S2 E1: NFTs and the Future of Music (Cherie Hu)

DAOn the Rabbit Hole

On this episode of DAOn the Rabbit Hole, we’re talking to Cherie Hu, Co-Founder of Water and Music, a research publication focused on the intersection of music and tech which has recently undergone the process of becoming a DAO.

We kicked off the conversation discussing the state of the web2 music industry today and how blockchain technology and NFTs offer an alternative business model for musical artists and their fans.

We discuss how digital scarcity is possible in the music industry, which is typically thought of as not scarce at all, with unlimited music streaming virtually for free. Cherie says that what is scarce however, is the relationship between artists and their fans, and it is this scarcity that NFTs can monetize. Cherie also lays out for us her definition of a music NFT and shares how these NFTs can be used to enhance the relationship between artists and their fans.

Next, we break down some big topics into simpler terms. We go over the ways in which fans can acquire NFTs from their favorite web3 music artists and ways that artists can start onboarding themselves into web3. We dive into the complicated topic of DAOs and break down some possible definitions of a DAO. We discuss the creator economy and how NFTs can benefit not only artists, but their fans as well.

Finally we wrap up our conversation by leaving you with some advice on how to onboard into web3 and get started with music NFTs. We hope you enjoy this episode of DAOn the Rabbit Hole!

To continue this conversation and stay up to date on all things DAOn the Rabbit Hole, you can follow Anay on Twitter @anaysim and RabbitHole @rabbithole_gg. You can also follow Cherie on Twitter @cheriehu42.

⌛ TIMESTAMPS:

0:00 Intro

1:07 State of the music industry today

4:09 How blockchain technology can affect the music industry

11:35 What defines a music NFT?

14:56 How does digital scarcity work in the music space?

18:03 How to acquire a token from a musical artist

21:31 Web3 maximalist ideals in the NFT music space

27:02 Defining a DAO

32:31 Co-ownership and the creator economy

37:44 Onboarding web2 audiences into web3

43:11 Getting started in music NFTs

47:21 Follow Cherie!

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DISCLAIMER: The information in this video is the opinion of the speaker(s) only and is for informational purposes only. You should not construe it as investment advice, tax advice, or legal advice, and it does not represent any entity's opinion but those of the speaker(s). For investment or legal advice, please seek a duly licensed professional.