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  • Writer's pictureMichael Paulyn

In the Ever-Growing Web3 Industry, NFTs are Becoming More of a Vital Ingredient Part 4

Another real-world example is omgkirby, a music-centered DAO looking to revolutionize the music industry. As a decentralized collective, omgkirby is captained by an anonymous music industry expert who has consistently been pumping out synthy twists of popular tracks in the form of NFTs. The truth is that even though this space is relatively new, it’s already a big business, full of wicked artists.

The growing popularity of Web3 has led to a brand-new digital collectibles market, which as a sustainable business model, is exciting to see what the future holds. Many DAOs are working hard to build lucrative partnerships with massive platforms like Coinbase and OpenSea; omgkirby, most notably, has just signed a digital asset partnership with OpenSea.

Many Web3 creators feel incredibly frustrated when looking at the current music industry. Some stated that “music is still an industry that’s run by a lot of archaic and old systems that are kind of clunky” and shared that this infrastructure is built on purpose that way.

While Web3 is still a long way away from mass adoption, and with the recent decline in scammers and cheats leaving the NFT market, there’s still a ton of room for improvements and growth. For example, some artists are already beginning to see royalty payouts for their NFTs, including behind-the-scenes tours, meet and greets, and digital collectibles.

In a quote from omgkirby shares that “the idea of creating original music, with the song and dance and machine and algorithm, and fans and holders can own their song of mine, that they fully own — and can do anything and everything they want to do with it — creates a much deeper connection to any of my fans than I could imagine. In my opinion, it’s probably the deepest connection you could create.”

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