Hi there - 

With AI dominating headlines so much of late, one might argue that Web3 has, well, wound up something like this: 

In truth, things have still been ticking over, and today Spotify was the next to jump aboard by announcing it was testing a gating system in which playlists could only be accessed by people holding specific NFTs.

I've said plenty of times before now that I prefer the concept of NFT as utility, rather than as, for example, music format. Companies like Medallion are showing a huge amount of common sense in that space, recognising the need for a kind of "Web2.5" on-ramp to ensure Joe Public can get access without navigating the wallets, the crypto and all the other technical blockades Web3 can present.

With Spotify's test though, I struggle to see what the end game is, beyond potentially just retaining Web3 music endeavours to this platform rather than any of the others out there. It gives those running NFT-led enterprises a feature to offer... but beyond that, well, who knows.

The exciting aspect of Web3 is that it will allow artists unparalleled control. If you factor in the likes of Lens, you also have a potentially compelling end game in which social media can carry all the revenue-generation abilities within it, thus providing infinitely more means to earn money.

With all that in mind then, I can only feel cynical about whatever Spotify is trying to test here. That said, it is still good exposure for Web3 in general, further legitimising it.

Perhaps there are learnings to gain from this, but in truth I see Web3 as the next thing, not unlike AI, to replace the incumbents. AI might unseat Google and co, and in theory Web3 might achieve the same around major labels, one day. Or perhaps even Spotify itself? 

Or, of course, the new boss might just look the same as the old boss.

I will continue watching with interest.

Have a great weekend,

D.

🎶 written whilst listening to 'Copendium', Julian Cope's compilation of tracks he'd previously written about in his legendary book of the same name, which I would argue every home should have. It contains one of my favourite pieces of music writing ever, about Blue Cheer, in which Cope describes the lead guitarist as having "almost every solo commencing as though [he] had been caught on tape actually in the act of giving up guitar playing" 😆

We're super hyped about the new Endlesss Beat Machine, which has finally gone live today with just 25 launch editions being made available. Whether it is in venues, record label reception areas, or hell, even airports and beyond, this feels like it has limitless potential. Check it out - we want one!!