🧘♂️ALERT: Hot Crypto Trend
Market Meditations | March 8, 2022
In part 1 of our Music NFT series, we provided an introduction to music NFTs, how you can get started as well as how you can profit from them. Make sure that you have checked it out here before you continue.
In this newsletter, we will teach you how to set up your very own Ethereum wallet and how to use the new and upcoming music NFT platform Sound.xyz.
- Music NFTs Part 2
- Music NFTs are our Hot Crypto Trend!
- Introducing Space Runners
- US Turns to Digital Assets
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⏰ Top Headlines
- Avalanche Commits $290M in AVAX to Attract Gaming, DeFi and NFT ‘Subnets’
- Binance boss met with UK government officials last week in Westminster ‘charm offensive’
- Santander to offer loans secured by grain-based crypto tokens
- Bain Capital Launches $560M Crypto Fund
? Music NFTs Part 2
In order to interact with Music NFTs, you will need an Ethereum wallet to act as your digital identity. Be sure to check out our guide on Cryptocurrency Security to ensure that you are keeping your virtual self secure at all times!
Setting Up An Ethereum Wallet
- Download MetaMask to your preferred browser.
- Select ‘Get Started’ and then ‘Create a Wallet’.
- Carefully follow the instructions within MetaMask to create your wallet.
- You will receive a ‘Secret Recovery Phrase’ which is used for restoring your wallet if you ever lose access to your device. For maximum security, you should write this down on paper and store it in multiple locations. Do not share this with anyone else as you may be compromised.
- Congratulations, you now have your very own Ethereum compatible private wallet!
Using your Ethereum Wallet to Interact with Sound.xyz
Now that you have your wallet you can interact with Sound.xyz as well as other decentralized applications (Dapps). The majority of songs go unheard and those that do are severely underpaid with Spotify paying around $0.003 per stream. This is reflected in the fact that 90% of streams go to the top 1% of artists. Sound.xyz aims to solve this by empowering the next generation of artists and their communities.
- To connect your wallet to Sound.xyz click ‘Connect Wallet’ in the top right corner of the main page.
- Follow the instructions within MetaMask to finish connecting your wallet.
- Add ETH to the wallet. The easiest and most secure way to transfer ETH is by using an exchange such as FTX, FTX.US or Crypto.com.
- Purchase ETH on the exchanges above and transfer over to your MetaMask.
How To Interact with Sound.xyz as a Fan
Like with any NFT you are the owner. This means that you can sell it, trade it, give it away or use it however you like!
- Releases on Sound.xyz are structured as a listening party so that everyone can experience the track together before purchasing the NFT.
- Once the song ends, you can purchase the token by clicking the ‘Ape’ button and authorizing the transaction in your wallet.
- After the song is released you can view, listen to and interact with your NFT using marketplaces such as OpenSea.
How To Interact with Sound.xyz as an Artist
On Sound.xyz you can release any song that you are the sole rights holder of as an NFT via a limited drop. Artists receive 100% of the proceeds from the initial sale as well as 10% of the proceeds from any resale on the secondary market.
If you are an artist interested in exploring NFTs as an additional revenue stream you can find out more here. Sound.xyz is one of multiple avenues to interact with the world of music NFTs. For a comprehensive list see here.
?️ Just Enough Space
February saw VCs tighten their belts with total investment dropping below $10 billion for the first time since May’s crash last year. One project that has managed to raise recently though is Space Runners:
- Space runners is an NFT and digital wearables project, with the intention that owners can wear their swag across different metaverses.
- In addition to that clout, there is also the possibility for real life access to events and meet & greets with athletes and other celebrities.
- Space Runners recently added $10 million in funding to bring their total to $30 million raised to date. The most recent round was led by Pantera Capital and Polychain Capital.
- In early December NBA Champions Kyle Kuzma and Nick Young announced a partnership with Space Runners.
- A couple of weeks later their 10,000 unit sneaker collection sold out in just 9 minutes, and other stars have signed up since.
- The next collection will include designs submitted by and voted for by the community, where the guest designers will take a revenue share.
So some players are still raising money, but there are less blank cheques to go around. Is digital fashion the answer? Beauty is in the eye of the beholder – you can be the judge in their demo “spaceverse”.
? Further Regulation Expected From The White House
According to Reuters, U.S. President Joe Biden is expected to sign an executive order this week. The executive order is expected to address the regulatory, economic and national security challenges posed by digital assets.
- The order was expected to occur roughly two weeks earlier but was delayed due to the ongoing Russian-Ukraine conflict.
- Cryptocurrencies have played an interesting role in the conflict which may have sparked further policy considerations.
- Amidst extremely poor economic conditions within Russia and Ukraine, citizens have turned to crypto as a safe haven.
- U.S. lawmakers have begun raising concerns about the possibility of Russia using cryptocurrencies to dodge sanctions Western powers have imposed.
- However, Binance CEO Changpeng Zhao (also known as CZ) argues that cryptocurrencies are ‘too small for Russia and that ‘more focus should be placed on banks’.
Further regulatory pressure has been expected within the crypto space. Should regulators offer a fair outlook and work with key players, it may bolster the legitimacy of cryptocurrencies.
- The United States has banned imports of Russian oil and gas – Pomp
- Biden to sign cryptocurrency executive order this week. Federal agencies will then coordinate on a regulatory framework – Bloomberg – Bitcoin Archive
- All Mastercard and Visa Cards issued in Russia will be unavailable on Binance effective 2022-03-09, 21:00 UTC – Binance
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
Disclosure. Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Additionally, the Market Meditator writers hold crypto assets. See our investment disclosures here.