![hype meaning hype meaning](https://static.cambridge.org/binary/version/id/urn:cambridge.org:id:binary:20190617083029838-0073:9781108596862:49771fig19.png)
![hype meaning hype meaning](https://i.ytimg.com/vi/Wq7ONrR_sS0/hqdefault.jpg)
“This is the time that people now are looking for real value, so I think projects like us will be celebrated more.” “We need to be more dynamic now with this drop than ever,” they say. The project’s founder, who spoke anonymously, says that they believe their project can stand out and still be successful in a downturned market, because it includes “a real life value” with intellectual property rights tied in. Writing on Twitter, the company explained, “Due to the current health of the market we will be moving the date of our upcoming IDOL drop.” In contrast, omgkirby, faceless music project run by a decentralized autonomous organization (DAO), plans to move ahead with its next generative music collection planned with acclaimed genre-bending artist Channel Tres in late June or early July. RELICS, the NFT platform tied to Monstercat Records, just delayed its latest drop after selling out its first collection of 1,100 music NFTs earlier this year. “The mission transcends a bull or a bear market.”įor artists and companies planning an NFT release, however, the market’s biggest downturn since 2020 has many taking a wait-and-see approach. “Whether the market’s up or down, we’re in the business of how do we help artists reach the most amount of people and how do we help artists make money from their music?” he says. Like many others in the space, however, founder and former A&R at Atlantic Records David Greenstein says the company is using the time to build out new features. Sound.xyz, a platform that hosted daily music drops from the likes of Snoop Dogg and Vic Mensa, has slowed down to two or three releases per week. And it’s shaken the music NFT market, too - collections are no longer selling out in seconds and major platforms have reduced the number of releases. NFT trading volume on Opensea, the largest NFT marketplace, has shrunk from a record $5 billion in January to just $515 million so far in June. We’re also seeing this slowdown reflected in NFTs, which mostly rely on Ethereum transactions. It’s safe to say, the crypto mania has quickly come back down to reality. Meanwhile, executives that chose to take their salary in crypto or digital tokens have seen their paychecks devalued. Leading cryptocurrency exchange platform Coinbase froze hiring, rescinded job offers, then abruptly cut headcount by 20% last week.
![hype meaning hype meaning](https://static.highsnobiety.com/thumbor/OBphQPbB9DS1L8JX5F588kqv0_M=/fit-in/540x400/smart/static.highsnobiety.com/wp-content/uploads/2010/07/hype-means-nothing-nelson-mandela.jpg)
Now one of crypto’s biggest funds, Three Arrows Capital, is reportedly insolvent after facing $400 million in liquidations.Īcross the industry, Web3 companies are laying off staff and aggressively cutting costs.
![hype meaning hype meaning](https://www.freshnessmag.com/.image/t_share/MTM3OTI2OTQ3OTMzNzI2NTcx/hype-means-nothing---nelson-mandela-t-shirt---0.jpg)
The domino effect spread through the sector, causing Celcius, a major lending firm, to freeze customer withdrawals. The latest selloff was triggered by a seismic collapse in the Terra/Luna cryptocurrencies which wiped out a combined $60 billion. The price of Ethereum has declined more than 75% since November, from a high of $4,800 to around $1,100 at the time of writing. These crypto ‘winters’ as they are referred to in the space, are always tough, but they are also when the biggest breakthroughs are made. Is it all over? And what does it mean for the future of ‘Web3 music’? The consensus on the ground is that the hype cycle is over, but now is the time to rebuild and focus on real innovation. There’s panic in the air and mass layoffs across the industry. Crypto and Web3 dominated music culture over the last year with high-profile NFT drops from Snoop Dogg, Nas and Grimes.īut now crypto prices are plummeting. For a moment, it looked like the future of music had arrived.