Valuing Web3 Music

Abstract

Blockchain and Web3 technologies were originally understood in a narrowly financial context, associated with cryptocurrencies such as Bitcoin. Non-fungible tokens, or NFTs, have put music (and other creative economy use cases such as art and gaming) center stage. Yet there remains a widespread misconception that speculative investments in cryptocurrencies and NFTs are the be-all and end-all of Web3. This chapter examines the potential impact of blockchain technology on the music industry from a more holistic perspective. Specifically, its contribution lies in proposing four lenses through which we can view Web3 music: financial, social, environmental and experiential. By examining the value of tokens – fungible as well as non-fungible – in terms that go beyond short-term price fluctuations, I hope to deepen our understanding of cultural value in Web3 and beyond.