opposed to work on open source where I don’t get any return for it. And so Gitcoin, just recognized that there’s a huge asymmetry between value created and value captured for Open Source software developers. And we wanna correct that asymmetry. So, to actually answer your question, which was, what were the threads you were pulling when you started Gitcoin? It was, meeting recruiters and funding public goods, like open source software.

Got it. Kevin, I feel like that takes such a specific mindset, such a specific character and personality type. How would you kind of describe yourself to someone who’s never met you and like, why are you so passionate about this specific, I wanna say niche because it’s actually really, really big and the economic value that’s generated through it is huge, but I’m curious, like you’re deciding to dedicate what feels like a lot of your life to building what you believe should be open source software and paying people accordingly to their contributions. Like, walk me more through that.

It’s a lot of directions I could take that question. I think that like the ultimate opportunity that we have in this space is there’s $2 trillion in an open source financial system and the money that used to go to IT on Wall Street, went to some back office on Wall Street now is being deployed on open source. So there’s just a huge opportunity to reinvent how open source is funded in the wake of that. But more generally, I think the interesting design space is that we now have programmable money and we can program our values into our money. And this is something that only like the Feds could do in the past. And now it’s like open source and everyday citizens can do it and they should do it in a way that’s moral and is compliant with the laws, of course. I just think that that design space is so huge, cuz so many things rely on money and I just, I don’t know. It’s just like really a blessing to be able to work on that full time. If I was alive a hundred years ago, I’d probably be doing manual labor. And instead I get to like tickle my brain every day as I’m trying to build Gitcoin and it’s hard, but it’s really satisfying and self-actualizing to try to make a dent in the universe and hopefully [inaudible] internet of money in a more regenerative direction. So I don’t even remember what question you asked

My question is like, again, it takes a specific type of person to dedicate a lot of their time, a lot of their energy to this ethos. Right. And you come again from the web two world now into web three, you’ve been hobbying, you’ve been building communities. You’ve been building software, you’ve gotten traction let alone with Gitcoin. But again, it takes a certain personality to actually like lead that front.

Well, I mean, like, I don’t know, like what am I gonna do? Like go get a corporate job, go work at Ball aerospace. I mean, it’s like. How old are you? You’re like a couple years outta school?

24.

I was young once. I went to a state school. I didn’t go to like Stanford or anything like that, I went to Delaware. One of the things that I saw with a lot of my like friends is that when they worked in corporate America, they got addicted to the salary and the lifestyle of that. R And then when they started to have kids and have a mortgage, they knew they were climbing the wrong hill, but they have an obligation to be the breadwinner. And so they stay in corporate America cuz they’re afraid of going down that hill and like being naked, actually I’m like mixing my metaphors now, but like it’s hard to get off the local maxima and climb the global maxima. And like, you feel very naked when you’re the senior architect three at like Northrop Grumman and you have to get into open source where no one gives a fuck about your credentials. And one of the things that I just did from the start was like, I was 23, starting a startup and jumping in the deep ends of startups. And I’ve always been climbing the startup hill, like pretty much since college. And I think that there’s a certain amount of like psychological safety that comes from just like always being on the market and always trying to hone my skills and always trying to create an impact. And you know, for people who are like, don’t get used to the corporate like salary and because then you’ll never be able to do anything else I think is like the way I got on this trajectory.

What’s the Incentive to Build for Open Source?

Yeah. Makes a lot of sense. I want to talk to you more about the incentive to build for open source. Can you walk me more through that? Of course the whole marketing narrative is like at Gitcoin you can get coins. Right. But what does that really mean? Because projects, they kind of like fundraise to get funding right from different contributors that love the concept of open source software that love the concept of contributing and supporting the Ethereum system. But what’s the incentive to build for open source?

Yeah. Well, I mean, I think that like the status quo is that there’s not much incentive other than like maybe you’ll land a job at Google who will allow you to contribute to open source 20% of your time. So there’s an asymmetry between value created and value captured and that’s fundamentally what we would wanna change at Gitcoin is close that asymmetry between value created and value captured. And what that does is like, if we can solve that problem, then what you do is that thousands of developers that worked at JP Morgan Chase or these private corporations can come work on the open internet and still pay their mortgage. Like that’s the world that we wanna build where Gitcoin’s maximally successful and we’re not there yet. Like tangibly, what you can do on Gitcoin is that the ways we figured out in order to monetize open source software developers is that we run virtual hackathons. So basically if you’re trying to contribute to crypto and you wanna get paid for it, you can work on something in a virtual hackathon with the Ethereum Foundation, with Gitcoin itself, with several other DAOs in the ecosystem. So that’s like kind of I would almost say it’s like a paid tour of the crypto ecosystem. So that’s virtual hackathons. We’ve also got this thing called Gitcoin grants, which is the number one Crowd funding platform in the Ethereum ecosystem. Basically what it does is like you can Crowd fund your contributions to pay for the work that you’re already doing, that supports Open Source software. So like hackathons are very good if you’re just entering the eco system and you wanna make a name for yourself. If you already have a name for yourself and you’re already creating value, you can use grants. In aggregate, those two products have delivered 51 million worth of funding to Open Source software developers over the last three and a half years. And we’re doing like 6 million per quarter. So it’s not peanuts. But it’s also not 500 billion per year, which is, the total market size if we’re maximally successful. Then the third thing is that we’ve got this thing called kernel, which is just basically like a web three university where we take 200 of the top new contributors to the ecosystem, the creme de la creme of the ecosystem. And we introduce them to ideas from Vitalic Buterin, and Glen Wild sometimes actually get them FaceTime with these people. And we usher them through, this is the philosophy and the ethos and the technology that you need to be successful in this space. And that’s what Colonel is. So I would consider Gitcoin to be like an internet of jobs application, but we’re unbundling what it means to have a job you are, a network age, you’re earning, you’re learning, you’re connecting and maybe hiring other people. And I just believe that’ll be peer to peer in the future as opposed to hierarchical as it was in a corporation in the past.

What’s Your Plan to Capture More Market Value?

Yeah, that makes sense. So 52 million, captured so far, and you said there’s 500 billion of value generated what’s the plan to actually capture more of that per year. How does one actually capture all that value that’s generated? I feel like it’s one of your biggest challenges.

Totally. So if you ever wanna see our stats go to Gitcoin.co/results. Launch launched that page in 2017, when everyone had a flowery vision of how they were gonna change the world and Gitcoin was actually doing it, I was like, these are our stats and it’s updated every three hours. So like if you wanna see our stats, check out Gitcoin.co/results. But the question is like, how do we scale from doing 52 million you can see it’s on an accelerating trajectory. Like 6 or 9 million per quarter is what we’re doing. Our KPIs, like number go up, but for public goods funding, not asset prices. I think that the way that you do that is that you just build tools that allow crypto networks and ecosystem to allow people who want to contribute to them to contribute and to get coins for doing it. And so we’re kind of moving from like being one of the biggest ecosystem builders in the Ethereum foundation to launching this thing called Gitcoin Aqueducts, which is basically like if you’re launching an NFT project or you’re launching a De-Fi product you can take the technology that the Ethereum ecosystem uses to self organize on Gitcoin, and you can just use it for your project. So Vitalic Buderin, it’s called Gitcoin a significant pillar of the Ethereum ecosystem that some are all of the projects are using to rely on for support. And it’s just taking that playbook and giving it to every De-Fi project and NFT project that is out there. And by the way, these all have like treasuries, like Uni swap has a 6 billion treasury now. So I think that’s how you scale it up is like you just provide the tools for people who are building open source ecosystems to get contributors into their ecosystem and retain them.

Yeah. That makes a lot of sense.

By the way, like quick plug, if you’re starting an NFT or De-FI project, please email me, Kevin@gitcoin.co and we’ll get you hooked up with a ecosystem building kit.

What does the ecosystem building kit entail?

We’ve got like a quarterly Bitcoin grants round, which is we’ll deploy 6 million per quarter. I think of it as a series of circles. Like the main pot is the main circle, but now we’re trying to do is like bolt on side rounds. So like polygon and Uni swap and Tally cash, all have side rounds on Gitcoin. And the ultimate, like the thing that’s powerful about that is thatwe’re not just matching contributions to Ethereum open source, but also to these ecosystems open source projects. If you email me and if you have a project that has funding and is like legitimate then we’ll just add a side round every Gitcoin grants round for you. The whole point of what we’re doing at Gitcoin is that people contribute to the public good instead of having to work on their own projects that have their own business models. And so the ultimate expression, is that it gives people the incentive to contribute to the public good of the Ethereum ecosystem or the Uni Swap ecosystem or of your ecosystem by setting up these funding rounds on Gitcoin. So what we wanna do is have like an ecosystem funding in the box kit, where you just basically give a certain amount of your protocol revenues or your token supply to the Gitcoin matching pool and we will recruit people and organize your ecosystem building activities. So that’s kind of how we’re scaling what we’re doing at Gitcoin, but also providing more utility to the ecosystem.

Intersection Between Creators and Gitcoin

Interesting. Okay. So beyond this toolkit that you’re talking about specifically that you’re using as a source to help up and coming NFT projects, how else do you see open source software development, empowering like creators in related creative communities? What does that look like? I feel like a lot of the focus is on developers and like De-Fi projects for the most part. I saw some educational projects on there as well. Can you walk me through more of the intersection betweenCreators X Gitcoin?

Yeah, totally. When I start talking about Bitcoin, I started talking about software developers cause I am a developer. I dunno if this is gonna be a video podcast, but like check out my ponytail proof of developer pretty long. One of the things is like we started off wanting to really fund open source software, but now we’ve moved on to all digital public goods. So a public good is it’s something that is non excludable and non-rival risk, which just means that like, when I download an open source software repository, no one can stop me from doing that. And it’s non rival, which means that Adam, if I download it, it doesn’t stop you from downloading it cause we can make infinite comments. And those are digital public goods. And one of the things that we’ve kind of learned is that Open Source software is one digital public good, but there’s also journalism, which is a public good. Like you reading an article and being informed about something does not stop me it’s non excludable, non rivalrus. There is also I think like basically education, is a public good for the ecosystem. I think that privacy is a public good. Privacy technology. We’re expanding from just software developers into designers and journalists and educators and anyone who’s contributing to the public good and not just software developers. And I just like, I need to get more inclusive in my language by, by talking about knowledge workers instead of developers.

So for example, all these content creators on YouTube, on Tik Tok, et cetera, those are technically a form of a public good. It’s creating educational content, doing something for free for the betterment of society. I mean, they get paid, there’s probably incentives, but am I thinking about this the right way?

Yeah, you are. And the huge thing here is that we’re moving people away from having to rely on ads in order to make their living by doing Crowd funding. And, we’ve used this mechanism called [INAUDIBLE] funding on Gitcoin, which I can get into, but like ads create the ultimate perverse incentive where I just wanna get as many eyeballs as possible. And so I will try to elicit an emotional response from you, whether it’s positive or negative in order to go viral and get more eyeballs on me so I can make more money. And what we wanna do is we wanna shift the incentives from that incentive landscape to an incentive landscape of who’s creating the most public good. That is the big opportunity I think, of the internet of money. The web 2.0 is very based on ad models. And if we can move to a model that supports the public good in web three, I think that’s gonna create this like decentralized fractal of just like beautiful civic engagement and internet skill democracy that I think will just like be really beautiful looking back. But if you’re a content creator in the web three ecosystem, sign up for Gitcoin grants and you can have a grant just like a software developer would is like the tangible result of all these conversations.

Synergies Between Journalists and Software Developers

Got it. Interesting. I recall in like other interviews when I was doing some research more about you and more about Gitcoin, you talked about, there was this happy marriage between journalists and developers in the Ethereum ecosystem, that kinda spurred a lot of the traction around public goods, which I found are super interesting, because like you said earlier, like journalists are creators in their own respect, right? They are a very like lean definition of what a public good is or contributing to open source knowledge, whatever you wanna call it. Can you walk me through more about that story and what are the synergies between journalists and developers and how that led to Gitcoin?

Totally. I kind of have to explain quadratic funding in order to answer that question and I don’t wanna go too deep. I’m gonna try to do it in like 45 seconds or less, but go, basically the magic of Gitcoin grants is this thing called quadratic funding, which was invented by Glen Wild [inaudible] Zoe Hitzeg. They’re the game theorists. I’m just like the hipster who makes it like Neon and like gives you a web interface to use it. The way quadratic funding works is that, Adam, if you raise a grant that gets a hundred dollars from a hundred contributors, and I raise a grant that gets a hundred dollars from one contributor, then, basically what we are doing is we’re running a matching campaign that matches all of the contributions to the Crowd funding campaign with a matching pool that is 3 million per quarter. In that example that I just said in a one-to-one matching, both of those grants would get a hundred dollars worth of matching, but in quadratic funding, what you do is you reward people who have more contributions from a wider set of personas. So in that example where you have a hundred dollars from a hundred contributors, and I have a hundred dollars from one contributor, we actually give like 98% of Matching pool to the one with a wider source of support. And so, that’s quadratic funding and that’s what powers Gitcoin grants. That’s the mechanism that allows us to build and fund digital public goods in a decentralized way that optimizes for the preferences of the poor and the many instead of the rich and the few. And I think that that’s the magical thing is, you’re getting supported based off of the number of your peers that think that you’re doing a good job for the public good. Not what some like power broker thinks. And I think that’s the magic of quadratic funding. Now I forgot the question that you asked me.

No, no, this is good. This is on the right. This is on the right path. I’m talking about the story behind the intersection of journalists and developers and how that kind of led to the rise of Gitcoin.

Yeah. So that mechanism works not only for open source software developers, but for journalism and privacy researchers and an educator, any public good it works for. That’s the magic of quadratic funding. And what we learned was that there’s this problem where like, software developers are not building and aggregating an audience. So when they’re running a quadratic funding matching campaign, and we’re optimizing for the preferences of the poor and the many, people just don’t know that they could be funding their digital infrastructure and the perfect marriage. So we’ve run 12 rounds of Gitcoin grants and deployed about $40 million on Gitcoin grants. One of the beautiful things that we saw around Round four was that like basically we were just funding open source software from rounds one through three, and then we added a Journalism round in round four. And what that did was not only did it like, cause some controversy because like some Journalists are just like Twitter accounts and it’s like is a Twitter account of public good is like a whole rabbit hole you could go down. But the tangible result was that the journalists have a big audience that they’ve aggregated and they would tweet about their grant on Gitcoin. And then those people would come to Gitcoin and they wouldn’t just fund the journalist, but they would fund the open source software that was right next to it on the platform. And that was the key unlock was that if you fund, like there’s a pluralism of different public goods, and if you support all of them all in one place, there’s a network effect where it gets better, the more public goods that you’re supporting in one place. One of the KPIs that we optimize for at Gitcoin is how do we get you to add more grants to your cart before you check out? So basically instead of just supporting this one grant, how do we get you to support this one grant and then shop around and add all these other different grants to your, to your cart. And that’s like a design goal that we have for Gitcoin. So that’s actually how the journalism rounds support the educators support the software, developers, the designers all in one place.

So again, I bring this story up because a journalist is basically a creator. Like I consider a lot of what I do as a very much like the foundation of journalism to an extent. So to hear that journalists got their start or I guess Gitcoin got a start supporting journalists that then led to software development and the list goes on and on and on is really interesting to hear. I guess my final question to you, Kevin, is what can society do to adopt more of a public goods mindset like yours and how to actually build with a public goods mindset?

UI think awareness is the first step that we just kind of have to break people out of this idea that there’s this like mean reversion bias, which is, anything that’s gonna be discovered has already been discovered. The classical game theoretical example of mean reversion is like a Turkey. Who’s like, everything is fine. Everything will continue to be fine. And then on, on like day 800 of their life, they get their head chopped off to be baked for Thanksgiving dinner. That’s like the ultimate like mean reversion thing. And like, the thing that you see with web two people is that everyone just think the ads are gonna continue to be the business model and like sometimes subscription services. And the thing that I’m trying to encourage people to do is like, holy shit, let’s climb off of that local maximum and find the global maximum. We now have programmable money. We can program our values into our money. And so let’s build better ways for our us to, for humanity to express its value. Than just like, do I wanna click on this? Is this a dopamine rush, click bait on me? So I think the first thing is like dislodge people from this mean reversion bias that it’s not even worth trying, doing anything other than playing your own rivalry game. And I, think that, like, once you’ve done that, then the question is, okay, what kind of like civilization do we, do we wanna live in what values do we wanna program into our money? And then you get into a place, and this is all very hard, right? Because you have to leave your safety of what works now, and you have to go explore. And like, I started seven projects before I started Gitcoin. And I had the persistence to be like a fish swimming upstream in order to build Gitcoin. And like, not everyone wants to do that, but you can hang out and vibe with the people who are doing that. I think like, so my answer to that question is, regenerative, crypto economics. So how do we build a crypto economic infrastructure that has net positive externality and each individual project is an impact DAO, which has positive externalities on the world. Since I’m on your podcast, I’m gonna really quickly show my book, which is called Green Pill – How crypto can regenerate the world. You can get it at greenpill. party. And what I wanna do is I wanna see a thousand experiments blossom. This is not Gitcoin’s story. This is all of our story. And I’m just aggregating it and talking about it in as many places as will have me is how do we build a regenerative crypto economic infrastructure from the world? But the first step is shaking people off of this mean reversion bias, that it’ll all just be web two and it’ll stay the way it is. Cuz the world is changing very quickly. And I think that we have to grab the bull by the horns and build a world that we wanna live in. And to me that’s regenerative crypto economics, but people should launch their own experiments with their own hypotheses and see where that takes them.

Outro

I love it, Kevin, that’s an awesome place to end off. I love your energy before I let you go. Where can we find you? Where can we find more about what you’re building? Give us the spiel.

Yeah, totally. Google Gitcoin. We finally reached a place where Google does not auto-correct Gitcoin to Bitcoin. So yes, we’ve done it. If you search for Kevin Owocki, you can find me, I’m mostly active on Twitter. I oscillate between thought leaders and meme-ing and shit posting on Twitter, which is kind of fun to just like vibe with people on Twitter. And I think you and I got connected on Twitter, and then if you’re coming to East Denver next week, we’re gonna be hosting a one-day mini-conference about regenerative crypto economic and all of these themes. It’s gonna be called shelling point. So yeah, come to shelling point.

On a Thursday, right?

Yeah. Thursday 17. I don’t know when this will air, but if it’s before that, come to Shelling point, if it’s not check out the shelling point videos and, Take from Audrey Tang, the digital minister of Taiwan is speaking. Glen wild is speaking. We got a stacked lineup. What I’m trying to do is create a shelling point for the hopeful people who wanna use crypto to rebuild our institutions in a more digital native way. And so it’s the aggregation of all of the community, not just Gitcoin, that’s doing this, but if you wanna get involved, send me a tweet at twitter.com/Owocki, and we’ll get you plugged in.

Amazing. Thank you so much, Kevin. Hope to have you again soon.

Peace and love. This was fun.

Categories
Podcast Transcript

I’m Moving To The Aokiverse

Listen on: Spotify | Apple Music | Google Podcast

Background

Mint Season 4 episode 16 welcomes Steve Aoki, the world-renowned DJ, entrepreneur, artist, fashionista, collector, culinary entrepreneur – there aren’t enough titles we can attribute to him. 

I had the pleasure of chatting with him on all things music NFTs and his latest project titled the Aokiverse! What an epic conversation, there’s a lot to unpack.

In this episode, we discuss: 

  • 03:10 – Intro
  • 07:53 – Any Concerns Getting Into the NFT Space?
  • 13:31 – Aokiverse
  • 25:03 – Future of the Aokiverse
  • 32:26 – How Do You Access the Aokiverse?
  • 46:32 – Future Relationship Between a Record Label and an Artist
  • 51:39 – Any Unexplored Areas Surrounding Music NFTs?
  • 54:20 – Any Clear Advantages to Web3?
  • 10:03 – Will NFTs Allow Us to Live Forever?

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

1. Coinvise – https://coinvise.co

2. Polygon Studios – https://polygonstudios.com

Interested in becoming an NFT sponsor? Get in touch here!


Mr. Steve Aoki welcome to MINT, my friend. How are you doing? Thank you for being on.

Absolutely. Thanks for having me.

You got it. Let’s dive right in. Okay. We got a lot to talk about, but I like to start with a quick intro.

Let’s talk about the drums you got behind you,

Dude, the DW drums. You like ’em I’ve had them since like eighth grade, I am a drummer since five years old.

It’s actually like the hardest cause I’ve been in so many bands. It’s so hard to find a decent drummer. It’s like gotta be. I feel like you you’ve like anyone that, that, that picks drumming as far as an instrument to pick up is, is all always gonna be like, I don’t know how many bands you were in, cause like everyone needs a really solid drummer.

Everyone needs a solid drummer. And I’ll tell you my thing. When I started playing the drums or when I tried getting into drums, my dad tried to get me onto piano, onto guitar, onto everything, but the drums because of the noise and it wasn’t until like, I actually got the drums where I felt like my [inaudible], but I’ve always had like ADHD growing up and playing the drums was the only thing that allowed me to focus cuz everything was moving. You know, everything in my body was moving. So just gravitated that towards that since five years old, but more importantly beyond that. 

Intro

Why we’re here today. Crypto. The beauty of web three, the beauty of crypto. Okay.  I’m curious, dude. How did you actually get into crypto initially? Like what’s your, what’s your intro story? Do you remember the first asset you purchased?

I was in China. Okay. I was in China and I was buying it was 2018. It was when Bitcoin was at 11.2 before it hit 19 and went down. Okay.

What year was that?

It was December 2018. And I bought I went in, I talked to my, my financial advisor, my business management team. I was like, okay, I’m ready. I’ve been hearing about it way too much. I’m late. I gotta pull the trigger. I was watching it’s tracking, you know, like I got bullet trigger, so I put 500 K put 300, 350 in Bitcoin, 150 in Ethereum. Ethereum was 450.

Have you sold since?

No.

Let’s go.

I’m a [inaudible] holder . That’s the problem with me Adam? It’s like with many things that I do, I’m like a long play guy. Like I did flip a few NFTs, but like I probably have thousands of portfolio now, but, and I only flip like maybe like, I don’t know, maybe a dozen.

All right. So Steve, I remember you got like me personally coming across you publicly in crypto was during clubhouse, the clubhouse era that, that spurred a lot of the activity. I remember you already had a drop that you’ve done. You have a lot more in the works through Aokiverse, which we’ll get into in just a minute. I’m curious though, when you first came across NFTs, did you see them as like a medium for building communities? And if so, why?

So when I first came across NFTs summer 2020 when I started thinking about how to utilize this NFT, cuz I was thinking about like how to layer my music catalog. What could I do to offer something different outside the box with my music. So BLAO introduced me to NFTs probably like late spring going into summer and I’m like, okay, I need to find a digital artist then I guess, and work with them. I know Blao’s working on his music, his album and turning that to NFTs. I’m like, okay, now I, feel like I could do that. But instead of doing my own music that I have out, I wanna make something different for the space and I was experimenting during COVID and I was just like having fun with music. And I was like, this is my unhinged Aoki sessions. Then I could be able to like, I didn’t even look at it like a collectible. I didn’t even look at it like something based in the community. I just looked at it as a different offering for me to be able to experiment with music, work with a designer. And I love like outside of music, I’m constantly collaborating in fashion, in art, in products, in different mediums. And so it’s exciting to develop like this character from one of my logos. So I was like, okay, we’re gonna build out this character, X we’re gonna do something cool. I’m gonna make some music around it, build a world around it. And it was just a fun experiment. And then later on, when it finally came out, February, 2021, cause it took like quite a long time to actually develop. Cause I didn’t really understand it. Then I understood community on that. During that drop. So during the drop, when I dropped Dream Capture the collection, I was on clubhouse and I think there was like 5,000 people in the chat. And as like the first time I got to meet Farouk and me Farouk are now like, just like BFFS, but yeah, I understood like how important the chat was. I haven’t even entered a discord yet. I didn’t even buy an NFT, I learned really fast, really passionately at a break deck speed in that little chat room. And at that drop, when that drop hit, like we, I mean we did 4.3 mill, remember?

Yeah.

And then I just started getting my feet wet and I also remember like in 2020, like, like late 2020, my friends were like, you gotta get in the crypto punks, you gotta get into this. I’m like, you know.

Why the hell am I about to spend so much money on a JPEG

Yeah. I mean, then it was like 20 grand was the floor, really different like timeframe.

Any Concerns Getting Into the NFT Space?

Let me ask you what was like the biggest question or concern you had getting into the NFT space? If any?

I guess it’s a question that you just said, like you’re spending so much money on a JPEG. You don’t understand the context. I mean, the way I see it, whenever I talk to someone, that I’m like introducing into this world, it’s, one is art, right. I explain the same thing, someone’s gonna spend 10 million on this piece by certain artists when the actual raw cost of it is just canvas and paint. Like really the raw cost of it’s like, like under 50 bucks and you understand that as someone that sees this [inaudible] sold for like 20 million, like we all understand that’s okay. We understand it’s fair. But when it comes to NFTs, they don’t get it because it’s not a medium that’s like socially accepted yet, but there’s enough of a marketplace for it to exist. That’s kind of how I ease into the first challenge of letting people understand.

During the clubhouse era, which funny enough, everyone’s on Twitter now, I don’t know who uses clubhouse anymore. During the clubhouse era, I feel like that platform was like pinnacle for bringing the tension and noise to NFTs. And I feel like a lot of the times, the aha moment for a lot of people came through clubhouse sessions. When you were getting more into NFTs, you got more of your questions answered. Do you remember like an aha moment coming across that medium and realizing, wow, we could actually do something really powerful with this. Do you remember that aha moment specifically?

For me, it’s like very similar to like my music career. Like that same question has hit me many times on that. Like what was the aha moment in my music career. There was never one big bang, it’s always like these little kind of like, oh, that’s very innovative. Right. It’s really interesting. Like, yeah. I mean, there’s certain artists that definitely make me think like PAC and artists that I saw them doing different things. Gary V is a perfect, perfect figure in the space that made me think on what, a community means. Pacs pages turning into poems. They’re always thinking one step ahead. It’s adding to the inspiration to what someone like me can do, the hundreds doing the [inaudible] Like it’s tied to their clothing line. So when I see that I’m like, that’s me too. I mean, like we I’ve been running DIMOC for 26 years as a label and a fashion line. And like, I love that time, the figital. And then there’s like 888, like, you know, allowing for his friends and families presales. Yeah. So basically all these are little aha moments of like, just being in the space, seeing what my friends are doing and seeing what people that I don’t know, pac but I love what they’re doing. And I just love seeing all of these little things happening and the most amazing part about this whole thing is that I can actually do it too. That’s what’s so exciting. It’s not like it’s not like eight year old, me watching Michael Jackson on stage going, like, there’s no chance eventually to be on stage to perform in front of thousands of people is like, is never gonna happen. So I’m not even gonna try. It’s more like me being on the floor with the same bands I used to see when I was 16. Right. And watching them perform me like, Hey, I could pick up a guitar. I could learn how to do that. The barrier of entry wide open for someone like me for many other people. And that’s what the Aokiverse became is that like the inspiration from PAC and from Gary V’s community and from 888 and from like learning about them, like from the hundreds and what they’re doing and just like on why not create the whole, whole thing, all of it, the membership with you know, pre-sales and to the friends and family of all these different incredible projects they’re doing right. Other ways to engage, interact with them. And then also have the figital aspect, like what does a wearable look like in the digital space, but also attach it with the physical.

Aokiverse

So all these things that you’re talking about right now is what we talked about earlier. Like the Aokiverse. Okay. And now you’re getting a little bit more into it, but I wanna put a pause right there and actually formally introducing it. Right. Because you are getting, you’ve been in NFTs and this is like the next step. Like everybody’s creating, well, not everybody, but like a lot of artists, once they start doing their first few drops, they try to imagine, okay, what does community look like? How do I bring my collectors together, and your Aokiverse is very much like a take on that, right? Like you intend to build some type of community online, which I’d love to give you the microphone and kind of give us the rundown. So that’s kind of why I also wanted to have you here today is to talk more about the Aokiverse. So what is that, what are you really trying to do with that?

Aokiverse is exclusive community membership. When you think of, of course it’s based on me. Right. It’s based on the things I do. I’m a musician, I’m a DJ, I’m a performer, but I also am a fashion designer. I’m also collaborating with many other brands and projects and the network that I’ve built out, the friends and family that have come along the way. That’s what I consider the Aokiverse. And I really think that like the start of what it is right now as a membership platform is you jump in you get a passport. I think the, passport’s probably one of the most interesting things about the Aokiverse. You get this passport, that’s gonna link to all these different verses. Eventually it’s starting out as an evolution. Right. But eventually we’ll be a multiverse. It’ll be a multiverse, you connect with all these different projects and different partners. I kind of like to see it like this, kind of weird analogy, when you fly like American, it’s like you have a program where it’s like connected to this airline, that airline, this airline, that airline and you get points and like, you get to fly other airlines, you get to do other things, you know what I mean? It’s kinda like the goal and the vision was like, what does it look like? Like I’ve so many friends, so many amazing influential, groups of people that are doing incredible things in the real and in the meta. And I want to include as much of them as possible. And that’s what we’re doing. So the past, like eight months, we’re kind of like, as we’re moving forward, we’re saying, Hey, come along with us for this ride. And you still have your world, but I want to be able to connect that. And as you build your points, your credits inside Aokiverse into your passport and using like, you know, PACS model of like pages turning into poets, and then the poets can upgrade more pages, the passports, like basically very similar concept where you add in and you stamp in your, your popes, your participation, NFTs and, and, and very similar to what I also love, like, I’m a ticket holder. Like I’m a collector. I have like my Rage against machine ticket from 1996 that I went to go see when I was a kid. I have like [inaudible] like, I bought his, like ticket stub of what he hit his first home run. Cause I’m a big [inaudible] fan. I spent like three grand on like someone’s used ticket $3,000.

I gotta pull something up now. Hold on, hold on.

Here we go, here we go. Here we go.

All right. I’m exactly like you, okay. I’ll show this to the camera. I used to be a huge John scene fan. All right. That’s a ticket that I kept for going to the SmackDown, No way out on February 18th, 2007 had this belt, got this belt, like yourself collecting all this stuff. And these are like the elements that I wish could have been on chain. So what I’m understanding is like these Aoki credits these points, they’re very much, they work like mileage, right? Yes. So everybody has an account with Aoki right. And like in the mileage world, when you swipe your credit card, you actually get mileage points and you can spend those miles on better experience with like United for example, right? Yes. This is how I’m kind of understanding what you’re talking about in these collectibles that people will be purchasing and whatnot. Right. Give or take. Yeah.

Yeah, exactly. And just like with like that same system, a system we all understand, the more credits you have, you unlock different tiers that have different rewards and different access to whatever it might be in, in all these different worlds. Got it. And, and also it’s about being diverse too. It’s not just about music and everything. It deals with music and, and of course that’s a big, large part of it, but it’s gonna be, like I’m working with fitness groups, I’m working with eSports, I’m working in tech, I’m working in all these different worlds, right. I’ve known to be that kind of person already. I love being in a space. I’m comfortable with or challenged by and learn. The Aoki foundation my charity foundation, where we focus on the brain, I am literally just constantly sponging in so much information when we meet up with scientists and researchers and finding a way to include that into the verse. Like there’s so many different things that so many different kinds of offerings that I think people can learn from gain access to have experience with. The most part it’s ownership, like the things that you do. You own like the wearables from the physical, like the skins that we’re gonna be doing, obviously all the drops, the NFT drops that we’re gonna be doing, like only inside the membership.

As a Steve Aoki fan, the first thing that comes to mind that when I get this passport, let’s say for the Aokiverse. Okay. Like the first thing that comes to mind is watching you perform live. Right? Like, how does a passport get integrated to a live performance, for example?

Yeah. That’s definitely gonna be a big part of that. Like certain levels of membership will get certain access. Like, there’ll be like certain membership that like you basically come to every show you want. We’re updating it. And we’re all growing it. We’re adapting it. I don’t wanna say forever, but you get access as this thing develops and grows. I get too excited sometimes. I’m pretty passionate about this project. It’s like that feeling where you’re like, it’s Christmas time and you’ve been like, waiting to like, share the gifts with everyone. You like, know what you’re giving the person. It’s like almost Christmas time and I’m already kind of divulging. And we haven’t really given away too much information on the rewards because we wanna kind of like keep it steady, but there’s a pretty rich roadmap of what we’re gonna be doing and our partners and the people who work with are incredible. I mean, we, we did list there’s like 20 odd different partners that, are gonna be part of the pre-sale. Mm. So like anyone that owns any of their NFTs in their discords, they will have access to the pre-sale before public sale on the 15th. And whether it’s doodles or Jany, or Bomb Squad or Blao or whoever else

So when you’re thinking about like, constructing this metaverse, for example, the Aokiverse, okay. We talked about some of the experiences that you’ll kind of like reveal down the line as, as the Aokiverse grows and develops and create excitement around that. I’m curious though, like, when you are doing your other drops, the drops that first got you into the space, the collabs that you’ve done with other people, how did that kind of inspire what you’re doing right now? Right. And like, beyond that, for example, like, when you think about creating a digital experience for your fans, right? How can you kind of include the ones that already committed, right and already got some of your collectibles and those that have no idea what NFTs are and wanna get involved and love as Steve Aoki and your music. How do you kind of mix both worlds together?

Yeah. I mean, like that’s what everyone is doing now. I feel like we’re all stacking on top of each other projects that have worked, like, I was just talking about like following Gary V with his community uh his membership of like V con and everything. And just like luckily I was, I was close enough with him to like learn and be a student of him following like, these other friends and, and groups that are doing all these different things. Like I said, I’m just, it’s all about like, combining as much of that into one, because I, myself, I am a multifaceted person. I am not just a DJ. I am not just a producer. I dabble in so many worlds, whether it’s physical products cuz physical products in itself, I’m not just talking about fashion. I mean, you go across the space like I’m wearing right now, like my collaboration I did with Bulgari. Right. So like doing collaboration with Bulgari on a watch to collaborating on shoes, to collaborating on tech, like all these different things. Like whenever there’s something that really intrigues me, I’ve always gone to what I consider the top and down, start from the top and go down and see if there is a collaboration that makes sense. And for the most part for the past, like last 10 years, I’ve been able to find my way into these different industries and you know, obviously one learn and two bring forth some different level of service attitude, something else that they might be looking for and what I might be looking for. Yeah. And the best part is bring it all into the membership. That’s what the plan is moving forward, everything I’m doing, all these different partnerships, collaborations. Not everything might not go into the membership because it might not make sense, but I am doing whatever I can in every single meeting, I’m doing what I can to see how that looks in the membership, how the community can be of service from that, be entertained from that. Be part of that commerce. Yeah.

Future of the Aokiverse

I’m excited to see how this kind of strengthens your tie between the people who love everything that you do, all the art that you kind of produce from fashion to music to the list goes on and on to now bringing this online and introducing this digital native kind of like somewhat of an identity factor when following you and everything that happens in the Aokiverse. I’m curious to hear your thoughts on this. We’re very early into this whole concept of metaverses of digital communities. Like we’ve been living online for years now. Right. But bringing in assets to tie it all together, right. Through ownership, through Providence, through all these other characteristics, it’s relatively new. Where do you imagine Aokiverse kind of like in five years.

Five years is so far.

I know.This is why I ask it too.

Five years is like too far for me to understand because it changes so rapidly. You know, everything moves at like I wake up and I see a project that’s doing something that I’m like, wow, and then you try to build off that. Right. So like two years ago, I mean a year ago, like, like two years ago, I’d be like, what, what does the metaverse look like? We would have no idea. Yeah. Kinda like the idea of singularity where, you know, Ray Kerswells version of singularity where there’ll be a point in time where technology and AI will surpass human knowledge and intelligence that we don’t understand what will happen at that point. Yeah. We don’t know, like you can imagine, we will be slaves to AI, or will become the AI. I’m more about becoming the AI more positive where we going. I love these kinds of these storytellings. Yeah. I love these kinds of books. So like that question is definitely intriguing to me. I think that whatever I say is definitely not gonna be where it’s gonna be. Yeah. I just know that whatever I plan on doing is very present. It’s like of service, within a timeframe that we could understand,

You know, it makes a lot of sense. And basically what you’re echoing and I think like taking a Hawks eye view for a second, you thinking of other creators. Cause a lot of what we try to do on Mint is to create like how-tos how can other creators kind of do something similar? It’s like you being present is very much building in public learning as you go experimenting, throwing at the fan, seeing what sticks, like, because it’s so new because we’re pulsing with all the updates, all the new features that you don’t like, people don’t know what they’re doing. Everyone’s just trying new things and seeing what sticks and experimenting and trying to think outside the box, which I really love. You’re very much approaching it like that.

Yeah. I approach it like this, like where it’s almost coming to me and be like, okay, I wanna do this. Every human being is of service to each other. I feel like that’s what we do. Like we’re of service of whatever it is. Whether you, you bake you blow glass or you’re a chef or you’re a musician, you’re an artist, a DJ, whatever you do that provides service, amplify that in this world. If you wanna learn another trait, if you wanna learn another trade or something else to be of service. Yeah. You could learn it, but like be of great service before you offer that. There’s so much service out there. So like, it’s clear if you’re providing great service, then you’ll be successful with what you do, period. That’s how it works. You have to provide great service before you gain success. And I think for everyone else, that’s why I always share that information. I think that this is the amplification of what that looks like in the meta verse,

Which by the way, very much brings you back to the Benny HANA days. When I used to go there for my birthday. It comes down to service and I only bring that up because it’s like a lot of your story, a lot of your upbringing, I remember in your book also, you talk a lot about your dad, right. And how he started Benny HANA and like hospitality equals service. Like you’re serving people, right? That type of DNA has trickled through you, through art, through fashion, NFTs through this metaverse the list goes on and on and on. It’s a core principle that you kind of live by. I’m curious though, will we ever see a collab between Benny HANA or Pete Aoki in the Aokiverse?

You know what? Adam, I did talk about tag products, fashion culinary, digitals, all this stuff I’m talking about. I did not even touch food. And it’s gonna be a component. It’s gonna be component. It’s actually something I’m building out. So I don’t wanna say too much yet. I won’t give way too many offering. Obviously I grew up under my father who founded Benny HANA. He was doing Benny HANA. And I was like, as a teenager, I’m like, I’m gonna pursue music. Yeah. And now I’m just getting like magnetically pulled, like that pull of like the family tied to get back, getting food definitely pulled me with like subconscious or what, I don’t know what it is, but now I’m an owner of like 10 different restaurant, IP, Pete Aoki we have 20 kitchens. I’ve built out a chicken tourist spot in resorts world called Kupa. Me and my brother have like some restaurants that we’re doing. We started Aoki Tapanaki which is Benny Hana 2.0, those restaurants. So like, there’s a lot in the restaurant world, it’s actually like a full time job in the itself. Luckily I have a team of people that handle that stuff. That’s gonna be also part of it, like pretty much everything I’m doing, which is a lot all tied together. So many facets. I think that’s why this Aokiverse membership community has a lot of offerings that I think a lot of people would be surprised about like, wow, there’s so much. Not just from my portfolio. For me, the future of Aokiverse is the multiverse. So it’s like just connecting with all of the different partners, and we have incredible partners that are doing incredible projects that are constantly thinking ahead. 1

How Do You Access the Aokiverse?

How do you access digitally the AKI verse? Is it through like some 3d type of gamified component? Is it through, walk me through that a little bit. I’ll walk you through it.

So you get a credit okay. Aokiverse credit, and the credit will unlock the first level of a passport. Okay. And then you get this passport, right. You open up and you can, you put all the different activations or different proof of the popes, like things that you do in there. Yeah. And as you do more in the space, you get more credits which unlock different level tier inside the membership. And it is clear that you’re like, level one, level two, level three, level four, level five. And um it’s something that you own. It’s something that you could sell, something that you could share. As we bring in more, more of our partners and friends whether they’re doing airdrops, whether we’re gonna do a cross board collaborations whether it’s physical and digital, like, if we work with a particular NFT project, and we do like a cool collab, cause like we’re already doing that now. I don’t wanna announce who we’re working with, but there’s some exciting projects that we’re gonna be doing collabs that the only the membership holders will have access to so,

So most important question about the Aokiverse. How do you plan to cake someone? What does that look like?

Adam, there’s definitely gonna be cake, you already know that you already know that. What does that look like? We need to build out that cake Def.

It’s a serious question. I feel like if you enter the Aokiverse like the first thing you should get is cake. Like if you’re, in a gaming setting, I feel like that makes so much sense.

Know, it’s, it’s crazy. I’ve caked probably over 25,000 people. I’ve been doing it for over 10 years, 11 years, and it never gets old. It’s literally like, I’m Tom Brady and I’m throwing that touchdown pass, to the receiver, which is the person that get’s kicked. And when they catch that ball, when they get caked in the face, the whole place erupts, and they’re just showing like, it’s me like turning around, showing everyone like, they want it on the whole show. It’s like that moment, like, yes, we did it,

Has anyone ever caked you?

Oh yeah. Yeah. On my birthday. Okay. Vin Diesel cake me pretty good at a show.

I’m talking about like a fan coming back for like revenge.

I’ve gotten caked like various times. I’ve seen some fans bring cakes to the show, but you know, we have very specific cakes that we use

I want to talk to you more about like the payday and like economics of performing and how that kind of ties into your thoughts on NFTs on crypto in general. You’re very vocal on like the economics between casinos, clubs and artists and how that kind of plays all together. And I remember watching in a previous interview, you were talking about how, if like you’re an up and coming DJ, you have less leverage on pay than if you’re more of an established DJ to which you bring the audience everywhere you go. And you have more leverage on everything kind of around that front. And I’m curious now that you’re like integrating an NFT metaverse play and people will have a form of ownership on your brand, in the metaverse, et cetera, and get creative with me here. You ever see like your fans kind of like coexisting and negotiating on your behalf when it comes to performances and kind of like dictating what the future of yourself looks like, what the future of Aoki looks like et cetera, et cetera. Like, to what extent do you see your fans getting involved in these assets and the power that kind of comes through that?

Think, I think the first is clear in music. Cause that’s like the product, right. Music is art. That’s how I see it. So it’s so exciting about this time now is that with music NFTs, there is a value on music that has been disregarded because of, how poor, the value of streaming really is how much money artists makes from streams. So like, first of all, that’s already happening thanks to Royal and what Blaos doing on that NAZ project, I think that was a great, like start of where fans could come in and participate in a catalog. As far as, shows that that’ll be a little bit deeper and I’m sure we will get there, I’m sure of it. I’m sure. The thing is that you could really go into any world. It is a service, you know? So like, what does that look like? I have yet to hear that conversation, I’ve heard a lot of conversation on the music side. I haven’t had a conversation on performances, cause that could be a festival where it’s like a fan control festival.

I think about this from the point of view that, okay, now we’re getting more. So we saw NFTs as collectibles. We saw NFTs as art, like you said, now we’re getting into the cycle of music NFTs and the gray area is still present of what ownership really is when you buy this music NFT. Whether it’s a one of one, an addition and I’m like thinking out loud here, like as NFTs become more of a thing as artists see the value of like, wait, I just made a hundred thousand dollars worth of streams in one minute, for example, from like a drop that otherwise would take me months to get on Spotify, let alone payout. Right. And I’m start thinking like, okay, so now all these artists are gonna have more assets of themselves on chain. They’re gonna build communities around these assets.Some will have levels of ownership to them. I wonder for like an up and coming DJ and up and coming artist, what role do the fans actually play? Right. So if the DJ brings the fans and you’re able to bring leverage based off that discussion to casinos to clubs, will artists have that same level of influence? Like, these guys not playing and we’re not coming if like you don’t pay ’em X, Y, and Z, because we also have a stake in that. You know what I mean? And they might be too far are fetched, but I’m thinking out loud here

That’s definitely in the future. Maybe it’s a five year game plan what you’re talking like what it looks like? Let’s take another, parallel. So radio. Before, radio is like, they only dictated like when you get playlisted, it’s only like probably like 13 songs at play, maybe last an hour. And they play that in rotation, you know, hard. It is like, 10,000 songs coming out a day. So it’s like, it’s only like 13 or 10 songs are played in a rotation period on every station. How do you get up there? It’s generally it’s like, it’s a very, bureaucratic, very like archaic system of how it gets in there. So like new artists can’t really make it in there unless they go through that system. And then TikTok came through and kind of changed that. So you have like artists, like what you know about rolling down with the deep, you have like songs like that, right. Mass Wolf that like actually are being played on there because this platform changed that game. And and these, the radio the way, the way, the way radio’s structured, would’ve never put that in there. Right. You know? So I think that, like what you’re saying, it definitely upends the system and the system always can be upended, you know? So you know, like to play it like Omnia, for example, right. The day Adam for the casino, what they, they care about numbers. Right. So if that up, up and coming DJ that has a huge crypto base, right. That that’s supporting them, that’s saying like we, or you have to book them, you know, we, you know, we’re gonna show up if they don’t show up, if they’re not part of that, it’s gonna be a big flop. Hmm. Cause the rest of the world, needs to also know, DJ, whatever, unknown, you know what I mean? So I think for smaller clubs, things like that, you could do that.

I imagine a world where Omnia has its own NFT fund and they’re buying into the NFTs of like up and coming DJs that they want to promote and shill the value of their bags kind of thing. I imagine this with like radio stations too, with record labels, et cetera, value accrues to these assets.

But you don’t wanna risk the main bag, if like you’re chilling your own DJs and then you’re putting ’em in the club and then no one cares or no one knows it. You’re business is gonna go like belly up. Just like with anything out there, if you’re constantly shilling your own thing, you, it’s not gonna work over time. Like you might have like some, some like quick flip gains, but long term, it’s not gonna work. Like, it’s all about diversity. It’s all about adding in talent. It’s all about adding like longevity, artists that aren’t even part of that. Of course it’s gonna happen. You’re gonna shill like your own personal project, but like you need like 90% up to be like what people really want. Yeah. You know, I think that goes, that goes with everything. It’s like, you need to give people what they want and then give people what they would never expect. And then introduce them. I’m like that in a DJ set. I think like the philosophy my DJ sets, I think about it like almost in the same way as business, like when I’m DJing they come to see Steve Aoki, so I’ll have to play Steve Aoki music. So I’m gonna give them like the Aoki hits what they expect. Right. But after what they expect, once they’re on that high, then I give them something that I want to give them a brand new song that they never heard of. That they might be like, yeah, cool. I’m down. But I’m in this high spirit that I want to hear about it. Cuz it’s your new song and I love your old songs. So like that’s the perfect time for me to offer that. And then I give them something that they expect and that they want. And then I give them something new and then I give them something, that they would never expect. It has nothing to do with me? They’re like, oh this is for my childhood. Oh my God. Like, yes. At the end of it, like all these different layers of feelings and emotions and this rollercoaster ride, m’m able to share things that I love, that I’m so excited to share that they might not even care to hear give ’em what they want, give ’em something surprising. And then they leave. Most importantly, they leave with the Steve Aoki experience, not a great experience, but a great Steve Aoki experience. That’s really important to me. That’s why I throw the cake. That’s why I was using the raft in the crowd. That’s why I was doing certain things that are like very consistent to a unique show that they will never forget like 10 years later. Maybe the person that got caked in 2012 and the person that was there would always remember my friend got caked. I got caked 10 years ago. I’ll never forget it. It was the best experience in my life. They’re not gonna remember the songs, right. So it’s always about like what I want to create a memory that’s unique. I wanna create like a outstanding, acceptable memory.

Hmm. I’m curious to see how that kind of translates into the Aokiverse. And as consumers, as us fans kind of dive deeper into what the metaverse even is for them as users.

That’s the question that my whole team, we’re like trying to figure out how to answer that so that we can give that kind of service, you know, and the best way for me to do is dynamic. It’s changing, it’s evolving, it’s growing, it’s, it’s adding in all these different layers and all these different kinds of offerings. I mean, of course it’s like, you know, we want give what they expect. We wanna give ’em the presales people want in on presales they want in, on the allow list on like new projects that that’s gonna be part of it too. So people want the exclusive drop. So they’re not waiting in line, you know, it’s wait in line for, at Supreme or, or whatever it is. You wait in line, like you want that exclusive thing, you get that access, you want like, those are the things that you have to bring to the table and then you wanna offer something new, you offer something new, you wanna offer something surprising, you know, same kind of thing. Yeah, yeah,

Future Relationship Between a Record Label and an Artist

Yeah. You’re constantly evolving and I really recognize that Steve, one thing I wanna also talk to you about is like, with the introduction of music NFTs with independent artists kind of using crypto and web three as a medium to kind of monetize themselves, build direct to fan relationships. Sharing the upside, sharing the ownership of what it is they’re trying to do, et cetera. How do you imagine like the future relationship between a record label and a music artist evolving thanks to crypto?

Yeah. I mean, it’s leveling the field for sure. It’s giving way more control, especially for independent artists, it allows them to be independent and have that control and labels will have to adjust and understand how that, they have to change period. The labels have to change and they’ll have to offer more. They’re gonna be, it’s almost like I almost see it like this. Like why does, an independent artist, they still need a manager? They still need a team. I mean, and some independent artists, don’t get me wrong, some independent artists, they manage themselves. And I think that’s awesome if they have the bandwidth and they have the network and they have the time, that’s where these other players that are part of that business have to take on that role, whether, you know, the manager and the label all kind of work in tandem. Like at the end of the day, the business isn’t growing that artist’s music catalog and music’s IP, so we could all share in the revenue. So it’s like, what labels will probably have to do in the future is offer more than just making sure they’re on playlists. Making sure that like, you know, certain things are financed because if it’s already being financed by crypto, then that was actually one of the major points of why a lot of independent artists signed to major labels because they’re like, sweet. We got that big paycheck that we would’ve never got, well, if you get that paycheck from crypto, then you need to offer something else. I don’t think that labels are gonna go away. Just like managers are not going away. Independent artists need a team. Everyone needs a team. No one can work alone. I’ve learned that. Anything I’ve done is not alone. I have an incredible team in different fields of all the different industries I’m in. I have different people that I trust and that we go into this business together and it’s gonna be more of a level playing field and more a designation of what the roles are to propel the business?

You know, it’s also interesting because we’re seeing artists who have record labels now trying to use crypto to crowdfund money, to buy back their catalog, from the record labels to try to create more that startupy like team that you kind of talk about, like people need their artists, right. People need someone to manage socials. Like a lot of creators just know how to focus on creating because that’s what they do best, but they need other pieces in their team to kind of do the rest. So I don’t know.

Another thing I wanna add to is like labels for me, it’s always meant like, I remember being a band and when I signed to a label, I didn’t even sign. It was like, not even a contract, I just put out a record, but I put out a record on this label. Like for me, it was more like, I just wanted to be part of that community. Yeah. Like I loved all the other bands on that label. So I’m like, oh my God, how cool is we’re on the label? Like our favorite bands are on this label. How cool is that? And then when they do a show or a festivals, like we’re all lined up together, like a team that’s like the same philosophy of what’s happening, obviously in NFT culture. We’re so excited to be part of these communities. And we meet other people that have the same like-minded passion and interest. And the bond is so much more powerful than just the JPEG, it’s like the community as we started in the first, I think one of the first things we talked about is how important the community is. That goes the same way with labels. At least for me, the way I think you sign to a label, cuz you love the other artists that the label put out. And that’s why, like, I always do like, like, pre COVID, I’m trying get ’em back going again, but pre COVID, we were always doing the Dimac parties. We had early days, we had Dimac parties every single week in LA. It was the coolest party in Los Angeles. I’m not kidding. And then wed throw like, Dimac stages at festivals at Tomorrow land or at different festivals, or we’d throw Dimac party with all artists come through and all hang out do dinners, chill, whatever, like the whole thing, do production camps, whatever work together as friends. That’s what it’s all about. And of course like then there’s a business side, making sure that the business is fair, but for me, like the philosophy of signing to a label, it’s about like that kind of community, it’s a big part of it.

Any Unexplored Areas Surrounding Music NFTs?

Are there any areas in music NFTs that you feel like have yet to be explored more beyond just buying and collecting songs, for example, and earning royalties.

Yeah. You know, the music NFT space is just a start, we have haven’t even really begun. That’s like the big conversation I’ve been having with other artists and musicians is that we haven’t even tapped into what it looks like, because it’s a bit complicated obviously, like the securities issues of like what that looks like. I mean, in theory it sounds great you, but is that possible? Like, can you do that with like, it’s like this wild west, like this decentralized frontier that we’re in, if we start mixing in things in the real world that have ties to, things that, that you can’t tie in. I don’t know. I don’t all the legalities there. Think that’s one of the reasons why it’s like mindfully taking small steps to seeing, when we have a clear idea of what it looks like, what we can actually do. I mean, we’re gonna go across the board just like we’re talking about even like live performances. Things like that.

And I bet the Aokiverse pass holders would be the first one to kind of reap that from how I understand that.

I’m putting my head in that space as much as I can and doing it safely. I don’t necessarily need to be the first one to pioneer in that space because like it’s terrain, I don’t know, don’t understand legally and all that stuff is happening. I just wanted to be so we’re not like jumping into something too excitedly, but yes, in the music NFT space, as it comes to Aokiverse there will be components that will start seeding there for sure. I mean there’s a lot that’s gonna happen, like I said, it’s an evolution we’re gonna adapt and grow.

Any Clear Advantages to Web3?

I wanna get a little personal with you because you did publish your book. I think in 2019, if I’m not mistaken or around, around that time, and you really did open up to your fans, to your audience, to the people reading and, despite all the people, energy fame, you know, the shows, you wrote in your book and I paraphrase this. It’s not a quote that you still feel low in that life still feels somewhat empty. Okay. And I’m curious if building digital communities online in web three, changes that at all for you? Can it unlock something for you that’s missing, for example, like in the physical world?

It does actually. It really does. It actually brings me back to when I was a kid whenever like, okay, it’s funny, cuz a lot of the things that we do in our lives, there is like an inner child in all of us. And like the inner child’s always there, no matter how old we get, it always has its issues, like whatever it’s going through and my inner child growing up was trying to fit in. I grew up in Newport beach and the way you, I don’t wanna go too deep into this, but you know, it is a bit of a introspective question. When I was growing up, like the way kids socializes, you enter sports. And like you make friends through that. I tried all the sports. I just was a like absolute failure. I remember I played like soccer and I score two goals, but on my own team,

Geez, come on Steve, what are you doing here?

Basketball? Same thing. I would like score the same hoop. I’ve been like one, I played one game of football, like one pass. I love sports. I just was not very good at it. Newport beach was 96% white. So you gotta think. A person of color or Asian or a minority of any sort there’s gonna be a level of just difficulties to fit in. When I found music, when I found particularly hardcore, it’s a subset of punk music. There were like these outcasts and they would just hang out and they’re like, we don’t care what you look like. All we care about is that you just like, love this music. But here’s a mix tape, tell me if you like it. It’s kind of like, almost like a religion. Like when someone like knocks on your door, it’s like.

Jehovah’s witness.

Here’s a big statement. This guy made me a mix tape and I’m like, I can’t believe a guy actually spent all the time making me a mix tape. That’s so cool. Mix tape’s all screaming like, ah, you know, like, but it’s all like strangely enough, like it sounds angry, but it’s all very positive music. Like, oh, we’re gonna get through this. It’s like, almost like wag me. I swear to God. It’s like wag me, we’re gonna make it. We’ll do it together. I swear. It’s so crazy. Oh my God, it’s literally wag me, it’s called, you know what, it’s called PMA, positive mental attitude. And it’s like, all the lyrics are about this kind of same approach of life. Like together we’re gonna do it. We know we don’t fit in with the rest of the world, but we’re get together. When I found that, I found this kind of bond with these few kids, then I was like, this is my community. I’ll do whatever I can to bolster it, like that’s when I learned how to play guitar and bass and sing and record my first demo, because you had to make music to actually get it out there. That was your way of contributing. And like, just going back, totally digressed there, but going to the discord groups, like whatever it might be. I have a bunch of different groups as well, I’ll talk with my friends on, it’s like, that’s the first thing I look at, it’s the first thing I like connect with. I’m like, guys, I just got this!

Yeah.

Like, I love that feeling of finding like-minded passionate individuals that are excited and like hungry and we’re all in it together. And wag me’s a real thing. It sounds like a joke, but it’s an absolute real thing

Your story really resonates with me. Obviously we talked about the drums in the back. When I was in high school, I was like hella fat, like 230 pounds fat. Like I was a blueberry legit. And I remember I never really fit in with the cool kids. Never really fit in with the girls, but drumming was always my thing since like five years old. And I remember I came across the jazz band and I was like, wow, this is super cool. It’s a bunch of other weirdos that are just like talented, and this is my circle. And then shortly enrolled and then like, yea, I hear you. And like, that same. Like I don’t wanna call it imposter-ness, but that same level of connection, that same level of identity I found very similarly in crypto as well.

I think all of us have that kind of like sense of belonging, we always want that. Now it doesn’t matter if we’re six, 15 to 25, 35, 45, 55, whatever it is. We wanna have like something that we all like, like believe in. And I think it’s actually cooler when it’s not like a social norm. Yeah.

Like, you’re the cool kid. Like everybody wants to know what, you know.

And like when people come in, they’re like, I would hear about this. Like, it’s like the same thing when I was doing shows in LA, we threw parties in LA and we’d have, like Lady Gaga’s first show there. I remember like her manager called me and be like, Hey Lady Gaga wants to perform like, this was her first show. So no one knew who she was. She’s a new artist. We’d love to have her play for free at your shows. Like the two shows I had in LA, like yeah, yeah, sure. Come through. And then like, you know, six months later, she’s like the biggest thing on the planet, but it’s so cool that like, when you have some thing that’s small and it’s cool. And like, everyone wants to be there. It’s like exciting, I always find myself in those circles. I always do. This is where I feel the passion and the energy right now, and I want to keep growing that and building it and I’m gonna give you another parallel. So like with punk and hardcore. Yeah. When I found that world, once you’re in, you’re like, yes, we made it, like, we’re doing our thing. Like was very exclusive. It’s very like no one else can get in, just for us, like, fuck everybody else. Like that kind of like anger. And then it transformed into EDM as a DJ, it came the complete opposite where it’s like, I want everyone in. As long as you have that same energy, please come bring it. Like, if you feel the same energy, join us because that’s all it’s about. Like, if you think about art, music books that we read, movies, that we watch, all these different things, we are looking for, things that will make us feel a way that, that inspires us. It gives us tingles down our arms and makes us get up off our seat and do something with our lives that we didn’t do before that. That’s why I spend so much money on a bank seat in my house. That’s why I stare at a piece of art for like 30 minutes, feeling a certain way. That’s why when I watch a movie and I cry, like, I wanna share it with everyone or book I write to the author and I wanna meet them. It’s like, we’re always looking for those kinds of experiences. Life is all these kinds of experiences. You wanna make them the best that we can.

Will NFTs Allow Us to Live Forever?

Yeah. I hear you. I wanna wrap it up with one final question. I came across this interview by the wall street journal. It was taking place on 2019. Okay. The journalists ask you, where do you imagine the Aoki brand 20 to 30 years from now to which you were like, what that’s so far away similar to like the five year question that I ask you and you replied, we are at this precipice, this point of existence in technology that will either make us the last generation to die, or the first generation of people to live forever. My question to you are NFTs the technology that allow us to live forever?

It’ll allow our legacy to live forever. Okay. But for us, I do believe, and this is a long one, Adam, but I believe that we will find technology. I’m very optimistic on certain things. And I always say this, I live between science fiction and science fact, that’s where I like to live. I like to live right here and whatever’s happening crossing the line of science fact. Whoever is crossing that line, I wanna jump into their boat and learn and then share that and actually help speed the process. Speeding up the process is where the foundation comes in. That’s where like you have to raise money. We raise over a million dollars and funding all these different research. But I want it to happen in our lifetime. My insurance policy is that when I die, I’ll be frozen in Kelvin degree temperature. So that way, they’ll be able to tinker with my brain and bring me back to life 

Accessible through the Aokiverse too.

But hopefully we could do it. Like I’m 44 now. So technically I only have 40 more years left of if I live by my average life expectancy. I’m very healthy, so it’s probably later. Like literally I think I only have 40 years left. It’s not much time, man. I literally, I feel like I’ve learned 2% of what I can learn in all the growth. I mean, in 44 years, I’m at 2%. That’s what I feel like. I feel there’s so much more and I only have 40 years left, it’s sad. I’m really thinking about allocating my time into finding ways to push. Living forever is a scary concept. The easier way for me to explain is just living, living longer and more optimal. We can all agree on that and we can agree on that, more, when you think about your parents, your grandparents, people that you love with all your heart and you want them to live a healthy, happy, long life, filled with energy enthusiasm and like smiles and joy and laughing. You want them to be living their best life at 97. You know what I mean? Cause you love them. You think about them, you will do whatever you can to find ways for them to live longer. I really want to share this kind of feeling with people. So like if we all go in and try to like help out and, and want this kind of research to happen, then essentially we could, we go from 80 to 90, to a hundred, 110, 120 and beyond.

I love it. I think that’s a perfect place to end off. Steve Aoki. Thank you so much for being on hope to have you on again soon.

Definitely man. Thanks. Appreciate you. Got it. See ya.

Categories
Podcast Transcript Uncategorized

Why Web3 is the Perfect Home for Creators

Listen on: Spotify | Apple Music | Google Podcast

Background

Mint Season 4 episode 15 welcomes Matt Alston and Melissa Zhang, the power duo behind Bonfire, who aims to be the front page for web3 communities.

In this episode, we discuss: 

  • 01:27 – Intro
  • 06:37 – How Did You Guys Meet?
  • 09:59 – How Did The Idea Move From Events to Creators?
  • 18:27 – Are Creators Good Community Builders?
  • 22:25 – Is Web Three The Perfect Medium For Creators?
  • 33:32 – DeFi Meets The Creator Economy
  • 38:12 – Governance and The Creators
  • 47:06 – Bonfire
  • 53:36 – Building a Bridge Between Web Two and Web Three Audiences
  • 56:30 – Converting Viewers and Listeners Into Collectors
  • 58:59 – What’s Next for Bonfire?
  • 60:10 – Outro

…and so much more. 

I hope you enjoy our conversation. 


Support Season 4’s NFT sponsors!

1. Coinvise – https://coinvise.co

2. Polygon Studios – https://polygonstudios.com

Interested in becoming an NFT sponsor? Get in touch here!


Matt and Melissa, welcome to mint. How are we doing? How are we feeling? What’s going on?

Matt: We’re doing well. Thanks for having us. Yeah. Great. Excited to chat.

Intro

I need, more energy than that. I feel like this is a collab that’s been waiting to happen. You guys are building the creator economy. I’m documenting the creator economy. Like I need like a woo. There we go. OK. Okay, cool. How are you guys doing welcome to the podcast? Thank you for being on the way I kind of like to start these things is I like to start with introductions. Okay. So who are you guys? Okay. What does a world need to know about you? We can start with Matt and then move on to Melissa, but I want you guys to focus on, like, how how’d you guys get into crypto specifically in building for creators?

Matt: Yeah. I can kick off. So Mel and I have known each other for nine years or so met freshman fall, probably the second week on campus at Duke where we both studied computer science. Mel, well, she’ll give her intro, but she got into crypto well before, I did I graduated joined Uber as a product manager and then spent a couple years working on rider loyalty and, and launching Uber rewards. And so spent a long time, really focused on web two loyalty and some of the problems that that industry is trying to solve. May 2020 left Uber to start a company with Mel ended up pivoting actually about six months into the life of that company. And really we’re doing pretty open ended exploration and got really excited about web three. I started down the rabbit hole January, 2021 or so and really like what compelled me about web three was, it was starting to veer into creators, community, culture, all the things that I just care a lot about before I was sort of, an outsider looking in on web three and living vicariously through Melissa, but it started to really touch community and that’s where I got really excited to go down the rabbit hole and really haven’t looked back

Nice. Melissa, what’s your story? How’d you get into crypto?

Melissa: Yeah, so I actually got into crypto probably around 2015. I actually just happened to be taking a class on crypto. It was in the business school, so basically completely relevant to what I was studying. I was studying computer science and economics, and basically the class just changed my life. It’s called Intro to crypto ventures. Cam Harvey was the teacher shout out. He’s awesome. Basically changed the trajectory of my career. Like got really excited about crypto and all the ways that it was gonna like revolutionize all these different industries. I mean back then, it was a big focus on finance and like remittances and yeah, I mean, it just kind of like blew my mind that like, if you were trying to transfer money across country lines and you were trying to send money through Western union, it would take like two weeks and you would have to pay a bunch of fees. And that was kind of what clicked for me with crypto was like, wow, this like totally makes sense as a new monetary system. So that’s how I got started. And yeah, I started the Duke Blockchain Lab while I was still at Duke. One of the big problems I saw was that like Duke wasn’t really doing a lot in terms of educating its students on crypto. And I thought like there’s basically a paradigm shift happening and probably the people of our generation are gonna be the ones leading it. So started the lab to help students get projects off the ground and just to like educate the general student bodies. So that was a really good experience. And the lab is actually still going today, which is exciting, kind of had a little legacy see there. And then joined Coinbase basically after graduation as a software engineer on the consumer web product and spent three years there working on a variety of things, but yeah. Left in November, 2020 to start a company with Matt.

Nice. So, okay, Melissa, like yourself. Okay. You got started on the university level. What feels like very ingrained on the university level? I also got started there. You did the duke blockchain lab. I helped start the Trojan blockchain society. I only bring this up because like a lot of my love came into crypto because of what was happening on campus. Like I hated the school side of things. I was a bad student. I would get like Cs and Ds on all my exams, despite how much I studied at USC. And all the extracurricular stuff was like the only thing that kept me pulsating and kept me alive. I’m curious by starting the duke blockchain lab, what are like some of the more like transferable skills you’ve seen as a community leader to you now building products and being a software?

Melissa: Yeah. I mean, the one thing I loved about it was just like starting something from scratch, basically like going from an idea from zero to one. And I think that kind of informed like, okay, like this is something I wanna do for the rest of my life. Just like build companies, build things that last beyond me. So I think that was the big takeaway. Like I started it like my senior year of college, like, Spring semester. So like, didn’t really have to do anything, but felt really compelled to do it. Cause I was like, I feel like the university really needs this. But yeah, I think the biggest takeaway was just, I really liked building things.

How Did You Guys Meet?

Yeah. Yeah. Makes sense. So, okay. Just so I understand, correct. You guys met in college, but then reconnected after graduation, right? Or did I miss that?

Matt: We’ve been friends all the way through we’ve been best friends for basically the entirety of that time, but went our own separate ways in the professional context and then joined up in 2020.

So how did you guys actually get to meeting backup together in a professional setting? Like what did that look like? Who approached who? What’s the origin story behind that?

Matt: I approached Melissa, so well, I mean we just, we’re friends, both living in the bay area, so we were seeing each other all the time. Around the end of, I guess it was 2019 beginning of 2020. I started to feel like I was ready to make a jump from Uber, wanted to start a company and had always sort of like had in the back of my mind that Mel was like the perfect partner to start a company with. I had never brought that up to her previously, but around January, February, 2020 is when I was like, what if we just started hacking on something in our free time nights and weekends. And we started that the pandemic then sort of added a bunch of chaos to our, our world. And that’s when I left Uber and wanted to just focus full time on building together and then, Mel followed me a few months later.

Got it. What was the first product you guys set out to build together? Cause you said you were building something for six months and then you pivoted more into the creator crypto space. So what was that initial thing that you were trying to go after?

Matt: We were building a consumer social, like events marketplace trying to build more of like a social front end to like an Airbnb experiences like marketplace. And so the first thing was that the pandemic made that a extremely tough idea to build and launch. But then, you know, who knows whether that would’ve been a good idea either way. That’s what we built first. It’s been a few months kind getting the MVP out, grew it to a few hundred users and we were able to get a little bit of traction, but really not enough conviction to keep building there.

Melissa, I saw you smiling in the green room. Do you have anything to add to that?

Melissa: Nothing more than yeah, basically the pandemic took a lot of wind out of our sales, but I think the great thing there was we just like built and tested and just reiterated really quickly is cuz we, we knew like events is like a really hard industry. A lot of people have tried it, but we just wanted to like give our own shot. And I think we knew that like, okay, let’s build test, like test out in the wild and see how it goes. Obviously like COVID kind of put a wrench in that plan but I think we actually did learn a lot through the process.

How Did The Idea Move From Events to Creators?

Yeah. I feel like the creator path was very much destined for you guys based off your past experiences as creators building communities and building loyalty rewards systems at Uber. Like it’s very much in tune and if you look back and you connect the dots, like it all makes sense from that point of view. Matt, I’m curious, like as you were working at Uber, as you were working on the loyalty reward side of things and you pivoted into doing this startup, when was like the aha moment when you were like, okay, this actually makes a lot of sense to go more towards the creator space and Melissa feel free to jump into if it was very much like a mutual thing. I’m curious to hear how the origin story kind of migrated from events into creators.

Matt: Yeah. So around the time that we were pivoting this would’ve been like end of 2019. I actually did launch house if you’re familiar. And so I did like the second one, I knew all of the founders from on deck and it was in Tulum. So I spent a month living in Tulum essentially in this hacker house of sorts and just by coincidence, my roommates like literally the three of us in a room together were Alex [inaudible] and Patrick Rivera. So Alex [inaudible] is starting Showtime and known as being one of the earlier people to tokenize and kind of really champion the social token movement. And then Patrick was actually it was before he joined Mirror but is now a founding engineer at Mirror. And so I got the crypto red pill via those two, just kind of like talking all day long. And Alex was pre-show time and spending a lot of time just on clubhouse talking about his social token. And we spent a lot of late nights jamming. And so that’s where I got really excited about web three in the social token and NFT kind of angle in particular, I thought had a lot of parallels to my experience building rewards programs. And just the way that you can use these assets to identify and reward the most valuable customers in the case of a company. But I think it applies equally to the most valuable contributors in a creative community. I saw that there was a lot of parallels to the insights I had from Uber. And it felt like what was really missing, was the tooling, the applications, the products to make these tokens really useful.

Yeah, that’s a good point. I feel like even today, the current state of the creator economy, which I’d love to hear what your thesis is around that and how you guys are seeing these things, but everything very much feels scattered. If you zoom out and you look at it from like a Hawks point of view, you have all these different audiences that creators are trying to build for themselves across different platforms. And they’re trying to use web three as a primitive to kind of tie it all together, own that community and form some type of direct monetization line between the end user, the fan and, and who they are. And there’s a couple things I wanna ask you. Okay. Creator is a very general word, many things fall under the word creator. Okay. So how do you guys think about creator and based off how you think about creators, what’s your thesis for like crypto and creator?

Matt: I can kick off and then Mell will jump in. But yeah. So when we think about creators, we think about anyone who is building an audience online, primarily and building a community around their content. And then just around like some interest or whatever the nature of that content is. So we have a pretty broad definition and, and we’re definitely building for all creators in bonfire, but for right now we’re taking a focus on specific verticals that we think are gonna be earlier to adopt web three. And so music is kind of that first vertical that we’re focused on right now. We have, I think, a broad lens of the types of creators that we could eventually support. But I think when it comes to the intersection of the creator economy and crypto or web three, I think that one of the things that’s really interesting is the way that the like kind of creator fan relationship has evolved where, it used to be very much one to many, very much kind of a parasocial relationship forming between creators in, in their audience where they’re putting out content fans are, are consuming it passively. And I think in web three, you see that flipped on its head where now fans creators are interacting directly. They’re in a discord server channel, like talking directly to one another. Even the lines between creator and fans start to get blurred where, there’s a lot of communities in web three, that there is no like central creator necessarily at the core. Even though maybe there are like a handful of creators who are like important, it started, or you’ll see something where it starts off as a creator, building a community around themselves, but then it kind of outgrows them in a way, or like takes on a life of its own where now fans are actually contributing in a variety of ways, whether it’s managing the discord or whether it’s like they’re creating their own content. You see this whole kind of dimension of curation and curators kind of rising to prominence. And so you see these like much more balanced communities where before it was very much, one to many creator fan kind of relationship. And so I think that’s something that we’ve certainly observed over the last year, that’s, I would say a pretty significant divergence from the web two creator economy.

Yeah. Makes a lot of sense. And Melissa, I see your head like nodding in the background. I’d love to hear your take on how you’re thinking about the intersection of crypto and creators, what your personal pieces is that and how that fits into like the micro landscape of where we are today.

Melissa: Yeah. I mean, one thing that we’re really excited about at bonfire is basically just being able to power the homepage of every creator DAO. I think the word DAO is similar to what Matt was saying. Basically changes the relationship between the fan and the creator. It’s more about the community. And I think we’re gonna start to see more of these creator DAOs form where it’s, it’s not just like one person on their own trying to make it, but it’s actually like a whole community community of your first supporters. And I love the idea of everyone, one winning, and it’s like a positive sum game and even just creators working together to just like build things and create. So yeah, I think in terms of where we see it going, like creator DAOs are definitely the future.

So let’s talk about DAOs cuz that was actually the next thing I wanted to bring up. So there’s a spectrum to DAOs. Okay. There’s being more token based. Right. And then there’s like the other side of the spectrum where it’s like, decentralized autonomously, right. Run. And I don’t think we’ve yet seen like a traditional DAO in the creator sense just yet. I think we’re seeing a lot of like token based communities that are trying to form like communities around their collectors for the most part. How do you guys kind of think about that? How do you guys think about like what DAOs are like right now on Twitter where they’re very romanticized and more people want to start DAOs than they do wanna like participate in DAOs for the most part. And then you have people just launching tokens and building communities around, like, what is the spectrum for you and how do you guys think about that internally?

Matt: Yeah, I would say that our thinking here has definitely evolved where I think when we started out, we certainly thought of who we were building for as the creator. By way of the creator, we were also gonna support their community, but it was really like thinking about building tools for a single person who was building a community around themselves. Where I think now there’s a lot more of like a community first mentality or community above, just the creator. And so within Dows you’re right. I think it’s a romanticized term. It gets used for kind of anything and everything. It really should probably be just called like an online organization or something a little more generic because most are not centralized or autonomous. But I think that if you think about online organization, clearly, you know, there’s gonna be a lot of subcategories within that umbrella. Like in a lot of organizations don’t look anything like one another. And so everything from like a protocol that’s basically developing a DAO to govern the protocol. Then on the other end of the spectrum, you just have like a tokenized community or even just a creator that issues a token and something that looks more like a creator coin. I think we certainly are trying to appeal to that latter side of the spectrum. So more of the social Dow creator, Dow creator coin community versus like building for a protocol. But I do think that there’s probably many, many markets kind of within the term Dow and right now it’s kind of all lumped together, but really like the needs of these different organizations are quite different and so we’re trying to sort of carve out this part of the spectrum, which is, the creator led DAO or the creator led community where tokens are used to represent and capture the value.

Got it.

Are Creators Good Community Builders?

Do you think creators are good community builders?

Matt: I think a lot of creators are good community builders. I think that every creator now is gonna need a great community builder that may or may not be the creator itself, but if it’s not, then they need a community builder to work alongside them.

Yeah. Melissa, I wanna ask you specifically because you come from a community building background, like you’ve got your start building communities for the most part, right on campus at Duke. Like what are some of the characteristics that you see maybe creators lack, for example, when it comes to actually building, sustaining thriving communities, because a lot of creators wanna focus on what they do best creating in that whole, like other component of building a community around their creations tends to be tedious. So from you as like a community builder, what are some things you think people need to kind of like preserve within themselves the skills that they need to actually build, like sustaining pulsating communities for the most part?

Melissa: Yeah. I mean, certainly I’m not an expert on community building, especially on the internet like when I was building blockchain lab at duke, like it was mostly in person and so I feel like discord, like managing a discord is a whole different skillset that I’m not even sure I really possess.

Which by the way is like a full time job. Like that really feels like time job.

Melissa: Yeah. I mean, it’s also really hard. And I think probably a lot of the web three native creators are gonna be community builders to start out with maybe as a web two creator it might not come as naturally, just because of like the fan relationship that was popular in web two, like it’s mostly a one directional. And so a lot of creators probably aren’t used to that bidirectional like community relationships. So I think in that case, like having a community manager is super great. Like, I don’t think like the creator necessarily needs to be that person. Obviously they need to be like involved in the community, but I don’t think that they need to be the same. I mean they’re completely different skill sets.

Yeah. If a creator came up to you and they’re like, okay guys, like you’re the builder experts you guys have been in web three creator for a long time. Okay. How do I split my time between creating and community building? What’s your answer to that? If you have one?

Matt: I don’t know that we have one or at least not a great one. I would say the one thing that is pretty common within web three in its current state of maturity is like every community looks a lot different. I would say that we don’t yet have the best practices, the playbooks, like here’s step one, two and three. So we’re very much in this kind of like playground of experimentation phase where hopefully the ideas coming you know, from the creator for why they need a token or why they’re building this community to begin with. And then we just try to encourage that experimentation. Some of these communities start very much, community first or community only even, there’s not even like a traditional creator at the center. Others really are a lot more top down a lot more like, a new age fan club. I think both will exist. Both will be very sort of popular ideas in the future. And in terms of execution on either front, I think we’re still very early. I mean our general stance is like let’s enable as much experimentation as possible, such that as a space, we collectively develop the playbooks, the best practices, the insights on how best to use these tools.

Is Web Three The Perfect Medium For Creators?

Yeah. I kind of touched upon this in some of my commentary earlier, but I’d love to hear your guys’ point of view. Like why is crypto, why is web three, the perfect medium for creators?

Melissa: Yeah, I think when we were actually looking at exploring a bunch of different ideas, like back in early last year, we got really excited about the creator economy actually. And to me, like creators are just like entrepreneurs, like the internet native entrepreneur. And we definitely wanted a bill for them, but the problem that we kept coming up against in a web two context was that they’re like all these gatekeepers, like Facebook, Instagram, YouTube, they basically take all of the revenue generating potential from creators, like commoditizing them. There’s like the issue is that creators just didn’t have any ownership of their audience, of their content, of like the platforms that they were building on. And so we kept kind of running into this where it’s like, okay, we could build another monetization tool, but it doesn’t really solve the fundamental issue. And then when we saw like NFTs and social tokens started taking off, it just kind of clicked. It was like, wow, like this is actually game changing where it can actually really move the needle for creator to be able to now own their audience own the means of monetization and yeah, that just didn’t exist before on the internet or how the internet was set up. So I feel like, it just makes it is like a no brainer. I feel like for all creators.

Yeah. Yeah. It makes a lot of sense. Matt, do you have anything to add to that?

Matt: I think Mel pretty much nail on the head yeah, I would say the only thing to add maybe is just that within the context of web three, it creates like the potential, I think, to own your upside, like create these stronger more platform agnostic communities, but it’s not a panacea. You can’t just like introduce a token and expect all your problems to get solved. And certainly web three introduces some new challenges as well. And so I think that it is a technology which allows for stronger, more durable long term communities to get built, but it needs to be a very intentional and it’s a long term effort to like make that a reality.

All right, back to the episode, when you talk about like community building, when you talk about monetization, you mentioned and primitives and mediums like social tokens NFTs, my bet and maybe you guys would echo the same thing is like almost every single component of a creator that’s digital will end up being on chain to some extent from their tickets to their digital merch, to their plots of land online and the metaverse with their social tokens, to their EPs that they launch to their, one of ones of music, their additions, all these different things that will be on chain each have their own respective value. And you think about like that’s a lot of stuff. Like that’s a lot of thing. Those are a lot of things to manage a lot of assets to manage, let alone a lot of collectors and I guess, contributors, however you want to call them to kind of build communities around. What does that funnel look like today? And I asked this, cuz I don’t know, because I see all these creators exploring these different means to tokenize themselves from all those different elements that I mentioned earlier. And then when you try to think about like, okay, how do you actually build a comprehensive community, the tool to do that is discord or telegram for the most part, but the act, the practice of actually doing that, like we don’t have that roadmap yet. What are some of the best practices you’ve you’ve guys seen to kind of create like a comprehensive collector community around creators like on chain assets, for example?

Matt: Yeah. I think the, the playbook’s definitely being written in real time, but I think one thing that we’ve certainly seen is community members, fans, they need to understand what’s going on. And I think one thing that we’re seeing increasingly, and it’s only gonna become more and more of an issue as, as time goes on is like, how do you just make sense of dozens or maybe even hundreds of assets within a community. I actually think that that’s where social tokens become really important. So that’s definitely part of our thesis is I think in NFTs are really achieving a lot of the same ends that a social token can things like membership into a community as a sort of a identifier for who is this community member as something that accrues status and functional benefits and perks. But I think as you mint and create more and more NFTs a social token becomes increasingly important for how you just like make sense of the value within a community. So instead of gating by one of 57 different NFTs, you actually have a token that everyone understands is kind of the fungible asset of the community. And you can basically have value accrued to that one asset instead. And then I think the last just sort of maybe point I’d make there is right now, it’s like we think of every NFT and every token as, as being really an asset where I also think a lot will look a lot more like objects where like in the physical world not everything that is unique is also considered like an appreciating asset. Many things are really just meant to be used or are more utility in their function. And so I think not everything that is on chain will be considered an asset and something that people assume will appreciate in value many will just be like more like objects. They’ll be your event ticket which gets you into the event. And then after the event, it really has nothing except for sentimental value. And I think like, that’s totally okay. And so I think that’s sort of a dimension that we haven’t quite tapped into yet, but if you think about like five years from now, are we all just gonna hold like 11,000 NFTs and like, which one of those will be the ones that we think are true value over time versus like, what are the ones that are, you know, mementos or keepsakes or like things that are actually meant to just be used?

Yeah. So, okay. So let’s break this apart. So for those who understand, so you just basically broke down what you’d use, like a social token for versus an NFT. And how do you differentiate, compare and contrast it, I think that’s very, very wise that you brought that up because that was one of my questions as well. Another thing I wanna ask you guys is, okay, sure. You’ll have objects. I like that word. How you kind of call them objects because whether like I wouldn’t consider like a board, a yacht club NFT an object, I’d consider like an on chain ticket to concert as an object, like you mentioned, but they still have their own like respective values. And when you think about social tokens and you think about this underlying, like you think of an ERC 20 token standard as like the index token for all the other assets, that’s kind of like what I’m picking up that you’re putting down, is that correct? The social token ends up being a peg to all these other on chain assets, whether they be all the other social tokens from like the EPS or the other artworks and other crowd funds to the one of ones to the additions, they all funnel down into one asset. That’s how you guys are thinking about it, which I agree by the way. Yeah.

Matt: Right. Yeah, exactly. I actually think Daniel Allen’s, a great example of that, where he’s issuing NFTs across a variety of different platforms, but he’s also appending, Hey, every time you buy one of my NFTs, I’m gonna airdrop you Overstm. And then when it comes to, gating the discord, when it comes to participation in the community over time, those benefits only need to accrue to the Overstm token, but all NFT holders had an opportunity to earn that Overstm by their patronage. And so it’s sort of a way of as the career goes on as like project four, five and six come out and there could be now hundreds and hundreds of NFTs out there it’s like Overstm is the thing that governs the community and not like a bunch of different unique NFTs, which I think is a lot harder just to corral.

Got it.

Melissa: I think also the Daniel example is really great where, I mean, the Overstm token basically got created because of his original mirror crowd fund. And it’s kind of specific to that album, but you can start to see like he created the overstimulated, but you can start to see where in the future, maybe he launches like the Daniel token or the Daniel Dow. And now it’s not just the overstimulated album, it’s all of his albums kind of ladder up into of this one token and people who hold Overstm can maybe convert it to Daniel. And now you have something that basically represents like your entire life’s work and not just like a specific instance, like a specific album or concert, or kind of like how we’re thinking about NFTs today, which are kind of like one off instances.

DeFi Meets The Creator Economy

So that’s very much where DeFi meets the creator economy, right. Because what you guys are explaining right now is basically like a take on set protocol where you pull a bunch of assets together and you create like an index token of all that underlying value. I’m trying to think like, okay, what does that really look like from a technical point of view? I wanna get a little dirty with this because I wanna understand, and not only from like a theoretical level, but also from like a fundamental level, if someone wants to do this in practice, for example, right. So you have your tickets, you have your, one of ones, you have your additions, you have your crowd fund campaigns that you do on mirror and all these other assets, how do you actually take all those assets and peg it to one asset? Like technically. So like the interface and the product that I’m imagining that comes to mind, like I said earlier is like set protocol. Like you take all your DeFi ERC twenties, and you create like an index, like forefront has a social token index, or Bankless has a bank index. The list goes on and on. How do you actually do that with a creator asset today from NFTs and 721s and all the other token standards I’m like blanking out on all of them.

Melissa: Yeah. I think a simple way to do it is just, you have a treasury that holds all of the like creators NFTs that’s where like revenue flows towards all the on chain revenue. And then the token is just like a governance token has rights to that treasury or rights to some streams from that treasury. And that’s honestly like probably the simplest way to do it. You don’t even really need to create an index or anything complicated. That’s kinda how I would see it now, but I think we’re seeing it play out in real time.

Melissa, you bring that up and another thing that comes to mind and Matt, I’ll let you jump in, cuz I feel like you wanna say something due to this cuz Overstm itself, the project itself, accumulates revenue, accumulates revenue from catalog from sound it accumulates revenue from Spotify and all the other streaming services. And then like you’re trying to architect is the Daniel coin. Let’s say if, and when that happens, whatever, I don’t know, but let’s say it’s like one asset specifically that then pegs to all these other assets that then all the collectors buy that one asset to get exposure to everything in a ecosystem. But then like I try to think, okay, but now the creator might have revenue for like the personal token, in addition to like the project token, like the Overstm token in addition to the personal token. So like, okay, how do you actually do that from like an accounting point of view? How do you do that from a collecting point of view? Like these are the type of things that I’m starting to think about as we kind of peel this onion, what do you think?

Matt: Yeah, well, I definitely think it’s gonna be at least for the foreseeable future a little less like surgical than that. Like it’s not gonna be a precise index in the sense of like there’s, I think there’s not gonna be a lot of like on chain mechanics that like enable the token to like exactly track a bunch of different assets. I think instead what’s gonna sort of happen is there will be one token, which is thought of as the like community token, the community asset. And that’s the thing where benefits accrue over time, maybe by holding that token, like you’re participating in governance within the community, maybe by holding that token, whenever there are NFT or something that’s dropping, you have early access to that thing or exclusive access to that thing. And so it’ll be more about like the benefits accruing to that token, as well as the governance rights over the treasury. And then as you mint, more NFTs you can choose to do it under the community that is governed by like the map token call it. I do think that there’s gonna be, creators who have multiple communities that could have different community assets associated with them. And I think it can get a little bit sort of messy when you project that a little ways. But yeah, I think that it’s, it’s not gonna be quite as maybe just surgical in the definition of this one community token mapping, the value of all of the other assets that live there. I think it’s gonna be a little bit more I guess just soft than that, the relationship. Yeah,

Governance And The Creators

When I ask these questions, I think it’s good to get somewhat like very messy like that because I think a lot of stuff out there tends to be very high level. And for other creators that wanna like follow Daniel’s footsteps, Valencia’s footsteps, Charlie Crown Mark the list goes on and on and on. Like there needs to be comprehensive guides to kind of understand that. So you guys are providing a lot of clarity on that matter. Matt, you brought up governance. It’s a very interesting topic for creators because on the extreme side, let’s talk like black mirror side. You think about fans controlling every movement that a creator kind of makes on a very extreme side. So they get to vote on what they eat. They get to vote on who they talk to. They get to vote on like all these other, like, very like, like really scary type of like governance types of decisions that could come with an asset. But I like to think of it as the latter, you know, and I’m curious to hear, like, how do you guys think about governance in a creator stance? What does that really look like? What are the tiers of governance? How much do you actually involve your audience and your fan in the day to day of what you’re doing versus on a granular level to the project perspective? Walk me through that. How do you guys think about governance and creators?

Matt: I think it’s completely to be defined by the creator. I think different creators are gonna welcome different levels of participation. And the token is meant to just be a way of conferring rights. Like when, that governance opportunity is opened up. But I think in the same way that as a shareholder of a company, I don’t get to decide everything that company does operationally, or even within most Dows, it’s not like everything goes up to a vote, right. It’s like there is a kind of mutually agreed upon like structure of like what governance rights, the token confers. And I think in the creator case, different creators are gonna have different approaches to like where they want participation from their community in the creation itself. So I think it’s gonna be highly, highly varied. I don’t think that people will come to understand owning a social token as meaning they get to govern every aspect of like a creator’s life. I think that would be bad for all sorts of obvious reasons. But I think instead it will be a way, for when a creator’s looking for engagement participation within their community that token is the way that they do that. It’s the way that they actually gate that participation and also reward the people who have been collecting that token. So I think that maybe governance in the creator context is gonna look quite a bit different than governance and the more protocol context. And I think all of that is still very much a work in progress, like as web three, as a space I’m still figuring out how governance like works.

Yeah. Melissa, how do you think about governance in a creator stance?

Melissa: Yeah, I feel like it’s less that the token gives you ownership in the creator. It’s not like a social token in the sense that you get to control them, their creative work. I think it’s more in the sense of like, you get to control maybe a treasury, and that’s what the governance token is used for, or, it becomes less about a singular creator. Like maybe it starts out with just one creator, but eventually it becomes like a group of creators that are creating together. And because people in the community are also contributing and it’s not just like the creator leading it forever eventually becomes a community. And I feel like in the worst case becomes like only creator led because obviously what happens when the creator decides like, Hey, I don’t wanna do this anymore. I wanna make music. Or anything like anything could happen. Like that’s stuff that people don’t really talk about. So I feel like the sooner that you can make it about the community and less about a singular creator, the better yeah. Cause it’s like, I mean, creators don’t live forever either.

Yeah. Yeah. That’s like, that gets me thinking like, okay, let’s think about like the band Queen, like they’re band of creators, in their own respect musicians, iconic musicians and Freddy Mercury has passed away, but the queen legacy continues. You know, what does that look like if there were assets to kind of tie that all together and to bring that stuff on chain? Another thing I wanna ask you guys, is governance a need or a want for creators? Do audience and fans need to participate in governance or is it a feature that makes it like the entire, I guess, process more fun? Do you know what I mean? Do creators need governance? Do audiences want governance or need governance? And it’s I guess it’s like a very like maybe philosophical question, a very like high level, like thought provoking question, but I’d be curious to hear your thoughts.

Matt: Wow. Yeah. It’s a heavy hitting question. I think that you need governance when you are doing something like crowdfunding, a bunch of Eth, that, the creators is saying that they’re gonna use to build a project or saying that, certain types of value are gonna be routed back to the asset holders or like the token holders of the project. Then I think governance, we comes really important cuz you’re talking about like, this giant sum of money and you know, for me to have confidence investing in that thing, I need to know that I have some rights to governance over, you know, where that gets used or how it gets spent, et cetera. I think that’s sort of different in my mind than like engagement or contribution where it could be like it more creative engagement or creative contribution. It could be, things like voting on, on the next album cover or voting on who opens for my concert. I think that type of stuff is community contribution. It’s like engagement that I think could be really enriching and it could be really powerful. I think it’s very optional. It’s very like nice to have certain creators will want that others, won’t want that at all. I do think of that as being pretty different than like governing a treasury and that’s where I feel like it’s most required or it’s at least required for collectors, I think, to have confidence really collecting in these communities. So that’s maybe where I would draw the line.

Yeah. Melissa, anything to add to that on the needs or wants of governance? Cause I have so many more questions, but I know you guys are just like so into it. So I’m curious to hear.

Melissa: Yeah. I mean, I agree. I think when there’s a treasury, I think that’s when governance becomes important, but I don’t think every creator necessarily needs a treasury. Like it could be that the token is just for a reward point to reward contributors, people who are day one and just be able to distinguish between the fans that have been around for a while. So I think it’s not necessary, but I think it, does become like really interesting when you start to involve more of like these tokenomic models and that I think it’s yet to see like if that is a great model or not, if you financialize everything, but I think you can start to get really just interesting models where everyone is aligned financially and see how that plays out. So it’s not a solid answer, but

Yeah, let’s go back to the DAO spectrum from just like a token based community to like completely decentralized and autonomous. Okay. A lot of token based communities, they use platforms like Snapshot or Tally, or even like the discord reactions as a way to kind of dictate a path forward. And when you think about on chain governance versus off chain governance for creators and their fans, how do you differentiate the priority between the two? Like when should someone like Daniel be using a discord react on their messages to decipher a direction versus putting something like on chain and having it permanent or off chain using snap? You know what I mean? Like how do you kind of decipher which path to go in and which context?

Matt: Yeah, I think it maybe maps to I guess like that distinction I was trying to draw before between, like, you know, if it’s gonna be a material use of treasury funds or it’s going to have implications for the value of the asset, then I think it’s very critical to involve the community in a way that is a little more robust. If it’s who’s gonna open for my concert, then I think, it’s very much like discord reaction is just enough way to get signal in almost like a social contract that, okay, this person who won the vote is actually gonna be opening and that’s all that’s really necessary there.

Bonfire

Yeah. Makes sense. So guys, let’s talk more about Bonfire. Okay. We talked a lot about like general high Eagle type of stuff, excuse me, I’m curious cuz you guys actually summed it down to be something really interesting. So the front page for creator DAOs. Okay. And this is very evident with the page that you guys built for Daniel Allen. Okay. That showcases his different assets. For example, like his treasury to his discord links to buying, the Overstm token and actually doing the swap on there for all these different, like really cool gadgets and components, for the creator itself. So when you think about building the homepage for a creator, what does that really look like? Big picture for you guys?

Matt: I think the first thing is that there needs to be just a, a public way that somebody can arrive and learn what is this DAO about. What is the Dow? What are the assets that are connected to that community? Like what are the various perks and benefits of participating in that community? Who is the artist? What type of art do they make and like where can that art be enjoyed. So I think that’s the first thing is there does at least for a community that is public and there needs to be a public way for people to understand the value of the community. I think that there’s a big part that is a very critical part of our roadmap, which is also like what about the private or community only sorts of events and experiences that maybe live behind the token gate and like, how do you, whether it’s content or events or other, types of value, how do you allocate that, to the token holders or the community members? I think there’s definitely an aspect which is like public versus private and probably you want both depending on what it is, exactly that we’re talking about. And then I think the other thing is just right now, there’s a ton of focus on buying your way into communities. But if you just look historically at the creator economy, most fans are paying with engagement, their attention, their time, their passion, and not with dollars. And so I think we have a kind of limiting form of social tokens right now, where for the most part they’re purchased. I think that earning and the ability to actually like, be a valued member in a community because of your fandom or because of your non-financial patronage. I think that’s a really big, sort of gap in today’s web three meets creator economy. So that’s another thing that’ll be a focus for us.

Yeah. That makes sense, Melissa, anything to add to that?

Melissa: Yeah. I think like a big huge need is just to onboard the community that you have already into web three. And I think there’s like discord is not the best first entry into crypto, I think, but I actually think what Matt was saying around earning, like being able to earn your way into community and not be your first experience with crypto, I think is actually a really great experience cuz you like getting Fiat into a meta mass wallet to go purchase something. That’s a lot of friction to get people to go through for like an asset that they might not even really understand or understand its value. Whereas if you’re earning something it’s like kinda like a reward at the end of the tunnel where it’s like, okay, I get to learn all these different things. And then at the end I get an asset that gets me closer to my favorite creator. So I think earning is just gonna be a great way to onboard new people and to web three in general.

Yeah. That makes sense. Let’s talk more about this problem space that you just brought up Melissa. So I wanna wind it back for a second. A lot of people, a lot of creators need to find a way to bring their audience from social media, into their web three native communities. So what does that really mean? So we look at like creators who have fans across Instagram, Tik Toks, Snapchat, Facebook groups Twitter, it the list goes on and on and on where that’s like their main form of communication to their end user. That’s how they communicate stuff in a story, right? They do a swipe up, they have a call to action, a link and bio and that entire journey needs to be optimized from like one destination to another destination. So you guys are kind of saying that bounties earning your way into a community is like a really good incentive and a really good way to kind of build that initial traction of moving a user from like a pillar platform to like a sub platform. That’s how I’m understanding it.

Melissa: Yeah. We definitely think of it as a funnel, as like you have these big social media platforms where maybe you have a really large audience and then you go from there to your most dedicated community members who might want to join your discord or just have more engagement. And then those are the types of people who will then go to your personal website, your bonfire page, and find ways to earn to interact and like engage in new ways. So I think we definitely think of it more like a funnel where it’s not gonna be all of your, not everyone who follows you on social media is gonna really care about your community, your token. So I think like you end up with probably the people who are most excited about you and your community that actually end up making it through.

Building A Bridge Between Web Two And Web Three Audiences

I think you’re absolutely right. Not, everybody’s gonna care about your web three initiatives, right? And the question is like. Now you have to build a whole new audience, but a web three native audience. So you’re already, you’re creating content for TikTok. You’re creating content for Instagram. You’re creating content for Snapchat, for Facebook groups, for all these different platforms. And now web three is another medium, right through quote unquote discord. Discord is like the To go kind of destination. And when you think about it, like, all you do all day is create content for the most part or whatever your respective creator medium is. Right? And now you have to focus on building a whole new type of community like Daniel Allen’s community on Spotify or on Instagram, for example, were not necessarily the people who contributed to his crowd-fund across Twitter, in Mirror. And now he’s dedicating a lot of his time and attention to build for that community. Right. So I guess part of what I’m saying right now is like realizations as I’m creating these interviews. And as you guys are kind of building products for creators and seeing like, okay, this is just, this may be another hurdle for creators to overcome, but it actually may be one very worth it because of the opportunity behind it to create like direct communication and lines of ownership and monetization between one party to another. But I guess my question to you is like, okay, how do you actually do that now? How do you dedicate your time to now focusing on a new class of creators, right. A new class of audiences that otherwise wouldn’t really, really care about what you’re doing on web two, for example, which it’s more homework, right? More time, all these things that may be very daunting, for example.

Melissa: Yeah. I feel like we’re kind of in this world right now where people are kind of on like this content treadmill, I guess, where, because of the algorithms you’re forced to like be creating content all the time. Whereas I feel like with web three, like you don’t actually have to do that anymore. Like you can monetize and sell your work as like NFTs and then like you can focus on like creating like pieces of content that you think are gonna be super valuable versus like a lot of it. And I think that’s the big difference where like, yeah, you hear about like creator burnout all the time because the algorithm just dictates that you need it otherwise, like you’re gonna lose followers, but if you can find like a few hundred people who are, who really love you then that like, you don’t have to have that constant pressure anymore. That’s how that’s how I would see it. Yeah.

Matt: Yeah. I mean, I definitely think that it allows the 100 true fans, 10 super fans to sort of self-select and support the creator. As Mel mentioned, that means, maybe not needing to produce as much content and you’re not as beholden to the algorithms because you aren’t creating for pennies of ad revenue. You’re actually able to just create for your fans for the community who like loves your work. But then I think the other big part of what you said that, that resonated was today, you kind of do have to make a choice between like, do I engage with web three by creating like a new audience of maybe your asset collectors, but they actually didn’t like follow my music before I started putting out NFTs. And like, there’s kind of like a clear distinction there, but I think over time as the space becomes more mature, like those things really should be one and the same, it’s like the people who are collecting your NFTs should be the biggest fans of your content, not the biggest fans of NFTs. And like right now you have this where like, as a musician, you can announce that you’re gonna be putting out NFTs and your biggest fans might hate you for it. Like they could be like the ones, you know, commenting on Twitter and like ripping you apart for it. Yeah. Where really, they should be the ones who are most excited. And so I think right now we’re in this kind of like awkward teenager phase of maturity, where like, you do have, have to make some of these trade offs, which you really shouldn’t need to make, kind of as the space continues to mature and mainstream adoption is a little further along.

Converting Viewers And Listeners Into Collectors

Yeah. How do you guys think about the balance between, well, not really a balance, but how do you get more viewers, more listeners, more Watchers into collectors?

Matt: I think the simple answer that I would say is you, well, two things, I think one is you create a lot of utility for the assets, which those biggest fans are going care the most about. And so, why is it called a social token? It’s like partially it’s because a lot of the value is derived socially versus like purely financially. And so if the thing that holding this NFT gets me, is access to every concert, then that’s gonna appeal much more strongly to the real fans versus somebody who’s purely in it for speculation reasons. So I think creating greater utility is going to mean that the real fans are gonna value those things relatively higher than somebody who’s only in it for financial reasons. Then I think the second way that you get your fans to be collectors is you allow them opportunities to earn the assets. And again, it’s like let them contribute in non financial ways via their engagement, via their like loyalty via their passion, and then give them assets in return for that. And I think that’s another way that you end up with your fans being the ones who hold those assets. And if you think of this as almost like this open source CRM that, isn’t controlled by any platform, and can’t be taken from you as a creator, it’s like very important to get those assets into the hands of your actual fans and like the people who care most about, what it is that you’re about the type of art that you create. I think that both of those are, are big key unlocks and things that really just take a lot of product and tooling to, to enable.

What’s Next For Bonfire?

Yeah, yeah. Makes a lot of sense. Yeah. For everyone that’s listening, I think there’s a lot of alpha in here. I think there’s a lot of opportunities presented. Matt and Mel, you guys are very, very in it, like in the weaves, like you guys are the onion, that’s like getting peeled in my opinion. And I’m very excited for your journey, I guess before you wrap it up and I let you guys go anything you want to add? Any shout outs? I know you guys had the Daniel Allen project that you put together, you guys announce the public launch of bonfire. I know you guys were very much in stealth mode, doing stuff with rally. Matt, I remember you were telling me that thing behind the scenes, anything to add on that front, what can we expect from Bonfire in the next few months? Fill me in I’m excited.

Matt: Yeah. I mean, the biggest thing is just building, trying to get the platform ready for really just self-service on the Ethereum side. As mentioned, we’ve been in rally and partner closely with that team for the last several months, but, really wanting to just sort of achieve platform parody and make it available for anyone on main net as well and then polygon will be a big focus for us in terms of scalability. I would say like, that’s a really big focus. The other big focus is gonna be on kind of those two things that I just mentioned utility and really trying to, solve for where we see gaps in the market today and, and try to help creators, I guess it’s really like helping the reality of like the value social tokens. And when I say social tokens, I mean, NFTs and fungible tokens, it’s like having the reality of the value that gets created, like match the potential. I think that, there’s a couple of big gaps that need to be solved for that to really happen.

Outro

Yeah. I love it. I’m excited for you guys, Melissa, any last words before we wrap it up and we share our socials and all that?

Melissa: Nothing to add.

Guys, this was great. Where can we find you, Matt? Where can we find you, Melissa? Where can we find Bonfire? Give us, give us the rundown.

Matt: Yeah. On Twitter, I’m at Matt_Alston, cause I was sort of late to the Twitter game.

Melissa: Nice. Yeah, mine is MelissaZhang13, or you can find us just at Bonfire tweets.

Matt: Yeah. trybonfire.xyz

Amazing guys. We should definitely do this again in a, in a few months. And thank you for being on.

Matt: Thank you.

Categories
Press Release

The Largest Gathering of Web3 Creators Unite At ETH Denver February 15

Denver, CO — February 3, 2022 —  The largest gathering of web3 musicians, artists, videographers, bloggers, builders, collectors, and creators unite for a half-day packed with a free brunch, creative networking, and a live performance by independent music artist Queen George. The event will take place during the jam-packed week of ETH Denver on February 15, 2022, from 9 AM to 1 PM MT at Your Moms House, located at 608 E 13th Ave, Denver, CO 80203. You can register to attend in person for free by visiting https://impish.fun/#/event/6.

Hosted by Dystopia Labs, Mint Podcast, Bonfire, and Polygon Studios, the four unite in an effort to celebrate the creative and ownership renaissance occurring on-chain and to create more awareness for the booming web3 creator economy.

Those who attend the in-person event will receive a POAP and other goodies in addition to meeting a collective force of other like-minded individuals leading the front for where crypto meets creators.

Following a decked-out brunch, attendees will enjoy a live performance by wbe3 independent music artist Queen George, whose eclectic artistic style reflects a goddess voice unlike any other. The modern jazz-pop artist will perform a 45-minute set followed by a live music NFT mint to commemorate her new on-chain musical work.

The event is proudly sponsored by SmartDeFi and hummingbot.

Register for free to attend the in-person event by visiting https://impish.fun/#/event/6.

More on Queen George

About Dystopia Labs

Dystopia Labs is a grassroots events & edu org that’s focused on growing the Web3 ecosystem. Each month, we run technical summits around the US to help kickstart new IRL crypto communities. 

Follow us here to join the movement: https://dystopialabs.com/

About Mint

Mint with Adam Levy is a new audio and video series exploring how the creators of today are building the communities of tomorrow using web3 primitives like social tokens, NFTs, and DAOs, to name a few. Each month, a new season rolls out with 10 to 20 untold journeys from notable creators, web3 founders, and thought leaders, who are tinkering with social money to make their creator economy a reality.

Learn more by visiting https://adamlevy.io/mint.

About Bonfire

Bonfire empowers web3 creators to turn audiences into communities powered by their social token & NFTs. We’re building white-label infrastructure to enable creators to build custom web3-native homes for their community, and tools to provide greater utility to their assets through things like airdrops, bounties, and token-gated experiences.

Learn more by visiting us at https://twitter.com/bonfire_tweets

About Polygon Studios

Polygon Studios is the Gaming and NFT arm of Polygon focused on growing the Blockchain Gaming and NFT Industry while bridging the gap between Web 2 and Web 3 gaming. The Polygon Studios ecosystem comprises highly loved blockchain games like OpenSea, Upshot, Aavegotchi, Zed Run, Skyweaver, Decentraland, and Decentral Games. If you’re a game developer, builder or NFT creator looking to join the Polygon Studios ecosystem, get started here.

Learn more by visiting us at https://polygonstudios.com.