Cam's latest drop shows the viability of free mints for musicians
Just before Christmas, Cam Murdoch became the latest musician to sell out a mint on the SoundXYZ platform, with one caveat- the drop was free. Cam's "Good Intentions" music NFT came in an edition of 100, and the artist had this to say about the track:
"This is actually the third version of this song that I wrote. It first appeared as as soul sampled driven record on a mixtape I did called "Forget Me Not" when I went by Cello Kid. Then, I reproduced it for a mixtape called "Concerto Grosso", I went by Cello Figaro at the time, and it sounded more like this. When I did this version, I finally felt like the record had reached it's final form. It feels fitting to release this song as a free mint given the context of the chorus."
It is a strategy that has paid off since the floor price is above that free mark, and with 10% creator royalties enabled, Cam could potentially see some future backend off of the release.
The Strategy Behind Free Mints
Free mints have gained popularity over time, especially with musicians looking to find their fanbase in Web3.
The strategy behind a free NFT mint can vary depending on the specific goals and objectives of the issuer. However, some potential strategies for a free NFT mint could include:
Building community and engagement: By offering free NFTs to users, an issuer can create a sense of excitement and encourage people to get involved with the project. This can help build a community of supporters and users around the NFT, which can be valuable for future sales or marketing efforts.
Driving adoption: By giving away free NFTs, an issuer can expose a larger audience to the concept of NFTs and encourage people to start using them. This can help drive adoption of NFTs and increase the overall value of the NFT ecosystem.
Promoting a product or service: Some issuers may use free NFTs as a way to promote a related product or service. For example, a music artist may give away free NFTs as a way to promote their new album or tour.
Creating scarcity: Depending on the demand for the free NFTs, an issuer may be able to create a sense of scarcity that drives up the value of future NFT releases.
Ultimately, the specific strategy behind a free NFT mint will depend on the goals and objectives of the issuer and the needs of their target audience.
SoundXYZ is a decentralized music platform that is built on the Ethereum blockchain. The platform allows artists to sell their music directly to listeners without intermediaries such as record labels or streaming services. SoundXYZ aims to create a more equitable and transparent music industry by allowing artists to retain a larger share of the profits from their music sales, and by providing listeners with access to a wider variety of music from independent artists.
On SoundXYZ, artists can upload their music, set their own prices, and receive payments directly from listeners in cryptocurrency. The platform also allows artists to sell non-fungible tokens (NFTs), which are unique digital assets that can represent ownership of a particular song or album. NFTs can be bought and sold on the open market and can provide a new source of revenue for artists.