Sterling Proffer

Record labels are digging their own grave. They finally have achieved their dream—which is to make money while doing as little work as possible. But the end result is a world in which they add so little value that no successful musician will want them any longer.

Nobody deserves support, public or otherwise, for making something no one wants. Artists, in that respect, are not any different from people who open restaurants or shops, many of which also fail. Being an artist is not a job. In economic terms, it is a business.

Once you have hypotheses for who is successful and why they are successful, you can hypothesize possible adjacent users segments. This will involve changing one or more of the vectors that you identified.

Practice too little, and you never become world-class. Practice too much, and you increase the odds of being struck down by injury, draining yourself mentally, or burning out.

10. Bridge physical and digital worlds through NFTs: While NFTs are sometimes viewed as being exclusively digital, what they actually offer is the digitization of both physical and digital objects. By enabling digital scarcity, NFTs can now reflect the physical scarcity of our analog world.

11. Sell a sync license: NFTs offer a potential opportunity for simplifying the sync licensing process. By embedding a complex set of rights and licenses into a fairly liquid digital token, copyright owners can simplify how they issue licenses and how everyone gets paid.