Is it time to embrace Web3 as a musician? What steps should you take if you’re interested in making a go of it as an independent artist?
That’s what we’re going to be looking at in this episode of The New Music Industry Podcast.
- 00:27 – Web3 is here
- 01:06 – Learning about blockchain-powered, decentralized platforms
- 02:13 – Discover the platforms and experiment with them
- 03:41 – Dig your rolodex well before you’re thirsty
- 04:34 – Create your first NFT (if you haven’t already)
- 05:46 – Understanding how to handle cryptocurrency, Bitcoin, Ethereum, etc.
- 07:01 – Episode summary
- 08:10 – Closing thoughts
Resources Mentioned in This Episode:
- 016 – 5 Things I Learned From Blockchain Revolution
- 180 – The IMDb of the Music Industry
- 192 – Looking to the Future of a Blockchain-Powered Music Industry
- 237 – Music Streaming, Copyright & NFTs
- 248 – Get Your Music Distributed & Tap into More Revenue Streams
- 260 – The Future of Music & Multimedia
- PDF Vault
Hey, it’s David Andrew Wiebe.
Like it or not, Web3 is here. Now, nobody knows for sure how things are going to shake out with the current hype. The parallels to the dot-com bubble are practically beyond reproach, so separating hype from reality is a serious challenge.
But investor Eric Siu makes a good point – it’s called Web3 for a reason. It’s happening, and it’s here to stay. It’s the next evolution of the web.Web3 is the next evolution of the web. Click To Tweet
And so, we need to begin dipping our toes into the waters before jumping headlong into the unknown. But the time to get started is now. The longer you wait, the greater the chance you will miss out on incredible opportunities.
Today, we’re going to be looking at five steps to Web3 success for independent musicians.
Step #1 – Begin Learning
What is Web3? How does it work? Why does it matter?
Whether on The New Music Industry Podcast or Music Entrepreneur HQ blog, we’re no stranger to blockchain related topics:
- You can go all the way back to episode 16 of the podcast to listen to my review on Blockchain Revolution and pick up the book if it interests you
- In episode 180 of the podcast, I talked to Vasja Veber of Viberate
- You can have a listen to episode 192 of the podcast with Stefan Schulz of Bitfury Surround
- You can also listen to some discussions on NFTs with Steven Gagliano in episode 237 of the podcast, John Kohl in episode 248 of the podcast, as well as with Ori WInokur in episode 260 of the podcast
The point is that what may have been taken for granted only six years ago is now manifesting at a dizzying rate. Decentralized, blockchain-based platforms are here. And there are already many creators taking advantage of them, earning a full-time living, and more.
The time to start learning is now. And if possible, you want to make it part of your daily routine to read, listen, or watch on the topic, whichever medium suits you best.The time to start learning is now. Click To Tweet
Step #2 – Start Experimenting
Even on the podcast, I’ve made multiple invitations to come and join me on platforms like Odysee and BitClout. Odysee is like the blockchain-powered YouTube, and BitClout is like the blockchain-powered Twitter.
You’ve probably heard my invitation to join Koji in recent episodes as well, which is an amazing link in bio app that even allows you to create and sell NFTs.
I’ll talk more about NFTs in a moment, but what I want you to take away is that you can still be an innovator or early adopter in the technology adoption life cycle, and that can be an exciting thing.
Decentralized communities are still smaller than on most social networks, but they’re very connective, and they’re obviously forward looking.
These platforms also tend to value things like free speech and freedom of expression, and I know people kind of seesaw on that issue these days, but if that’s one of your values, that’s another reason to begin to check out Web3 platforms.
And while you might be intimidated, many of these platforms are just like the social networks you already use and are an excellent place to build a following and create connections, for reasons I’ve already shared. In many cases, there are even opportunities to earn on the content you share.
So, what else is out there? Here are just some of the many platforms people are getting excited about:
Rumble, DTube, Steemit, Mediachain, Fluz, Sapien, and Vevue are all exciting new platforms.
And when it comes to NFT marketplaces, there are many others, though some platforms already mentioned allow you to create and sell NFTs too.
Step #3 – Dig Your Well
Networking and collaboration are huge in the music industry. If you want to grow your music career, there’s nothing quite like expanding your rolodex.
I just got my first gig in Vancouver today, and it’s all because of who was in my network. It had nothing to do with my ability to sell myself, and everything to do with who I knew.
I’ve connected with influencers on Web3 platforms by showing up daily and posting valuable content. It’s far easier to get connected with a community that has something in common versus an amorphous giant like Facebook.
If you’re willing to do the legwork, you can create relationships with some of the top influencers now. It doesn’t matter whether you plan to ask them for anything. Simply being known can sometimes lead to opportunities in the future.
To generate more opportunities for yourself and your career, start connecting with more people. It will be easier now to connect with Web3 “big names” now than in the future.To generate more opportunities for yourself and your career, start connecting with more people. Click To Tweet
Step #4 – Create an NFT
The NFT craze is starting to find new pastures as the space gradually matures, though it’s still going to take some time for it to come into its own.
It’s like those meme video you’ve probably seen:
- Step 1: exist
- Step 2: create
- Step 3: sell
- Step 4: complain that no one cares about your NFT
If you’re serious about NFTs, make it your full-time job. That’s not a joke. You need to dedicate some serious time, effort, and energy into it. You need to stay connected to your communities and improve your digital marketing skills.If you’re serious about NFTs, make it your full-time job. Click To Tweet
What I’m encouraging you to do here is to create one NFT, so you know what the process looks like. You know the steps involved, and in the future, if you want to create more, you’ll know exactly what the process is.
There is a gas fee for all NFTs, which in simple terms means there’s a cost to posting your NFT in the first place. Didn’t know that? Now’s the time to go and get some practice. Make your first NFT.
Step #5 – Learn How to Handle Cryptocurrency
Decentralized social networks generally deal in cryptocurrency in some capacity. Steemit has STEEM. Odysee has LBRY credits. DTube has Datacoin.
Since this is how you’re generally paid in the Web3 landscape, you might at least want to know how to exchange your crypto for real cash.
Please understand. This is not investment advice. I’m not asking you to gamble away your life savings on SHIBA INU.
But many exchanges and wallets will give you a little bit of money to invest just for signing up, and you might want to put a little bit of your own money into it, like $50 or so, so you better understand the process.
And I’m not asking you to do anything I haven’t done here. I have a little bit of money invested in crypto, even if it’s not a lot in the grand scheme of things.
As with anything, the terminology can sometimes make things confusing. But the process, rest assured, isn’t as difficult as you might expect.
So, go through the basics of setting up a wallet, buying some crypto, moving it to another wallet of your own, and so forth, to gain a comfort level with cryptocurrency.
But again, please be careful. If you plan to invest, be conservative. Don’t give your recovery code to anyone. Don’t succumb to scammers asking you to invest with them. There are a lot of those going around right now, especially on WhatsApp.
- Begin learning what Web3 is all about. Start with the simplest of definitions. Read articles, listen to podcasts, watch videos. Ask friends. Check out decentralized social networks and NFT marketplaces like OpenSea, Foundation, Nifty Gateway, and so on.
- Start experimenting. You can start experimenting risk free today. Many decentralized social networks are easy to sign up for, and posting content is typically the same as it would be anywhere else. You can start earning various cryptocurrencies on your activity today.
- Get connected. Your network is your net worth. Take the initiative and start building new relationships. These can only benefit you in the short- and long-term.
- Create an NFT. Create your content. Set up an NFT on your platform of choice. Pay the gas fee. Share your NFT with others. Go through all the motions so you know what the process looks like.
- Learn how to handle cryptocurrency. Get set up with eToro, Uphold, Binance, Coinbase, Kraken, or another site. Invest a small amount of money into crypto. Sell some crypto. Move it to another wallet you own. Learn all the basics.
The PDF Vault may well be one of the best free resources available for musicians. It includes multiple eBooks, blog resources, podcast resources like transcripts and cheat sheets, and more, and we’re still in the process of adding hundreds of resources to it. To sign up, go to MusicEntrepreneurHQ.com/PDFVault and access over 100 PDFs today. That’s MusicEntrepreneurHQ.com/PDFVault.
This has been episode 269 of The New Music Industry Podcast. I’m David Andrew Wiebe, and I look forward to seeing you on the stages of the world.
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