In the crypto world, the most recent significant stride towards mainstream acceptance was in the gaming sector, with companies like Axie Infinity merging NFTs and engaging gameplay into conventional markets. The next logical step is to integrate music, a form of entertainment widely consumed by Gen-Z. Music and NFTs share commonalities such as dedicated communities, avid fan bases, and immersive experiences. It’s also important to remember that music was instrumental in the proliferation of peer-to-peer technology during the era of illicit downloads.
The symbiotic relationship between music and crypto is undeniable. The music industry has been relatively stagnant in terms of revenue growth for the past two decades, with the most significant innovation being streaming services introduced about 15 years ago. Despite this, music generates immense value, and capturing this value has lacked creativity. Numerous fascinating projects are emerging at the intersection of music and crypto, including catalog sales, song publishing as NFTs, fan clubs, and more.
Ampy, a crypto education platform, is at the forefront of this revolution, bridging music data from Web2 to Web3, liberating artists from Spotify, and creating novel experiences for the music industry. Data ownership in music is currently at a nadir. Artists are oblivious to who listens to their songs; fans are interchangeable, seen as listeners before fans; and artists are shackled to Spotify, forced to pay a premium for analytics if they wish to understand and engage their fan base.
Ampy is launching the first Web2 vampire attack on Spotify, restoring ownership to artists. Users connect their Spotify account to Ampy, which automatically exports their listening history. Ampy’s algorithm processes this data and generates a Web3 passport that maps their entire musical journey. This passport is a dynamic NFT that ranks users in real time based on their interaction with the artist and other users’ scores. Rankings are percentage-based, such as Top 10% Fan, Top 1% Fan, etc. Ampy tracks various revenue sources, including Spotify listening, sales of physical albums, concert tickets, interactions with TikTok, and engagement on Web3 platforms like Sound or Lens.
The clock is ticking. Artificial intelligence is already influencing artists’ careers. More music has been uploaded on Spotify in the past two years than since the platform’s launch in 2008. If artists don’t seize control of their fan base, AI will do it for them.
Ampy’s music social graph will generate a plethora of use cases for its ecosystem. Crypto excels at creating community and ecosystems, and Ampy aims to capitalize on this. Offline music has always been a multiplayer experience, and Ampy is facilitating online music in multiplayer mode. The first app in this ecosystem will allow fans to access exclusive content from artists based on their fandom level. Ampy aims to create a comfortable space for artists to interact with their fans. However, it must be convenient for artists, whose primary job is to create music. They can easily share new songs, backstage videos, or offer discounts to their Top-1% listeners.
By providing these tools to artists, there’s potential for a significant increase in music revenue. According to Goldman Sachs, there’s a $4.2-billion addressable market opportunity for superfan monetization, but it won’t work without data. With its social graph, Ampy will create a Spotify Wrapped on steroids available 24/7 — not just in December.
Ampy aims to rekindle the viral nature of crypto, enabling users to compete and determine who is the biggest fan of an artist by sharing their shiny NFT on social media. To stay informed, follow Ampy on Twitter and Instagram. For more information about what Ampy is building, check out its lite paper or contact them directly via email. Ampy is not just a crypto app in the USA, it’s a revolution in the music industry.