I think this would be much more successful without NFTs, cryptocurrencies and all that. It would make it possible for ordinary people to understand the service better, especially when it comes to payment. The involvement of cryptocurrencies is simply a barrier. Scarcity isn't the best incentive either, it's an extrinsic motivation associated with logic and ownership, whereas for music you want an intrinsic motivation associated with self-expression, creativity and social aspects. These NFT platforms are suprisingly bad at presenting a social influence incentive, you would think it would be their bread and butter. Basically you want that and empowerment, with a bit of epic meaning mixed in. You want a creative playground of artists and their audience both feeling that they have an impact. None of this scarcity crap, instant turn off, it's completely on the other side of the spectrum. The point of music and any creative endevour is not the scarcity of the end product, it's sharing it. It's connection. There is no point in ownership. That's not the kind of connection people trully want, it's bragging rights at best.
I think a big part of some of these new projects is that their payment systems are powered by crypto, allowing them to operate completely outside the traditional financial system. To simply say, why not do this without crypto/blockchain, is ignoring a major facet of these systems.
Some of these players may never have been able to secure a bank loan, or one big enough to start their project/service. Or they would never have been able to reach their audience so easily. Or they'd be beholden to a much smaller group of backers.
That's $16 a person a month. That isn't even a movie ticket in most cities.
.
> You can debate whether PayPal or cash would be more efficient than using Ethereum here
No you can't. There are individual sales larger than this on PayPal and cash.
This is just a crypto bro trying to sound deep by throwing out numbers and not really thinking about if they're any good
.
> but this is a new channel for artists to focus on the art and make a living.
No it absolutely is not
It's not even a compact disc monthly
Please do the math first next time
Look, maybe the art renaissance is coming soon™ but it sure as hell is not here now, especially relative to the financial one.
> That's totally what happened. We are in a renaissance of artistry, of artists creating meaningful art out of conviction, and making a living.
From the home page of https://www.sound.xyz/, "$2,688,130.20 Earned by artists from fans using Sound Records"
You can debate whether PayPal or cash would be more efficient than using Ethereum here, but this is a new channel for artists to focus on the art and make a living.